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Section 24: calculation of Pension

Oil Industry Development Board Employees’ (Pension) Rules, 1990.Central Rules · 1974

(1) Pension shall be calculated at fifty per cent of ‘average emoluments’ for all cases and shall be subject to minimum and maximum amount of monthly pension before commutation, as may be prescribed by the Central Government for its employees.

(2) The amount of pension arrived at vide sub-rule (1) above shall be related to the maximum qualifying service of 33 years. For employees who have,at the time of retirement, rendered qualifying service of ten years or more but less than 33 years, the amount of their pension will be such proportion of the maximum admissible pension as the qualifying service rendered by them bears to the maximum qualifying service of 33 years.

(3) The amount of pension finally determined under these rules shall be expressed in whole rupees and where the pension contains a fraction of a rupees it shall be rounded off to the next higher rupee.

Where this provision sits

ActOil Industry Development Board Employees’ (Pension) Rules, 1990.
Section24
Marginal notecalculation of Pension
JurisdictionCentral
StatusIn force as published by the source

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