Central pensioners urge 8th Pay Commission to shorten 15-year wait
Business
Central government pensioners are urging the eighth Pay Commission to shorten the current 15-year wait for restoring commuted pensions.
Right now, retirees can take up to 40% of their basic pension as a lump sum, but have to wait 15 years before their full monthly amount returns, a rule many say is outdated.
Pensioner groups seek 11-year restoration period
Pensioner groups want this period cut to 11 years, arguing that most of the lump sum is recovered by then.
For someone commuting ₹14,000 per month, this change could mean saving ₹6.72 lakh in deductions.
They're also pointing out that people live longer now and interest rates have changed, so it's time for the rules to catch up.
Any actual change will depend on the Pay Commission's recommendations and the government's decision on them.