what are voluntarily retirement benefits for GOI Undertaking?
Gagan Souri
(Querist) 22 July 2011
This query is : Resolved
Dear Seniors,
What are the retirement benefits in case of voluntarily retirement of Hindustan Shipyard Limited [A Govt of India Undertaking] Company.
Please enlighten me what i am entitled to get.
R.Ramachandran
(Expert) 23 July 2011
First and foremost it should be known whether any Voluntary Retirement Scheme was announced by your company and if so whether the same is still open.
Once your company has announced such a scheme, the scheme itself will contain all the conditions and benefits.
Such VRS are Company specific and therefore you have to enquire from your own company about the benefits that you would get. At best you can consult any of the Unions in your organization who will provide the information to you.
Guest
(Expert) 23 July 2011
Dear Gagan,
In the normal course, if you have pensionary service and there is available in your organizational rules the provision of voluntary retirement after some specified period of service, you can apply for VRS any time after completion that specified service. In that case some specified Number of years' service is added notionally in your qualifying service to make you eligible for higher pensionary benefits. For example, if your organization has adopted the Central Government's CCS (Pension) Rules, 1972 for allowing pention to its employees, an employee can take voluntary retirement after completion of a minimum of 20 years of service. In the total service rendered, an addition of maximum 5 years is made notionally in to the total service rendered to enhance qualifying service for the eligibility of pension and gratuity. That is subject to the limit that may not exceed the total eligible qualifying service of 33 years for maximum pension entitlement. In such case, suppose you have already rendered 29 years of service and you seek voluntary retirement an addition of 4 years would be made to make your qualifying service up to not more than 33 years to make you eligible for full pensionary benefits. If you have rendered 20 years or 28 years of service full additional period of 5 years would be added in to your total service rendered to work out as 25 years or 33 years of service respectively, as the case may be.
If your organisation does not have the provision of voluntary retirement in its rules, as stated by Mr. Ramachandran, you would be eligible to apply for VRS only when your organization declares VRS. In such cases, normally the organization allows the benefit of extra lump sum pay for some specified years of service, say 3 to 5 years, which woulld be paid to you in addition of the normal retirement/ terminal benefits.
prabhakar singh
(Expert) 23 July 2011
Expert R.Ramachandran Expert and PS Dhingra, CEO, Dhingra Group have rightly expressed over matter.
Kirti Kar Tripathi
(Expert) 23 July 2011
It depends on scheme formulated by the company. Go through the scheme, you will get every information in it.
K.S.Srinivas
(Expert) 28 July 2011
If there is any VRS is formulated and announced by the company, you can act according to the VR scheme.
In some companies if any employee puts up a minimum service say 20 years, then the employee is entitled for take voluntary retirement. Is there is any such provision in your company rules if so you can do so.
