Question

With reference to ‘Old Pension Scheme’, consider the following statements: I. Employees get a pension under a pre-determined formula which is equivalent to 50% of the last drawn salary. II. They also get the benefit of the revision of Dearness Relief (D

Q: Answer-With reference to ‘Old Pension Scheme’, consider the following statements: I. Employees get a pensio...

Statement I is correct - Employees get a pension under a pre-determined formula which is equivalent to 50 of the last drawn salary. Statement II is correct - hey also get the benefit of the revision of Dearness Relief DR, twice a year. Statement III is correct - The payout is fixed and there was no deduction from the salary.