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FRIDAY, DECEMBER 5, 1986
THE DEPUTY SECRETARY FOR THE CIVIL SERVICE, MR HAIDER BARMA, REITERATED THAT THE MAIN ELEMENTS OF THE PENSION SCHEME AS ORIGINALLY ANNOUNCED INCLUDED:
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AN EXTENSION OF THE NORMAL RETIREMENT AGE FROM 55 TO 60,
A FACTOR OF 1/690TH FOR OFFICERS ON THE PERMANENT AND PENSIONABLE ESTABLISHMENT AND A FACTOR OF 1/840TH FOR OTHER OFFICERS. (THE MAXIMUM PENSION REMAINING AT 2/3RDS OF SALARY)
A DEFERRED PENSION BENEFIT PAYABLE AT NORMAL RETIREMENT AGE FOR OFFICERS WHO RESIGN AFTER COMPLETING 10 YEARS OR MORE QUALIFYING SERVICES;
AN OPTION TO COMMUTE UP TO 50 PER CENT OF THE ANNUAL PENSION AT A FACTOR OF 141
* PENSIONS TO BE MADE A RIGHT RATHER THAN A PRIVILEGE,
* SERVING OFFICERS TO BE ALLOWED TO OPT TO RETAIN THEIR
PRESENT RETIREMENT AGE OF 55.
HE SAID THAT FOLLOWING EXTENSIVE CONSULTATIONS WITH STAFF ON THESE PROVISIONS, A NUMBER OF MODIFICATIONS HAVE BEEN MADE TO THE SCHEME WHICH TAKE ACCOUNT OF SOME OF THE REPRESENTATIONS MADE BY THE STAFF.
THE MAIN MODIFICATIONS ARE:
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THE PENSION FACTOR FOR STAFF ON THE PERMANENT AND PENSIONABLE ESTABLISHMENT WILL BE IMPROVED FROM 1/690TH TO 1/675TH. (THE MAXIMUM PENSION WILL REMAIN AT 2/3RDS OF SALARY);
* THE PENSION FACTOR FOR OTHER STAFF COVERED BY THE NEW
ORDINANCE WILL BE BROUGHT INTO LINE WITH THAT FOR STAFF ON THE PERMANENT AND PENSIONABLE ESTABLISHMENT. I.E. IT WILL BE IMPROVED FROM 1/840TH TO 1/675TH IN RESPECT OF SERVICE AFTER THE INTRODUCTION OF THE NEW SCHEME. FOR SERVICE PRIOR TO THE NEW SCHEME COMING INTO OPERATION THE PENSION FACTOR WILL BE IMPROVED FROM 1/840TH TO 1/800TH;
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THE RANK AND FILE OF THE DISCIPLINED SERVICES WILL BE ELIGIBLE TO RETIRE VOLUNTARILY WITH THEIR PENSION BENEFITS AT THE AGE OF 50 AND THE OFFICERS RANKS AT THE AGE OF 55,
THE HEADS OF THE DISCIPLINED SERVICES WILL BE EMPOWERED TO PRESCRIBE THAT ANY GRADE, RANK OR CATEGORY OF OFFICERS SHOULD RETIRE ON OR AFTER REACHING THE AGE OF 55 ON OPERATIONAL GROUNDS AND OFFICERS SO RETIRED WILL RECEIVE AN ENHANCED PENSION J
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