Pension Details
PENSION AND OTHER RETIREMENT BENEFITS
Benefits at a glance:
2.PENSION:
The Director of LF Audit is the pension authorising and payment authority for local body employees on completion of service based on the nature of retirement, duration of service and mode of retirement from the respective pension funds under the relevant pension rules.
A minimum qualifying service of 10 years is necessary for eligibility for pension.Pension is calculated at 50% of pay last drawn.For qualifying service of 30 years, full pension is eligible.The minimum pension w.e.f. 1-1-2006 is Rs.3,050/-
3.GRATUITIES :
(i)Service gratuity is admissible for those who have put in less than 10 years of qualifying service;
(ii)In the event of death in harness, death gratuity is admissible to a minimum of 2 times of monthly emoluments and to a maximum of 33 times of monthly emoluments subject to a maximum of Rs.10.00 lakhs.
iii)Retirement gratuity is granted to one who has completed 5 years of qualifying service at the rate of ½ of emoluments for each completed six month period subject to a maximum of 16½ times of monthly emoluments.
GRATUITY
5.3If a Government employee dies while in service his family is entitled to the gratuity as follows:-
| Qualifying service | Rate |
|---|---|
| 1. Less than one year | 2 times the emoluments drawn at the time of death |
| 2. One year and above but less than 5 years | 6 times the emoluments drawn at the time of death |
| 3.Five years and above - but less than 20 years | 12 times the emoluments drawn at the time of death. |
| 4.20 years and above | Emoluments for each completed six monthly period subject to a maximum of 33 monthly periods. |
4.FAMILY PENSION
The family pension is allowed to a family of the employee in the event of death of an employee either while in service or after retirement.In the case of death while in service, one year continuous service in a pensionable post is required to become eligible for family pension.Minimum family pension is Rs.3,050/- w.e.f. 1-1-2006.
5.COMMUTATION OF PENSION :
Pensioners are eligible to commute 1/3 portion of pension into a lumpsum payment.The commutation of pension shall be restored after 15 years from the date of payment of the commutation amount.