New Delhi: The Indian central government has made new changes in the retirement policy for its employees where it offered new choices for voluntary retirement.
Recent development of Retirement Age in China
Late last year China decided to increase retirement age for its government employees to 63 years. After this, India has made a major reform by ruling that central government employees can retire after serving 20 years of service with provisions of retirement in similar manner.
It also discusses a Voluntary Retirement Under NPS.
As per media updates it has been stated that the Ministry of Personnel has come up with new provisions that those central government employees who have joined under the National Pension System (NPS), can officially opt for voluntary retirement service after serving for 20 years. This update is for the Central Civil Services rules of 2021 for employees, wherein they have laissez-fair retirement while receiving their benefits.
Notification Period Required
Any employee who wants to take voluntary retirement needs to write an application for the same at least three months prior notice is required. It goes without question that this application will be accepted and no refusal is allowed; retirement will commence at the completion of the notice period.
Advantages similar to other early retirement
Those employees who take voluntary retirement shall be paid all the benefits provided by the Pension Fund Regulatory and Development Authority (PFRDA)as are applicable at the time of normal retirement. In case an employee has another NPS account then he has to intimate the PFRDA also.
These updates are intended to offer more choice to the employees as well as to stand in par with the other countries reciprocal policies and to enrich the retirement prospect for the Indian government employees.
