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Sailent Features
Sailent Features
- On discharge benefits scheme which is in lieu of pensionary benefits and the existing severance amount scheme.
- This scheme is optional for the existing GDS employees and compulsory for those entering into service from 1.1.2011 .
- The GDS who are left with only three years or less service shall not be eligible.
- For opted to new scheme, the severance amount @ Rs.1500 per annum for every completed years of service will be added to the accumulated contributions at the time of discharge for annuitization.
- Govt shall contribute Rs200/- No recovery from GDS.
- The contributions shall be credited to the Trustee bank designated by the PFRDA.
- Not eligible during Put off periods, Provisional appointments and substitutes.
- On promotion, the accumulations shall be transferred under New Pension Scheme.
- On attaining the age of 58,the GDS can withdraw 20% of the accumulations.
- At the time of discharge 60% will be paid. 40% shall be invested for purchase a Life Annuity from Insurance Company.
- On removal & dismissal no amount will be paid.
- Option should be given before 30.9.2010.
