1. The option may be changed according to 5(1)b of GOI dated 29-8-1984 and direction given by  DB of Pr CAT -Delhi dated 14-9-2012. No need to get separate approval from cabinet.

2. Proposal  to resolve the problem with minimum burden to the employee in case of change of option as follow:-

-the amount received on account of pro-rata pension , arrear paid in 2005 by CCA without interest ( after 7 years ).

-the income tax charged on additional income in the form of pro-rata pension is 30% and 20% due to upper slab which has gone to Govt.of India.

-Only 4% rate of interest (reduced to gpf interest) to be charged on the received pro-rata pension amount (since actual received) because the employee already paid the income-tax on the received pro-rata pension amount.

-the 50% recovery of pension is to be done from committed amount and 50% recovery to be done in 36 installment if service remaining less than 4 years.

-the 50% recovery of pension is to be done from committed amount and 50% recovery to be done in 48 installment if service remaining less than 5 years.

-the 50% recovery of pension is to be done from committed amount and 50% recovery to be done in 60 installment if service remaining more than 5 years.

-the whole recovery of pension to be done from commutted amount ,in case of service less than 3 years or already retired employee.

-the amount of gratuity received with reduced rate of interest due to charged income tax, to be deducted from the final gratuity computed at the time of retirement.

-the outstanding of retired employee may be adjusted form the due’s.

-the withdrawn amount from EPF is to be converted into HBA loan because it is sanctioned for the house construction or purchase.

-the paid amount to commissioner EPF is to be withdrawn ,it is already provided in rule if the pension is paid by the organisation itself ,the amount to be withdrawn.

-the amount of CPF trust is to be transferred to GPF trust.

“If there is will than there is way”.