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Thursday, November 26, 2020

Without merger special allowances in basic pay newly joined Banker will loose more than 40.00 lakh see details

The new generation bankers always quote in their post and comments that we have no concern about merger of special allowances in basic pay because we are not old pensioner. We are under nps scheme. Okay let me tell the truth about how you are looser because of non merger of special allowance.
Let a new direct recruited officer has joined the bank 10 years ago. Now as per 11th bps joint note his basic will be Rs 51900.
Assume that he has joined the bank at the age of 25 years. In next 19 years his basic pay will be Rs 80450 (9 regular increments n 5 stagnation increments)
We can take an average of Rs 64000.
16.4% of 64000= 10500.
10% = 1050
14% =1470
Total 2520 per month
Now come to next 6 years
16.4% of 80450 = 13200 (rounded of)
Now
10% =1320
14% =1850
Total = 3170
Total loss in nps fund
2520 ×228 = 574560
3170×72 = 228240
G total = 802800
(Calculation for 19 + 6 years)
This is simple mathematical calculation. If you compound it, it will minimum 5 times over a period. It means you are loosing about more than 40 lacs in your nps fund.
Moreover this is an example only for a officer who does not accept any promotion and no further bps is implemented. Think again if there will be 5 settlements and you get promotions how much you loose. May be more than 1 crore at the time when you exit bank. So don't fool yourself by simply saying that we have no concern about merger of special allowance.
You are more concern about.
I have calculated only for 25 y

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