Punjab enhances commutation of pension from 20% to 30%

Chandigarh, May 21, 2014: The Punjab Government has decided to enhance the amount of commutation of pension from 20% to 30%.  The commuted portion of pension shall be restored after 15 years from the actual date of commutation.

Giving the details, a spokesperson of Punjab Government said that the above decision would implement on those employees who are retiring on or after 1.4.2014. This would also apply to the employees who are on extension and retired on or after 1.4.2014.   He further said that the employees who have retired before 1.4.2014 but have not applied for the commutation of pension as yet, due to any reason would also get enhanced commutation of pension from 20% to 30%. 

The spokesperson said that the employees retiring on or after 1.4.2014 and whose commutation has already been sanctioned or the employees retired on or after 1.4.2013 would have the option to receive the additional commutation on enhanced rates, would under the decision.