" Retirement - will you guide? " Asks Smt.Girija.N.Nair. ( PC : 12-10-2015 )
- At the outset, I would like to tell daughters and daughters- in- law not to quit their (cushy/lucrative) jobs till their final date of retirement at 60 : as there are (as long as there are) sons and sons-in-law unemployed or underemployed ! Days are hard.
It is good and touchy to know that Smt.Nair wants to retire to look after her aged parents. Travelling to and fro office and home by crowded trains and by buses caught in traffic jams in Mumbai/ New Mumbai is getting worse day by day.
Her queries (some of them innocent) are answered below :
1 and 2 : If she opts for voluntary retirement now, will her son lose any chance of getting a job in LIC if the Management (GOI) decides to give employment to children of employee retiring? If so, well and good. She knows better than many others that her sister-in-law got a job in LIC fighting in the SC - with the support of serving employees - against the Management's wrong decisions.
Retirement on superannuation and voluntarily are treated at par. She may (will) not have to seek SC's intervention.
3.She may await pay revision due from 01-08-2012 to know what would be her exact pension. Wage revision likely shortly. Meantime, she may refer to wage revision chart of bank employees to know her approximate revised pay. (She may go to All Banking Solutions. Com).
4. Smt. Nair has not mentioned her age or date of birth. She may please see Para.19 of Broken Period of less than one year..Chapter IV [she will complete 26 years 6 months service on 06-01-2016. Reckoned as 27 years service] and Para.31(5)&(6) of Pension on Voluntary Retirement..Chapter V of LIC of India (Employees) Pension Rules. 1995 _ {adding maximum 5 years subject to conditions} to know more on her doubts.
5. She may 'continue' to avail of IT benefits, every year, as provided in the Finance Bill, to save on tax after retirement.
6. There are many things in pipe line/ liquid : updation of pension, enhancement in family pension, 20 years qualifying service for full pension etc.
It is better to weigh the pros and cons before call it,'Quit'
SN ( a 1992 Pensioner )