Amendment of Section 3(1)

Sub-Section (1) of Section 3 of the Principal Act shall be substituted by the following, namely :- “Grant of Pension to Member : With effect from the date of commencement of this Act and subject to other provisions of the Act, there shall be paid a life-long pension of Rs. 15,000/- (Rupees fifteen thousand) per month with an annual increment at the rate of 5% Simple interest and upto a maximum amount of Rs. 22,000/- (Rupees twenty two thousand) only to every member who had served for any period whether for five years or less or more. Provided that in no case increment previously earned under the existing Act should be taken into account for calculation of Pension”.