The department released orders on 01.09.10 on discharge benefits scheme which is in lieu of pensionary benefits and the existing severance amount scheme. This scheme is optional for the existing GDS employees and compulsory for those entering into service from 1.1.2011.The GDS who are left with only three years or less service shall not be eligible.
For opted to new scheme, the severance amount @ Rs.1500 per annum for every completed years of service will be added to the accumulated contributions at the time of discharge for annuitization.
Govt shall contribute Rs200/- and no recovery from GDS. The contributions shall be credited to the Trustee bank designated by the PFRDA.
Not eligible during Put off periods, Provisional appointments and substitutes.
On promotion, the accumulations shall be transferred under New Pension Scheme.
On attaining the age of 58,the GDS can withdraw 20% of the accumulations.
At the time of discharge 60% will be paid. 40% shall be invested for purchase a Life Annuity from Insurance Company.
On removal & dismissal no amount will be paid.
Option should be given before 30.9.2010. The full text of the orders scanned for every ones notice.