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Showing posts from October, 2009

AI to pay salaries by Oct 31 after pilots warn of stir

With an impending stir threat by its pilots, Air India is likely to pay the September salaries of its employees in two days and incentives and allowances by November 10, airline sources said today. Talks were held with banks and financial institutions for working capital loans to arrange the amount for payment of salaries, productivity-linked incentives (PLIs) and flying allowances to the employees including pilots, they said. Sources also said the management of the cash-strapped airline was making all efforts to pay the dues of the employees very soon, including the salaries by October 31 and PLI and allowances by November 10. Talks with the banks were initiated after negotiations between executive pilots and their other colleagues in Mumbai over the past few days.

Questions & Answers: Related to the New Pension Scheme (NPS)

1. Whether a retiring Government servant is entitled for leave encashment after retirement under the NPS?
The benefit of encashment of leave salary is not a part of the retirement benefits admissible under Central Civil Services (Pension) Rules, 1972. It is payable in terms of CCS (Leave) Rules which will continue to be applicable to the government servants who join the government service on after 1-1-2004. Therefore, the benefit of encashment of leave salary payable to the governments/to their families on account of retirement/death will be admissible.
2. Why is it mandatory to use 40% of pension wealth to purchase the annuity at the time of the exit (i.e. after the age of 60 years) from NPS?
This provision has been made in the New Pension Scheme with an intention that the retired government servants should get regular monthly income during their retired life.
3. Whether any minimum age or minimum service is required to quit from Tier-I?
Exit from Tier-I can only take place when …