Financial Daily from THE HINDU group of publications
Wednesday, Dec 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 10, 2003 |
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Money & Banking
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RBI & Other Central Banks 3,500 RBI staff opt for optional early retirement scheme Our Bureau
Mumbai , Nov. 9 AROUND 3,500 employees have so far opted for the optional early retirement scheme (OERS) offered by the Reserve Bank of India. The last date for accepting the application is December 31. The RBI has a total staff strength of around 28,884. Replying to a question at the Lok Sabha, Mr Anandrao Adsul, said so far 3,491 employees have opted for the scheme. Those who retire under the OERS, are eligible for ex-gratia amount equal to 60 days plus dearness allowance for each completed year of service and part thereof in excess of six months or pay plus dearness allowance for remaining service up to the date of superannuation, whichever is less. This is, in addition, to the normal retirement benefits such as pension and gratuity. The scheme which was introduced on August 16, 2003 on an experimental basis, with a view to rationalise the staff strength, will be closed on December 31. RBI has reportedly initiated the process of releasing officials who had opted for the OERS in a phased manner. The scheme is applicable for employees who have completed 25 years of full-time regular service and 50 years of age, as on August 2, 2003.
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