(1) The pay of a Whole-time Member, being an Executive Member, shall be rupees twenty-six thousand per month(fixed).
(2) The pay of Whole-time Members, being Member(Finance) and Member(Personnel) shall be in the scale of Rs.22,400-525-24,500:
Provided that in the case of appointment of a person as a While-time Member, being Member(Finance) or Member(Personnel), who has retired from service under the Central Government or a State Government, and who is in receipt of or has received or has become entitled to receive any retirement benefits by way of pension(Other than an invalid pension or compensation pension), gratuity, employer’s contribution to the Contributory Provident Fund or other forms of retirement benefits, the pay of such Whole-time Member shall be reduced by the gross amount of pension and pension equivalent of gratuity or employer’s contribution to the Contributory Provident Fund or any other form of retirement benefits, if any, drawn or to be drawn by him.