Calculate your Pension, Gratuity & DR : A pension plan is an employee benefit that commits an employer to make regular contributions to a pool of money set aside to fund payments to eligible employees after they retire.
A gratuity is a lump sum paid by an employer to an employee as a token of appreciation for services rendered towards the company. It is important to know the eligibility and amount of gratuity the employee will get.
What is Gratuity in Salary?
Gratuity is a sum of money payable to an employee of an organization under the Payment of Gratuity Act 1972. This is mainly paid to the employee as a token of appreciation for his services to the company. Gratuity payment is one of the many components that make up an employee’s gross salary.
What are the categories of pension?
Retirement
Retirement pension will be given to the retired government employee at the age of superannuation.
Retirement Pension:
Retirement pension will be admissible to a Government servant who retires, or retires before attaining the age of retirement or to a Government servant who, as an additional option, is declared for voluntary retirement.
Voluntary Retirement:
Any Government servant can apply for voluntary retirement three months earlier only after completing twenty years of his qualifying service, provided that no vigilance or departmental inquiry is pending against him.
Invalid pension:
Invalid pension may be granted if a Government servant applies for retirement from service on account of any physical or mental infirmity which renders him permanently incapacitated for service. A request for invalid pension has to be supported by a medical report from a competent medical board.
Compensatory Pension:
If a Government servant is selected for discharge due to the abolition of a permanent post, he shall remain so until he is appointed to another post whose conditions are deemed by the competent authority to discharge him. It has its own option.
(a ) to draw compensatory pension to which he may be entitled for service rendered by him, or
(b) to accept another appointment on the pay as may be offered and continue to count his previous service for pension.
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Compulsory Retirement Pension:
A Government servant compulsorily retired from service as penalty may be sanctioned by the competent authority to impose such penalty, pension or gratuity at a rate not less than two-thirds and no more than the pension, gratuity, or both in full. admissible to him on the day he is required to retire. Pension that is allowed or allowed should not fall below 9,000/- p.m.
Compassionate Allowance:
However the authority competent to dismiss or remove him from service may, if the case deserves special consideration, grant a compassionate allowance not exceeding two-thirds of the pension or gratuity he would have received or would have been admissible if he had retired. Compensation pension.
(ii) The compassionate allowance sanctioned under the proviso to sub-rule (i) shall be Rs. should not be less than 9,000/- p.m
Extraordinary Pension:
Extraordinary pension/extraordinary family pension in the form of disability pension may be paid to a Government servant/his family if the disability/death (or aggravation of disability/death) of the Government servant is attributable to Government service during his service. . For the award of extraordinary pension, there must thus be a fortuitous connection between the disability and the Government service; and to accept death and government service, specialty or excitement. The quantum of pension, however, depends on the category of disability/death.