These include immediate withdrawal of fixing of pensions on the basis of only last one month’s pay, wherever applicable, eliminating wage indexation, wherever applicable; and maximum permissible commutation amount to be brought down from 40 per cent of Basic Pension to 33 1/3 per cent (1/3rd).
Glenn Stevens: Some observations on recent economic and financial trends Address by Mr Glenn Stevens, Deputy Governor of the Reserve Bank of Australia, to the Institute of Chartered Accountants in Australia, Financial Services Seminar, Melbourne, 22 February 2006.