Download

ALL INDIA GENERAL INSURANCE FIELD WORKERS ASSOCIATION Regd DEVELOPMENT OF...






Advertisement
Download Presentation
Comments
Antony
From:
|  
(3888) |   (0) |   (0)
Views: 970 | Added: 06-02-2012
Rate Presentation: 1 0
Description:
2. DEVELOPMENT OFFICER\'S SCHEME
ALL INDIA GENERAL INSURANCE FIELD WORKERS ASSOCIATION Regd ...

An Image/Link below is provided (as is) to

Download Policy: Content on the Website is provided to you AS IS for your information and personal use only and may not be sold or licensed nor shared on other sites. SlideServe reserves the right to change this policy at anytime. While downloading, If for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.











- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -




1. 1 ALL INDIA GENERAL INSURANCE FIELD WORKERS? ASSOCIATION (Regd) DEVELOPMENT OFFICER?S SCHEME Can anyone from you tell how important is information for you in your Organisation? Assume your MD calls you for a meeting ..Will you not be ready with the reports / information he would ask from you..at least you will be prepared to face him.. Whatever your career will be, you can increase your opportunities for success if you have information/ reports in hand to take right decision at the right time. You should be aware of the management problems and opportunities, and for that you should have correct information in your hand for taking decisions effectively and efficiently at the right time. That is where information systems play a vital role in the business success of an enterprise. Businesses and other organizations need people who can use networked computer workstations to enhance their own personal productivity and the productivity of their work groups, process teams, departments and organization. For example you should be able to use the internet and electronic mail to communicate more effectively, use spreadsheet packages to generate better reports on organizational performance, and specialized business software to support your specific work activities. So the proper management of information systems is major challenge for managers. Can anyone from you tell how important is information for you in your Organisation? Assume your MD calls you for a meeting ..Will you not be ready with the reports / information he would ask from you..at least you will be prepared to face him.. Whatever your career will be, you can increase your opportunities for success if you have information/ reports in hand to take right decision at the right time. You should be aware of the management problems and opportunities, and for that you should have correct information in your hand for taking decisions effectively and efficiently at the right time. That is where information systems play a vital role in the business success of an enterprise. Businesses and other organizations need people who can use networked computer workstations to enhance their own personal productivity and the productivity of their work groups, process teams, departments and organization. For example you should be able to use the internet and electronic mail to communicate more effectively, use spreadsheet packages to generate better reports on organizational performance, and specialized business software to support your specific work activities. So the proper management of information systems is major challenge for managers.

2. 2 DEVELOPMENT OFFICER?S SCHEME & AMENDMENTS GENERAL INSURANCE (RATIONALISATION OF PAY SCALES AND OTHER CONDITIONS OF SERVICE OF DEVELOPMENT STAFF) SCHEME 1976:- SCHEME 1976 SCHEME 1987 - Amendment SCHEME 1990 - ? SCHEME 1994 - ? SCHEME 1997 - ? SCHEME 2000 - ? SCHEME 2003 - ? SCHEME 2008 - ?

3. 3 RATIONALISATION SCHEME 1976 EFFECTIVE FROM 1ST MAY 1976 NEW DESIGNATION- Field Workers to INSPECTORS COST: Gross Emoluments + all allowances (incl. Conveyance allowance, Entertainment allowance, Bonus/ex-gratia) +TE +Employers contribution to PF Cost Control: Termination for 3 years consecutive excess cost

4. 4 SCHEME AMENDMENT 1987 Inspectors designated as Development Officers Termination clause withdrawn Decrement formula introduced Minimum growth for increment withdrawn Growth, Profit Incentives & CSPI introduced Introduced a modified Cost control system

5. 5 1990 AMENDMENT SCHEME .

6. 6 SCHEME 1990 -COST CONTROL COST REMAINS THE SAME FOR OTHER PURPOSES LIKE NON CORE, FOR PARA 11, 11A & 13 DEALING WITH COST CONTROL, COST SHALL MEAN GROSS EMOLUMENTS ONLY. INTRODUCTION OF PROSPECTIVE RESTORATION OF BASIC PAY REDUCED DUE TO DECREMENTS

7. 7 AMENDMENT SCHEME 1997 Scheme came in to force from 1.4.1997 COST RELAXATION: One percent cost relaxation for those who have attained 55 years of age and completed 15 years of service

8. 8 AMENDMENT SCHEME 2000 EFFECTIVE FROM : 22.06.2000 STAGNATION INCREMENT INTRODUCED

9. 9 SCHEME 2003 ? 3 OPTIONS Scheme effective from 1.4.2003 THREE OPTIONS Continue as Development Officer Mktg. Development Officer (Admn) Special Voluntary Retirement Package

10. 10 DEVELOPMENT OFFICER (ADMIN) Development Officer (Admin) -Functions:-1) In-house survey and risk inspection 2) Assist in Motor T.P. Claims Management. 3) Other areas of customer service. 4)Market research and Product development. 5) Claims Investigation. 6) Any other duties as may be assigned to him from time to time

11. 11 2003 scheme -Cost Cost:- Single cost- It includes gross emoluments, and all non-core allowances, Except PF,Qulification Pay, Mediacl, LTS, Leave Encashment, and Incentives Cost Ratio will be 7%,8% and 10% for A,B and C class cities applicable for all purposes on SPI Eligibility for Increment-12 months continuous Service and he is not liable for decrements

12. 12 DECREMENT/TERMINATION Every D.O shall work with cost as to maintain his cost ratio within the stipulated limit. COST CONTROL:- If the cost ratio exceeds the stipulated cost limits, the non-core allowances payable to him shall be reduced within the stipulated limits.

13. 13 DECREMENT/TERMINATION During the second year if it may continue, he may be issued a letter of warning and third or subsequent years in succession, his non-core allowances shall continue to be reduced. If there are no non-core allowances to be reduced, he shall be liable to decrements in basic pay as follows:

14. 14 DECREMENT/TERMINATION Cost limits 1st 2nd 3rd 4th 5th years >1% 1 1 1 1 1 >1%-3% 1 1 2 2 2 >3%-5% 2 2 3 3 4 >5% or more 2 3 3 4 4 If basic has been fixed at minimum of the scale Gr.II, shall be provided an opportunity of 1 year to confirm to the stipulated cost limits and will be issued a warning letter for termination. If it continues during the next year his services shall be Terminated by an officer not below the rank of AGM after giving him a notice of 30 days.

15. 15 DECREMENT/TERMINATION Reduction of non-core or decrement or termination shall not be deemed to be a penalty. An appeal committee may consider certain relevant factors such as factual inaccuracies in computation of premium, cost and cost ratio or sickness, accident or such individual extenuating circumstances beyond the control of D.O adversely affecting the business procurement will provide certain relief On his specific request, be appointed as clerical staff as may be decided by CMD subject certain condition. Restoration of basic is limited to 2 decrements at a time.

16. 16 INCENTIVE ? PROFIT INCENTIVE INCENTIVE:-A single incentive scheme on the basis of operating surplus:- Eligibility:- 1) Should operates within stipulated cost ratio i.e 7%,8%,10% 2) Generate a minimum operating surplus of 20% on SPI..

17. 17 PROFIT INCENTIVE-LIMIT 3) Single claim limit of Rs.5 Lacs should be applied 4) Achieve a minimum growth of 7.5% or Rs.60000/-whichever is less. 5) Incentive to be paid @5% of the operating surplus or 24 times of last drawn Basic salary whichever is less

18. 18 WAGE REVISION (Amendment Scheme 2008) GENERAL INSURANCE (RATIONALISATION OF PAY SCALES AND OTHER CONDITIONS OF SERVICE OF DEVELOPMENT STAFF) (AMENDMENT) SCHEME, 2008:- PAY SCALES AND ALLOWANCES

19. 19 Wage Revision Scheme Came into force from 01.04.2003 The pay scales and allowances such as Basic, DA, HRA, CCA, Qualification allowances, PF, Gratuity, FPA w.e.f.01.04.2003 Hill Station Allowance and Paradeep Port Allowance- 01.07.2008 Equitable relief paid from 1.08.2002 to 31.03.2003 Allowed one more stagnation increment. Totally three (earlier 2)

20. 20 SALARY BENEFITS REVISED SALARY BENEFITS GR-I:Pay scale:- 7850-485(8)-11730-500(9)-16230-525(2)-17280-540(4)-19440 :3 stag.Increment Gr-II :-5400-350(3)-6450-400(4)-8050 DA @.18%

21. 21 FIXATION CHART- Fixation of Basic Pay

22. 22 DEARNESS ALLOWANCE (DA@.18%) Determined on All India Average Consumer Price Index for Industrial Workers Base series 1960 = 100 Rate of dearness allowance: - For every four points in the quarterly average over 2328 points, shall be calculated at the rate of 0.18% of Basic Pay.

23. 23 DA- Calculation Made on quarterly basis for every four points rise or fall. The final index figures as published in the Indian Labour Journal or the Gazette of India, shall be taken for the purpose of calculation of dearness allowance.

24. 24 House Rent Allowance (HRA) HRA to Development Officers, except those who have been allotted residential accommodation by the Company shall be paid at the specified rates depending on the place of posting HRA : A class City B class C class 10%-(1600) 8%-(1350) 7%-(1300)

25. 25 CCA Maximum Limit City : A class City B class C class CCA:- 3%-(400) 2.5%-(360) 2%-(300) Cities shall include their Urban Agglomeration Population figures shall be as per the latest Census Report. Pay includes Basic Pay and Stagnation Increments

26. 26 STAGNATION INCREMENTS on completion of 3 years of service after reaching the maximum of scale Subject to satisfied work record Stagnation Increments are allowed to Development officers Grade I Subject to a maximum of 3 stagnation increments in the scale of pay

27. 27 STAGNATION INCREMENTS Stagnation Increment Rs.540/- p.m Released on request On completion of 3 years after reaching maximum of scale subject to work record First stage Basic Rs.19980/- Second stage Basic Rs.20520/- Third Stage Basic Rs.21060/-

28. 28 FIXED PERSONAL ALLOWANCE(FPA) Paid 1 Increment on Computerisation w.e.f. 01.11.1993 Those who reached maximum scale of pay, FPA is payable on account of computerisation FPA-Grade I Rs.540/-pm and Grade II Rs.400/-. Equal to 1 increment is Payable On request FPA shall not qualify for any Allowance or for any service/terminal benefits. However, the increment portion of FPA Rs 230/- shall rank for PF and Pension, and the increment portion along with DA Rs.18.68 (as on the 1.11.1993) shall rank for Gratuity and encashment of E/L.

29. 29 Transport Allowance For Admin Transport Allowance For Admin-Development Officers. Rs.250pm HILL STATION ALLOWANCE ? as applicable range from Rs.270-210 (2.5% and 2%)

30. 30 Qualification/Lump Sum Medical Qualification Allowance:- Licentiate Associate Fellowship Rs.115/- Rs.325/- Rs.545/- Lump-sum Medical Benefit(w.e.f 1.1.04) Basic upto 16230 ? Rs.2500/- Basic Rs.16230/- and above - Rs.4000/-

31. 31 Long Live AIGIFWA THANKS

32. 32 AIGIFWA PRESENTS Can anyone from you tell how important is information for you in your Organisation? Assume your MD calls you for a meeting ..Will you not be ready with the reports / information he would ask from you..at least you will be prepared to face him.. Whatever your career will be, you can increase your opportunities for success if you have information/ reports in hand to take right decision at the right time. You should be aware of the management problems and opportunities, and for that you should have correct information in your hand for taking decisions effectively and efficiently at the right time. That is where information systems play a vital role in the business success of an enterprise. Businesses and other organizations need people who can use networked computer workstations to enhance their own personal productivity and the productivity of their work groups, process teams, departments and organization. For example you should be able to use the internet and electronic mail to communicate more effectively, use spreadsheet packages to generate better reports on organizational performance, and specialized business software to support your specific work activities. So the proper management of information systems is major challenge for managers. Can anyone from you tell how important is information for you in your Organisation? Assume your MD calls you for a meeting ..Will you not be ready with the reports / information he would ask from you..at least you will be prepared to face him.. Whatever your career will be, you can increase your opportunities for success if you have information/ reports in hand to take right decision at the right time. You should be aware of the management problems and opportunities, and for that you should have correct information in your hand for taking decisions effectively and efficiently at the right time. That is where information systems play a vital role in the business success of an enterprise. Businesses and other organizations need people who can use networked computer workstations to enhance their own personal productivity and the productivity of their work groups, process teams, departments and organization. For example you should be able to use the internet and electronic mail to communicate more effectively, use spreadsheet packages to generate better reports on organizational performance, and specialized business software to support your specific work activities. So the proper management of information systems is major challenge for managers.

33. 33 NON CORE BENEFITS REVISION IN NON CORE BENEFITS TO DEVELOPMENT OFFICERS APPROVED BY THE GOVERNING BOARD OF GIPSA ON 21.10.2008 1.LOAN FOR PURCHASE OF CAR: - The distinction on the basis of Petrol and Diesel is replaced by a distinction on the basis of loan amount Two limits of loan amount- Rs.3.25 lacs & Rs. 3.75 lacs

34. 34 CAR LOAN -Eligibility Completed at least 5 years service after placement as Grade I or In the case of Development Officers from Class III employees, 5 years from the date of appointment as Development Officer. Must be drawing the basic pay of Rs. 10,275/- as on 1st April of the relevant appraisal year.

35. 35 SPI .

36. 36 CAR LOAN- Transitional Arrangements For grant of car loans on the basis of immediately preceding performance year 2007-08 as also 2008-09, certain premium norms would apply as transitional arrangements. On the basis of performance year 2009-10 onwards, the revised premium norms shall apply.

37. 37 HIGHER PRICED CAR It shall not ordinarily be permissible to avail of the car loan for a model priced higher than the loan amount. In case of a Development Officer procuring a premium income of Rs. 2 crores or above in the preceding year and an average SPI of Rs. 1.5 crore in the preceding 3 years, CMD may relax the norms and permit to purchase Higher priced model.

38. 38 TWO WHEELER LOAN LOAN FOR PURCHASE OF TWO-WHEELER : - A limit of Rs. 60,000/- as the maximum loan for two wheelers in any model shall be applicable for Development Officers Mktg..

39. 39 TWO WHEELER LOAN FOR DEVELOPMENT OFFICER ADMIN For Development Officers (Administration), shall be allowed the Two Wheeler loan facility with a loan limit - 80% of invoice value subject to maximum Rs 25,000/- Repayment term five years or 60 instalments and Interest rate is @ 5% p.a on reducing balance

40. 40 INTEREST FREE LOAN FOR REPAIRS Interest free loans for major repairs to vehicles. Not more than 1 loan is permitted for a two-wheeler and not more than 3 for a car. The loan limits for major repairs are:- Old Limit New Limit Four Wheeler Rs. 6000/ Rs. 10000/- Two Wheeler Rs. 2500/- Rs. 4000/-

41. 41 REGISTRATION,ROAD TAX AND INSURANCE Where the Dev.Officer owns a vehicle whether on his own or purchased with the loan facilities, the following expenses will be reimbursed. Premium for insuring the car under package cover as well as the registration charges and road and other taxes payable, shall be borne by the company.

42. 42 REPLACEMENT OF TYRES, TUBES AND BATTERIES 80% of cost of replacement of tyres, tubes, batteries appropriate to the vehicle will be reimbursed. Tyres, tubes of Car can be replaced after 32000 kms 20000 kms in the case of M/C and 15000 kms in the case of scooter. battery can be replaced after 18 months An amount of Rs.300/- for a set of tyre/tubes and Rs.150/-for battery in the case of Car and Rs.25/- in the case of two-wheeler will be deducted.

43. 43 Replacement of Car after 5 years Development Officer may be allowed change of car after a minimum period of 5 years. Change in the vehicle under the existing loan and No fresh loan will be allowed. The balance outstanding loan would be transferred to the new vehicle. Purchase new vehicle from own resources and the new vehicle should be hypothecated in favour of the company.

44. 44 3 CAR LOAN IN THE ENTIRE SERVICE The limit of maximum loans in the entire service period will be 3 as per the provisions. 3rd car Eligibility:- Applicable Premium and eligibility norms + One lac km in 2nd car + 8 years after 2nd car

45. 45 CONVEYANCE ALLOWANCE Conveyance Allowance Revised w.e.f. 01.04.2008. Premium from 5 lacs to 15 lacs- conveyance allowance will be from 960 to Rs.2110/- range. Conveyance allowance for Development Officer Grade-II (other than on Admin) is revised from Rs.150/- to Rs.400/- DEVELOPMENT OFFICERS GRADE-I WITH PREMIUM INCOME OF RS. 15 LACS AND ABOVE will be:-

46. 46 PREMIUM RS.15 LACS AND ABOVE

47. 47 TELECOMMUNICATION EXPS. REIMBURSEMENT OF TELEPHONE EXPENSES RENAMED AS TELECOMMUNICATION EXPENSES- Introduced the system of reimbursement which is linked to monetary limits.

48. 48 Telecommunication Exps. These monetary limits shall be inclusive of expenses on both landline connection as also the mobile connection (including Internet). Revision in the monetary reimbursement of telecommunication expenses - w.e.f. 1st April, 2008

49. 49 . .

50. 50 INTERNET CONNECTION In addition, the Development Officer procuring a minimum premium income of Rs. 60 lacs in ?C? Class, Rs.75 lacs in ?B? Class & Rs.100 lacs in ?A? Class cities shall be allowed reimbursement of expenses on Internet connection (landline or data card, or both) at the rate of Rs.3000/- per annum (plus service tax).

51. 51 Internet Connection For Development Officer not qualifying for Internet connection, the reimbursement of expenses on Internet connection could be made within the maximum limit of reimbursement permissible for Telephone and Mobile connection.

52. 52 REIMBURSEMENT?Annexure A Reimbursement - against submission of requisite declaration as per Annexure A. Reimbursement of telecom exps. within the stipulated limits shall be made on half-yearly basis on 1st May (for the period from 1st October to 31st March) and On 1st November (for the period from 1st April to 30th September)

53. 53 INTEREST FREE COMPUTER LOAN LOAN FOR COMPUTER / LAPTOP :- Interest free loan for purchase of a desk top / laptop (including accessories) repayable in 50 EMIs for the specified amount, shall be available to D.Os Subject to maintaining the stipulated cost ratios in the preceding 3 years:-

54. 54 COMPUTER LOAN AMOUNT LIMIT For Development Officers procuring SPI of Rs. 50 lacs or above loan will be Rs. 25,000/- For Development Officers procuring SPI of Rs. 100 lacs or above loan amount will be Rs. 50,000/-

55. 55 NEWS PAPER REIMBURSEMENT OF NEWSPAPER EXPENSES ? w.e.f 01/04/2008 Reimbursement of 70% cost of one financial daily, not exceeding Rs. 100/- per month. Reimbursement shall be done on annual basis on the first working day of April every year against submission of requisite declaration as per Annexure B. No Cash Memo is needed

56. 56 ENTERTAINMENT ALLOWANCE Entertainment Allowance revised w.e.f. 1st April, 2008 depending upon the premium. SPI for the preceding year, Allowance per month shall be:- Above Rs.50 lacs but not exceeding Rs.75 lacs Rs.350/- Above 75 lacs but not exceeding 1 crore Rs.400/- Exceeding Rs.100 lacs Rs.450/-

57. 57 Halting Allowance & Lodging A B C Halting Allowance: 400 300 250 Halting Less than 6 hrs ? 30% of halting allowance Exceeding 6 hrs,but less than 12 hrs -50% rate Exceeding 12 hrs - Full daily rate Lodging Charges:- 900 675 450

58. 58 Travelling Exps. Mileage allowance:- Motor cycle- 5%of 1 liter petrol cost Car (Petrol)- 12%of 1 liter petrol cost Car (Diesel)- 15%of 1 liter diesel cost

59. 59 Transfer On Transfer- Eligible class of travel for family and halting allowance is applicable. Plus eligible transfer grant, Transportation of luggage and packing charges are applicable. Joining time-If no change of residence-1 day is allowed and if change of station from one station to another station is involved 6 days are allowed for preparation plus journey time

60. 60 Leave Encashment/Brief case Leave Encashment:-Once in 2 years. 15 days salary (Basic+DA+HRA) Brief case ? Rs.1500/- for Purchasing Brief Case- Once in 3 years

61. 61 LEAVE FACILITY Types of leave Eligible: Casual Leave- CL upto 12 days granted during a calander year. Not more than SIX days of CL can be availed at a time. Earned Leave / Privilege (EL / PL)-At the rate of one day for every 11 days of duty can be availed with minimum of seven days at a time and maximum of 120 days. Advance notice of 15 days necessary. Leave may be granted for shorter duration on maximum two occasions in a year, if CL not available. E/L Can be accumulated upto 240 days.

62. 62 Sick Leave Sick Leave (SL)-At the rate of 30 days on half pay basis for each calendar year of service (can be availed on full pay by debiting double of the leave) Maximum accumulation can be upto 240 days. Medical Certificate has to be submitted.

63. 63 Special Sick Leave (SSL) Maximum 6 months on half pay basis is allowed when a Development Officer has no SL to his credit. It is provided only for 8 major diseases such as Cancer, Leprosy, Tuberculosis Paralysis, Brain Tumour, Cardiac Ailment, Kidney disease and Mental diseases.

64. 64 Maternity Leave (ML) Female Development Officer having less than 3 living children is allowed ML for 90 days. Six weeks leave is allowed in case of miscarriage / abortion / medical termination of pregnancy Encashment of Earned Leave

65. 65 Encashment of Earned Leave Earned Leave may be encashed upto a maximum of 15 days in a block of 2 years starting from even number i.e. 08-09, 10-11, etc. Must be availed minimum 15 days earned leave.

66. 66 LEAVE TRAVEL SUBSIDY (LTS) Eligibility for Employee and his family members Should goes on any sanctioned leave including the CL . ?Family? include spouse, dependent children and dependent parents residing with the employee. ?Children? shall mean legitimate, legally adopted or step children. ?Dependent? means a person not having income exceeding Rs. 1500/-pm.

67. 67 LTS Block Years The subsidy shall be available once in the block of two years Limited to the cost of travel upto 2000 kms each way. The block applicable to Development Officers is Even years( 2008-09, 2010-11& so on) Surface distance between two points by shortest route by rail will be the basis. Scheme is formulated on the basis of rail distance.

68. 68 LTS 2 BLOCKS When two points are not connected by rail, reference may be made to the road map for mileage by direct route. Carry forward of subsidy This is restricted to the next block only. No further carry forward allowed.

69. 69 LTS Advance LTS Advance 90% of the total subsidy may be allowed 60 days prior to commencement date of outward journey. The advance so drawn shall be refunded forthwith if the outward journey is not commenced within two months from the drawn of advance. Employees violating the rules are to be charge-sheeted & punished forthwith & show cause notice be issued to the officer In charge who has failed to monitor and recover the amounts from the employees in time.

70. 70 Submission of LTS Bill Submission of LTS Bill LTS Bill is to be submitted in duplicate within fifteen days from the date of completion of return journey The competent authority may condone the delay in submission of the claim if he is satisfied with the reasons. It is necessary to submit either the original or a photocopy of the train ticket along with TE/LTS claim forms.

71. 71 SERVICE CHARGES Service charges - Service charges for booking tickets may be allowed Taxi driver charges, night halt charges, passenger tax and toll at the check post can be reimbursed if included in the Tourist Agency Bill. Travel by steamer/ferry etc When part of the journey is undertaken by steamer/ferry/motor launch the shortest route of surface distance shall be taken.

72. 72 PARTLY BY AIR/OTHER MODE PARTLY BY AIR/OTHER MODE If we travelled by air/other mode, the reimbursement will be aggregate of actual fare by air incurred or aggregate of ?entitled railway fare? whichever is less

73. 73 TRAVEL WITH FAMILY MEMBERS The employee and the members of his family may travel together or separately in not more than two groups and claim reimbursement accordingly. Claims for not more than two such groups shall be allowed in respect of any block or for combination of two consecutive blocks

74. 74 TERMINAL BENEFITS-PENSION Pension Scheme ? 1995 came into force on1.11.93. Employees who have joined the service of the Company after 28.06.95, compulsorily to be governed by Pension Scheme - 1995.

75. 75 QUALIFYING SERVICE To become eligible for pension an employee must have rendered at least 10 years of service in the Corporation or a Company on the date of retirement

76. 76 SUPERANNUATION PENSION Superannuation Pension shall be granted to an employee who has retired from the service on his attaining the age of superannuation as specified in the service condition. PENSION ON VOLUNTARY RETIREMENT An employee can seek voluntary retirement by giving 90 days notice to the appointing authority after completing 20 years of Qualifying Service.

77. 77 PENSION ON RETIREMENT BASIC PENSION - After completing the qualifying service of not less than 33 years the amount of Basic Pension shall be 50% of the Average Monthly Emoluments (Basic + Pre-revised FPA) for the last 10 months in service prior to retirement.

78. 78 Pension less than Qualifying Service In the case of an employee retiring before completing a qualifying service of 33 years, but after completing qualifying service of 10 years, the amount of pension shall be proportionate to the amount of pension admissible ..

79. 79 BASIC/MINIMUM PENSION Basic Pension = 50% of Average monthly Emoluments for the last 10 Months preceeding retirement X No.of yrs.of Qualifying Service 33 Subject to minimum Rs. 1480/-.

80. 80 TERMINAL BENEFITS -FAMILY PENSION The family pension shall be paid to the family of the deceased employee in the event of his death- Whilst in the service at any time. After retirement and was in receipt of pension from the Company. BASIC FAMILY PENSION The Family Pension is payable from the date following the date of death at the rate of 30%,20% and 15% of the basic as per scheme.

81. 81 BASIC FAMILY PENSION ENHANCED RATE IN CERTAIN CASES When an employee dies whilst in service remain not less than 7 years of service or when an employee dies after retirement, the Basic Family Pension payable to the family shall be equal to 50% of last drawn basic pay ( Basic + pre revised FPA) or twice the Basic Family Pension rate admissible whichever is less. The enhanced rate of Family Pension is payable for a period of 7 years or until the deceased employee would have attained the age of 65 years had he survived, whichever is less.

82. 82 COMPASSIONATE ALLOWANCE An employee who is dismissed or removed or compulsorily retired or terminated from service shall forfeit his pension. However, Competent Authority may sanction Compassionate Allowance as a special consideration, which shall not exceed 2/3rd of the admissible pension But it shall not be less than the minimum pension payable under the Scheme.

83. 83 CALCULATION OF COMMUTATION VALUE OF PENSION An employee who is eligible for any pension is entitled to commute for a lump sum payment a fraction of his pension not exceeding 1/3rd portion of pension It shall be restored after 15 years from the date of commutation. The lump sum payable shall be calculated in accordance with the specified commuted value of pension expressed in number of years in relation with the age of the pensioner as on his next birthday.

84. 84 DEARNESS RELIEF Dearness relief is payable to the Pensioner / Family Pensioner on the Basic Pension / Basic Family Pension shall be at the rate of 0.18% of Basic Pension. Dearness relief will be allowed on full Basic Pension even after commutation

85. 85 TERMINAL BENEFITS -GRATUITY Gratuity shall be payable on termination of his employment after the continuous service for not less than five years - On superannuation or On voluntary retirement/ resignation or On death or disablement due to accident or diseases or On service being dispensed with owing to reduction of staff or reorganization of establishment

86. 86 TERMINAL BENEFITS -GRATUITY Provided that the completion of continuous service of five years shall not be necessary where the termination of the employment of any officer is due to death or disablement. ?Wages? means Basic +D.A. + pre revised FPA + DA thereon

87. 87 GRATUITY AMOUNT CALCULATION one month?s basic pay ( Basic + pre-revised FPA) for each completed years of service. For service upto 30 years maximum 15 month?s basic pay is payable. Additional gratuity @ ? month?s Basic Pay for each completed year of service beyond 30 years.

88. 88 GRATUITY CALCULATION a)SERVICE UPTO 30 YEARS Basic pay ( last drawn basic + pre revised FPA) x No. of yrs x R* ( max. 15 years) (b) SERVICE OVER 30 YEARS Basic pay ( last drawn) (basic + pre revised FPA) x Years in excess of 30 years divided by 2 Total Payable : a + b

89. 89 Rate of Gratuity For service more than 15 years, limit the number of years to 15 Rate of gratuity for each year of service (R) Upto11 years-50% of Basic Pay last drawn 12 years of service -60 %- 13 years -70%- 14 years -80%- 15 years or more 100%- Maximum Amount limited to Rs.3.5 lacs

90. 90 ENCASHMENT OF EARNED LEAVE ON RETIREMENT Terminal Benefits: MAX.NO.OF DAYS LEAVE CAN BE ENCASHED -240 DAYS On Retirement-Basic + D.A. + pre revised FPA + D.A. thereon retirement) On DEATH-240 DAYS Basic+DA +HRA + CCA+ FPA (pre-revised) + DA Thereon

91. 91 TERMINAL BENEFITS-MEDICLAIM Group Mediclaim cover for Retiring/ Voluntarily retiring employees and their spouse. They were members of Group Mediclaim Policy before retirement. Cover is optional. However, such option by the employees has to be exercised before retirement. The entire premium, less group discount shall be borne by the retired employee Cover shall be under the category opted for, the concerned retired employee before the commencement of every policy year.

92. 92 OTHER TERMINAL BENEFITS PROVIDENT FUND/ PF Contribution, if opted FECILITATION OF EMPLOYEES ON RETIREMENT Life Insurance/Society Benefits

93. 93 AIGIFWA STANDS FOR THE BENEFIT OF ITS MEMBERS THANKS


Other Related Presentations

Copyright © 2014 SlideServe. All rights reserved | Powered By DigitalOfficePro