Restore the commutation value of pension after 10 years.

The restoration of the commutation value of pension is made after 15 years.  The 5th CPC had pointed out that the period of 15 years is too large in as much as the Government recovers the advance with interest in less than 11 years. Accordingly the 5^th CPC recommended restoring the commuted value on completion of 12 years, so that full pension is restored. 

 After the subsequent revision of the commutation value factor, the period by which the government could recover the full amount with interest has further been reduced to 10 years.  The recommendation of the 5^th CPC was not accepted by the Government. With this decision, the Government is presently recovering almost one and half times of the commuted value along with interest, interest being charged on fictional amount of principal.

  There is absolutely no justification for the stand taken by the Government in the matter.  The Pensioner community feels that the Government is behaving like a cruel and parsimonious money lender.  At no point of time, the Finance Ministry has been able to advance any logical argument in support of their reluctance to reduce the period from 15 to 10 years. 

 This apart, quite a number of pensioners will not be able to receive the benefit of restoration as they may not be able to live even up-to 75 years.   We, therefore, request you to kindly direct the Finance Ministry to issue orders for the restoration to 10 years.