Ministry of Railways has issued a circular clarifying calculation of Money Value of posts surrendered on implementation of 7th Pay commission
MINISTRY OF RAILWAYS
The General Managers,
All India Railways Including Production Units.
Sub: Calculation of Money Value of posts surrendered and crediting to surplus Bank on Implementation of 7th Pay Commission.
In view of Implementation of 7th CPC recommendations w.e.f 01.01.2016, references are being received from railways seeking clarification for calculating the money value of the posts surrendered and crediting to surplus Bank on implementation of 7th Pay Commission. As Ministry of Finance (MOF) has not issued instructions in this regard, the following provisional instructions are being issued subject to necessary adjustment in calculation in case MOF issues any orders at variance.
For the purpose of working out the monetary value of the post being surrendered, only the mean pay of the same in a particular level in 7th CPC mentioned in the Matrix and Dearness allowance as on date should be taken into account for calculation of mean value.
The above is explained with the following illustration of surrender of a post in level -7 of the 7th CPC matrix:
|6th CPC Pay Band+GP||Level as Per 7thCPC Pay Matrix||Pay Structure as per Level||Mean Pay of the level.|
|PB-II 9300-34800 + GP 4600||Level - 7||44900-142400||((44900+142400)/2)=93650|
Similar calculation may be adopted for posts surrendered w.e.f 01.01.2016 and vacancy Bank may be accordingly modified.
This issues with the concurrence of the Finance Directorate of Railway Board.
Receipt of the letter may please be acknowledged.
Download Railway Board Circular RBE No.133/2016 No. E(MPP)2016/1/58 dated 10.11.2016