Retired on 30th June is eligible for Increment Benefit, Grant of benefit of one notional increment (as due on 1st July) for the pensionary benefits to those employees who had retired on 30th of June before drawing the same.
Retired on 30th June is eligible for Increment Benefit, Grant of benefit of one notional increment (as due on 1st July) for the pensionary benefits to those employees who had retired on 30th of June before drawing the same.
Individuals retiring on the 30th of June are eligible for an increment benefit. This benefit involves granting them one notional increment, as if they were still in service on the 1st of July. This increment is considered for calculating their pensionary benefits, even though they retire before it is officially due.
This policy aims to ensure that employees retiring just before an increment date are not disadvantaged in terms of their pension benefits, as they would have been entitled to the increment if they had retired a day later.
In India, there is a provision for granting a notional increment (an imaginary increment that reflects a pay raise but isn’t actually paid out) to employees who retire on June 30th, before the usual increment date of July 1st. This increment then gets factored into their pension calculations, increasing their overall pension benefits.
Here’s a breakdown of the key points:
- Eligibility: Employees who retire on June 30th are eligible for this benefit.
- Benefit: They receive a “notional increment” which is essentially a pay raise considered for calculating their pension. This increment reflects the raise they would have received on July 1st if they hadn’t retired.
- Impact: This notional increment increases the employee’s pension amount.
Additional Information:
- This benefit is a result of a court case and subsequent government orders.
- It’s important to note that there might be specific procedures to claim this benefit. It’s advisable to consult a Lawyer or the relevant government department or pension authority for details.
Retired on 30th June is eligible for Increment Benefit, Grant of benefit of one notional increment (as due on 1st July) for the pensionary benefits to those employees who had retired on 30th of June before drawing the same.
Retired on 30th June is eligible for Increment Benefit, Grant of benefit of one notional increment (as due on 1st July) for the pensionary benefits to those employees who had retired on 30th of June before drawing the same.
Individuals retiring on the 30th of June are eligible for an increment benefit. This benefit involves granting them one notional increment, as if they were still in service on the 1st of July. This increment is considered for calculating their pensionary benefits, even though they retire before it is officially due.
This policy aims to ensure that employees retiring just before an increment date are not disadvantaged in terms of their pension benefits, as they would have been entitled to the increment if they had retired a day later.
In India, there is a provision for granting a notional increment (an imaginary increment that reflects a pay raise but isn’t actually paid out) to employees who retire on June 30th, before the usual increment date of July 1st. This increment then gets factored into their pension calculations, increasing their overall pension benefits.
Here’s a breakdown of the key points:
- Eligibility: Employees who retire on June 30th are eligible for this benefit.
- Benefit: They receive a “notional increment” which is essentially a pay raise considered for calculating their pension. This increment reflects the raise they would have received on July 1st if they hadn’t retired.
- Impact: This notional increment increases the employee’s pension amount.
Additional Information:
- This benefit is a result of a court case and subsequent government orders.
- It’s important to note that there might be specific procedures to claim this benefit. It’s advisable to consult a Lawyer or the relevant government department or pension authority for details.
Delhi Advocate | Delhi Lawyer | Legal Services in Delhi 