Today DG Letter No.6-11/2009-PE-II, Dated 1st September 2010. Orders Issued Introduction of a new Service Discharge Benefit Scheme (SDBS) for the Gramin Dak Sevaks working in the Department of Posts.
The Pension Fund Regulatory & Development Authority (PFRDA) has launched a New Pension Scheme called NPS-Lite for the benefit of Common man and workers in unorganized sectors. Using the same platform of NPS-Lite, a proposal for introduction of Service Discharge Benefit Scheme(SDBS) for the benefit of the Gramin Dsk Sevaks (GDS), working in this Department, on monthly contribution basis (from Department's side only) has been under examination and consideration in this Department for quite some time. The Proposal has been approved by the Government for introducing Service Discharge Benefit Scheme (SDBS) for the Gramin Dak Sevaks in the Department of Posts, throughout the country. This scheme will, however, be offered in lieu of the existing Severance Amount scheme on an optional basis for the existing Gramin Dak Sevaks while it will be mandatory for the new Gramin Dak Sevaks entering into the service with effect from 1-1-2011. The existing scheme of payment of Ex-gratia Gratuity to the Gramin Dak Sevaks shall, however continue of the existing terms and conditions without any change.
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.
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.
The detailed Circular will follows.
S.S.Mahadevaiah
General Secretary
All India Postal Extra Departmental Employees Union