Voluntary Retirement Scheme for Employees

Voluntary Retirement Scheme for Employees,Voluntary Retirement Scheme,Retiring Pension,G.O.Ms.No.30  Finance Plg Dept., Dated:21.07.1992,Employee pensionary benefits,Voluntary Retirement Rules,Voluntary Retirement Gos,Pension Rules,Voluntary Retirement Rules,retirement gratuity
Voluntary Retirement Scheme
A person When he starts thinking of his life he has two choice to settle in life they are 1. Business and 2. Job.  In the first one he services according to his comfort levels and shows others their livelihood. In the second there will be perfect planning of his life with the salary he get . In the first choice there is a risk because we can't say how much time/period the business runs smooth?
Capability and luck both should favor, But in Job we can estimate everything and plan our savings for future needs. But unfortunately some time we are unable to do our duties and complete our service, because of health family conditions etc., What ever may be the reason, but he will be in a dilemma that when should I stop my duties and at what period,  If I retire be benefited by my voluntary retirement
A person who is unable to attend his duties and gets his retirement benefits is known as voluntary retirement.
Right to voluntary retirement
Rule 43 of the revised pension rules 1980 allows a government servant to retire voluntarily after the completion of 20 years qualifying service, but for such retirement the servant is not vested with an absolute right. On the other hand, rule 44 permits a government servant to retire voluntarily on completion of 33 years qualifying service under this rule the permission of the government is not necessary and the right to retire is absolute. Under a similar rule it has been held by the supreme court that there is no question of the request of voluntary retirement by the government when the government servant exercises his right.
Pension Rules:
  1. Retiring Pension(Rue: 43): Government servant who has put in not less than 20 years of qualifying service many opt to retire voluntarily from the public service at his option by giving 3 months notice. The authority competent to make substantive appoint of the post may order the Voluntary Retirement. A notice of less than 3 moths may also be accepted by the competent authority in deserving cases with approval of govt.
  2. The government have issued orders in G.O.Ms.No.30 Finance Plg Dept., Dated:21.07.1992 deleting the words " subject to approval of Government" in second provision of rule 43. Thus the appointing authority may accept voluntary retirement even though the notice of voluntary retirement may be withdrawn subsequently, only with the approval of the authority mentioned above before the expiry of the period of notice.  If a govt. servant gives a notice of V.R., while he is on leave not due, without returning to duty, the retirement if accepted. Should take effect from the date of commencement of such leave and the leave salary should be recovered from him, on the examination of the notice for voluntary retirement received, if it is found the govt. servant is involved in any department proceedings pending or judicial proceedings pending against him or if such proceedings are contemplated to be instituted against him which are likely to culminate in major penalty like dismissal or removal from service, such notice for voluntary retirement should be refused.
  3. The competent authority has to issue an order with in the period of notice either accepting or rejecting it.
  4. A person who has been permitted to retire voluntarily from service should be given a weightage of a maximum period of 5 years of the period left over to reach superannuation or the period of difference between 33 years and actual qualifying service whichever is shorter pensionary benefits namely retirement gratuity and pension should be calculated on the total qualifying service after adding the weightage. This weightage cannot be accepted for notional pay for the next 5 years. This is not applicable to govt. servants on deputation to autonomous bodies. Public sector undertakings who propose to get absorbed inn such autonomous bodies or undertakings. The period of 20 years of qualifying service specified above for permitting a General Service to retire voluntarily should be exclusive of EOL availed except that which has been availed for prosecuting higher scientific and technological studies.

Important Feature Posts Details

Voluntary Retirement Scheme for Employees Voluntary Retirement Scheme for Employees Reviewed by Tteachers on 19:34 Rating: 5