DA Arrears Calculator 1.7.2024 for 3 MonthsVRS: Voluntary Retirement Service
The Scheme of Voluntary Retirement for Central Government employees is a program designed to encourage retirement among eligible employees. This scheme offers financial and other benefits to those who wish to retire voluntarily, allowing them to take advantage of this opportunity to enjoy a well-earned rest. Eligible employees can apply for the scheme, and if approved, they can enjoy a smooth transition into their post-retirement life. This scheme is a great way to reduce the burden on the government, while also providing support to employees who wish to retire early.
According to the CCS (Pension) 48-A Rules, Central Government employees are granted the option to retire before reaching the age of superannuation. This allows them to enjoy the benefits of retirement and pursue their interests at an earlier stage. The provision also helps the government in managing workforce requirements and opens up job opportunities for younger candidates.
Voluntary retirement is an option for Central Government employees who have finished 30 years of qualifying service according to CCS (Pension) 48 Rules. Alternatively, those who have completed 20 years of qualifying service under CCS (Pension) 48-A Rules can also apply for voluntary retirement. Both options allow for employees to exit the workforce at their own discretion.
As per the 6th CPC recommendation, an employee can only receive pension on voluntary retirement if they have completed a minimum of 20 years of qualifying service. This means that if an employee decides to retire from their job before completing 20 years of service, they will not be eligible for pension benefits. However, if they have completed the required years of service, they will be entitled to receive pension benefits, which can help support them during their retirement years.
In the event of superannuation, which is the retirement of an employee, pension payments become due upon completion of a minimum of 10 years of qualifying service or more. This means that an employee who has served the company for a decade or more is guaranteed a pension upon retirement. This provision serves as a form of financial security for employees who have dedicated their lives to serving the organization and ensures that they are not left without an income stream during their retirement years.
As of now, receiving a full pension, whether it’s due to superannuation or voluntary retirement, is only possible once an individual has completed a qualifying service of 33 years. This means that those who have served their respective organizations for a shorter period of time may not receive the full pension amount.
It is permissible to consider up to 5 years of weightage for calculating the qualifying service for pension or gratuity in the event of voluntary retirement. However, the total qualifying service, including the weightage, should not exceed 33 years and should not go beyond the date of normal superannuation.
Latest top updates on VRS
- VRS in three Defence Services – 2016 to 2018 Report July 1, 2019 Read more…
- Number of Employees Retired Prematurely Under FR 56 (J) – DoPT asked all Ministries June 28, 2019 Read more…
- 7th Pay Commission Recommendations on Voluntary Retirement Scheme June 11, 2019 Read more…
- Q&A regarding Voluntary Retirement – Pension Benefit – Promotion – CCL February 15, 2019 Read more…
- Voluntary Retirement in Paramilitary Forces December 28, 2017 Read more…
- Employees of BWEL will be Benefitted from the Voluntary Retirement Scheme to be Offered at 2007 Pay Scale August 23, 2017 Read more…
- Voluntary Retirement Scheme (VRS) in SBI August 11, 2017 Read more…
- Voluntary Retirement Scheme (VRS) in Associate Banks of SBI April 11, 2017 Read more…
- DPE issues guidelines to expedite the process for clousure of CPSEs September 28, 2016 Read more…
- Compulsory Retirement under CCS Rules ; Central Government employees over 50/55 worried September 28, 2015 Read more…
- Govt mulls to execute compulsory retirement to Central Government employee for better administration September 23, 2015 Read more…
- Request for Voluntary retirement from persons suffering from disability – Dopt Orders May 20, 2015 Read more…
- Voluntary Retirement from Persons suffering with disability February 6, 2015 Read more…
- Grant of compassionate appointment to the wards in Railways – Railway Board reply March 20, 2014 Read more…
- Voluntary retirement under FR 56(k), etc. and amendment of Rules February 27, 2014 Read more…
What is the requirement for pension on voluntary retirement?
According to the 6th CPC Recommendation, pension on voluntary retirement is payable only if the employee has completed 20 years of qualifying service or more.
How many years of qualifying service are required for a Central Government employee to apply for voluntary retirement?
A Central Government employee can apply for voluntary retirement after completion of 30 years of qualifying service under the CCS (Pension) 48 Rules. Alternatively, they can also apply after completion of qualifying service of 20 years under CCS (Pension) 48-A Rules.
When is pension payable in case of superannuation?
Pension is payable on completion of 10 years of qualifying service or more in case of superannuation.
When is full pension payable?
Currently, full pension is payable only on completion of qualifying service of 33 years, whether on superannuation or voluntary retirement.
Is there any provision for extra weightage of qualifying service for voluntary retirement?
Yes, a weightage of up to 5 years for purposes of reckoning qualifying service for pension/gratuity is allowed in case of voluntary retirement, provided the total qualifying service including the weightage does not exceed 33 years and the period does not go beyond the date of normal superannuation.