Friday, September 3, 2010

DOP introduced Service Discharge Benefit Scheme for GDS employees instead of regular pension scheme

Dear Comrades,

Department of Posts vide Order No.6-11/2009-PE.II dated 01.09.2010 has approved and introduced a new scheme i.e. Service Discharge Benefit Scheme (SDBS) for the Gramin Dak Sevaks in the Department of Posts, throughout the country. This scheme will, however, be offered in lieu of the existing Severance Amount scheme on an optional basis for the existing Gramin Dak Sevaks while it will be mandatory for the new Gramin Dak Sevaks entering into the service with effect from 1-1-2011.
Government shall contribute Rs.200/- and no recovery will be done from GDS. The contributions shall be credited to the Trustee bank designated by the PFRDA. On accepting the new scheme, the severance amount @ Rs.1500 per annum for every completed years of service will be added to the accumulated contributions at the time of discharge for annuitization.

On attaining the age of 58,the GDS can withdraw 20% of the accumulations. At the time of discharge 60% will be paid. 40% shall be invested for purchase a Life Annuity from Insurance Company.
Not eligible during Put off periods, Provisional appointments and substitutes. On removal & dismissal no amount will be paid.

On promotion to Group-D/Postman or PA etc. the accumulations shall be transferred under New Pension Scheme.

Options should reach to the concerned competent authority by GDS employees on or before 30.9.2010.

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