Study the information given below and answer the questions.
The following table contains the pre and post revision pay structure of a Government department
The revision has been done based on the following terms:
-In pre-revised pay scale, the basic pay is the sum of the minimum pay in the appropriate pay scale and the admissible increment. After revision, the basic pay is the sum of minimum pay in the appropriate pay scale and the respective grade pay and the admissible increments.
-Annual increment of 3% of the basic pay (on a compounded basic) is paid under the revised pay rules.
-Monthly Dearness Allowance (DA) is calculated as percentage of basic pay.
-In pre-revised pay scales, the increment was given after the completion of each year of service, but, after revision annual increments are given only in the month of July every year and there should be a gap of six months between the increments.
The employees who had joined the department in the month of September, October, November and December are given an increment at the time of revised pay fixation in September, 2008.
The revised pay is applicable from 1st September, 2008.
Abhijit joins the department on November 10, 2006 in the pay scale of Rs. 18,400-500-22,400 with the pay of Rs. 18,400 plus 2 increments. What is his basic salary, after revision, on August 1, 2009?
Abhijit's revised minimum pay will be Rs. $$37400$$ and his grade pay will be Rs. $$10000$$.
Abhijit already had 2 increments and by 2009 will have 3 more. Thus, a total of 5 increments.
Thus his salary in 2009 = $$(37400+10000)\times (1.03)^5=54949.6\approx 54950$$
Hence, the answer is option C.
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