First-ever : A comprehensive, user-friendly and dedicated Finance Wing website-alpha version launched by the Honourable VC              Suggestions and comments are welcome at finofficer@du.ac.in and dufinancewing@gmail.com            First-ever : Publication of a comprehensive Financial Procedure Document (Draft) for Training and Reference purposes for the Finance Wing            First-ever : No transactions through physical cash collection in Finance branch-a major landmark towards e-governance@DU            First ever : Proud to announce over a million online transactions carried out since inception of complete online payment system(2016)            Online fee collection for the 2nd and 3rd Year   UG Student  and  PG students               Miscellaneous Fee Collection         UGC letter granting extension beyond 31st March, 2017 for utilisation of various components of UGC XII plan grants            Online fee collection for the 2nd and 3rd Year   UG Student  and  PG students               Miscellaneous Fee Collection        

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  Pension

The Pension cell is entrusted to fix the Pension, family pension, commutation of pension, revision of pension, additional pension, gratuity, etc., of both for teaching & non- teaching of the University as well affiliated colleges. Based on the service particulars submitted by the Establishment branch of University as well as the affiliated colleges, the terminal benefits of the respective employees i.e. fixation of pension, commutation of pension, gratuity, etc. is being calculated/ fixed and after vetting of the Internal Audit (IAO), the same is put up to the competent authority of the University for approval. After approval of the competent authority, the bill for payment of commutation and gratuity in respect of the employees of the University is being prepared by the Pension cell and the same is sent to the Finance V section disbursement.

The pension payment order (PPO) in respect of the employees of the University is being prepared by the Pension Cell and the same is sent to the State Bank of India (SBI), DU branch for disbursement.

As far as the fixation of the pension in respect of the employees of the affiliated Colleges are concerned, the approval / sanction of the competent authority of the University is being communicated to the respective colleges as the disbursement of pension is within the ambit of the colleges.

Basic Rules : Pension
  • The minimum eligibility period for receipt of pension is 10 years. A Central Government servant retiring in accordance with the Pension Rules is entitled to receive superannuation pension on completion of at least 10 years of qualifying service.
  • In the case of Family Pension the widow is eligible to receive pension on death of her spouse after completion of one year of continuous service or before even completion of one year if the Government servant had been examined by the appropriate Medical Authority and declared fit for Government service.
  • W.e.f 01.01.2006, Pension is calculated with reference to average emoluments namely, the average of the basic pay drawn during the last 10 months of the service or last basic pay drawn whichever is beneficial. Full pension with 10/20 years of qualifying service is 50% of the average emoluments or last basic pay drawn whichever is beneficial. Before 1.1.2006, for qualifying service of less than 33 years, amount of pension was proportionate to the actual qualifying service broken into completed half-year periods. For example, if total qualifying service is 30 years and 4 months (i.e. 61 half-year periods), pension will be calculated as under:-
  • Pension amount = R/2(X)61/66
  • where R represents average reckonable emoluments for last 10 months of qualifying service or the last pay drawn as opted by the govt servant.
  • Minimum pension presently is Rs. 3500 per month. Maximum limit on pension is 50% of the highest pay in the Government of India (presently Rs. 45,000) per month. Pension is payable up to and including the date of death.
Basic Rules : Commutation of Pension
  • A Central Government servant has an option to commute a portion of pension, not exceeding 40% of it, into a lump sum payment with effect from 1.1.1996. No medical examination is required if the option is exercised within one year of retirement. If the option is exercised after expiry of one year, he/she will have to under go medical examination by the specified competent authority.
  • Lump sum payable is calculated with reference to the Commutation Table constructed on an actuarial basis. The monthly pension will stand reduced by the portion commuted and the commuted portion will be restored on the expiry of 15 years from the date of receipt of the commuted value of pension. Dearness Relief, however, will continue to be calculated on the basis of the original pension (i.e. without reduction of commuted portion).
  • The formula for arriving for commuted value of Pension (CVP) is
  • CVP = 40 % (X) Commutation factor* (X)12
  • * The commutation factor will be with reference to age next birthday on the date on which commutation becomes absolute as per the New Table as Annexure to this Deptt's O.M. No. 38/37/08- P&PW(A) dated 2.9.2008
Basic Rules : Death-cum-retirement Gratuity
  • Retirement Gratuity
  • This is payable to the retiring Government servant. A minimum of 5 years qualifying service and eligibility to receive service gratuity/pension is essential to get this one time lump sum benefit. Retirement gratuity is calculated @ 1/4th of a month?s Basic Pay plus Dearness Allowance drawn before retirement for each completed six monthly period of qualifying service. There is no minimum limit for the amount of gratuity. The retirement gratuity payable is 16? times the Basic Pay, subject to a maximum of Rs. 10 lakhs.

  • Death Gratuity
  • This is a one-time lump sum benefit payable to the widow/widower or the nominee of a permanent or a quasi-permanent or a temporary Government servant, including CPF beneficiaries, dying in harness. There is no stipulation in regard to any minimum length of service rendered by the deceased employee. Entitlement of death gratuity is regulated as under:

Qualifying Service Rate
Less than one year 2 times of basic pay
One year or more but less than 5 years 6 times of basic pay
5 years or more but less than 20 years 12 times of basic pay
20 years of more Half of emoluments for every completed 6 monthly period of qualifying service subject to a maximum of 33 times of emoluments.

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