What is the procedure to take voluntary retirement?
Voluntary retirement-(a) A Government Servant who has attained the age of fifty years or who has completed twenty years of qualifying service may retire from service by giving notice of not less than three months in writing direct to the appointing authority with a copy marked to his immediate superior officer for …
What is the notice period for voluntary retirement?
three months
2. Orders should be obtained from the competent authority on the voluntary retirement before the expiry of the notice period of three months. The acceptance or otherwise of the proposal for voluntary retirement shall be intimated to the employee before the expiry of the notice period of three months.
Who is eligible for voluntary retirement?
VRS applies to employees who have completed 10 years of service or are above the age of 40 years. It applies to workers, executives of companies and/or to an authority of a co-operative society (except company/co-operative society directors).
Do we get pension after voluntary retirement?
Other accrued benefits like gratuity, pension and provident fund are also paid out with the VRS compensation. Some companies have an overall post-retirement medical cover which applies even after you opt for VRS. At SBI, the pension is decided on the basis of the income slab and designation at the time of retirement.
How do I calculate my voluntary retirement pension?
An amount equivalent to three months’ salary for each completed year of service may be paid. An alternative method of calculation is by multiplying the employee’s salary at the time of voluntary retirement with the remaining months of service left for the actual date of retirement.
What does voluntary retirement mean?
Benefits Availed By The Employee After Voluntary Retirement The employee gets certain benefit packages such as counselling sessions for the employee’s future, rehabilitation facilities etc. Please note: the compensation received is tax free up to a prescribed amount.
How do I calculate my pension after voluntary retirement?
W.e.f 1.1. 2006, Pension is calculated with reference to emoluments (i.e.last basic pay) or average emoluments (i.e. average of the basic pay drawn during the last 10 months of the service) whichever is more beneficial. The amount of pension is 50% of the emoluments or average emoluments whichever is beneficial.
Is VRS good or bad?
VRS is bad in theory since it is in essence nothing but blaming the employees and the expenditure on their wages as responsible for the losses incurred by the Company. It is based on the false presumption that by reducing the number of employees, the losses can be reduced and profits can be revived.
How do I write a VRS application?
Most respectfully I beg to inform you that I am working as Sub-Assistant Engineer under ……………………………………………., …………………………………………………. Department, …………………………………………………………. I, desire to take Voluntary Retirement with effect from …………..
What is the benefit of voluntary retirement?
The scheme offers the employee their provident fund (PF) as well as gratuity. The compensation paid to the employee is tax-free up to a prescribed amount. The employee can opt for benefits such as counselling, rehabilitation, etc. to facilitate a smooth transition into retirement.
What is CCS (Pension) Rules 1972?
As per Rule 40 of CCS (Pension) Rules,1972 a Government servant compulsorily retired from service as a penalty may be granted pension or gratuity or both at prescribed rate on the date of his compulsory retirement. Who is the authority competent to do that?
What are the provisions of Rule 6 of the CCS Rules 1972?
(x) The amount of pension to be granted after giving the weightage will be a subject to the provisions of Rule 6 of the CCS (Pension) Rules, 1972. The pension will also be subject to the provisions of Rules 8 and 9 of these Rules.
What are the features of the voluntary retirement scheme?
The scheme is purely voluntary the initiative resting with the Government servant himself. The Government does not have the reciprocal right to retire Government servant on its own, and or this scheme. (ii) The benefit of retiring pension will be admissible to Government servant retiring under this scheme.
What is Dearness relief under CCS?
From 1-4-2004, Dearness Relief equal to 50% treated as Dearness Pension. Retirement/death gratuity may be paid to the family after one year, in case an official’s whereabouts are not known. DA admissible on the date of retirement/death shall be treated as “emoluments” for all types of Gratuity under Rule 49 & 50 of CCS (P) Rules,1972 from 1-1-1996.
