Sixth Pay Commission and voluntary retirement

By Khabrein.Info News Desk,

New Delhi, Aug 24, 2008: Sixth Pay Commission has brought many good news for central government employees. One of them is on Voluntary Retirement front.

The government officials who wanted to quit their job or retire voluntarily had never had it so good and enticing. It will be like having the cake and eating it too.

In fact the sixth pay commission has all the charms to both entice the government officials to be in job and/ or also prompt him to leave his well paying job.

The mid level or senior government officials who still think that they don’t get the pay package they deserve in their present government jobs may well like to seek a job change and here the new pay commission would help them.

The current practices don’t give full pension to a government employee who does not complete 33 years of services in his job. But the sixth pay commission has reduced this period to just 20 years.

So if you have completed 20 years in your government jobs and hope that you could get better options you can think of shifting to a corporate office without fearing that you may lose on your pension.

Sixth pay commission’s recommendation is this regard has been accepted by the Union Cabinet, along with other recommendations of the Sixth Pay Commission on pension benefits for the estimated 3.84 million central government pensioners. Experts said the reduction in the number of years of service to 20 years to earn full pension benefit was a liberal move and would end stagnation in government service.

Another important benefit approved by the union cabinet are raising the gratuity limit to Rs 10 lakh, higher pension for octogenarians, exclusion of earned leave encashed while in service from the overall limit, clubbing of earned leave and half-day pay leave for encashment. Octogenarians will now be paid an additional 20 per cent of their basic pension, while those aged 85 will get 30 per cent more, rising to 100 per cent additional pension for centurions.

Source: http://www.khabrein.info