2BA. The amount 12received by an employee of—
(i) a public sector company; or
(ii) any other company; or
(iii) an authority established under a Central, State or Provincial Act; or
(iv) a local 13[authority; or]
14[(v) a co-operative society; or
(vi) a University established or incorporated by or under a Central, State or Provincial Act and an institution declared to be a University under section 3 of the University Grants Commission Act, 1956 (3 of 1956); or
(vii) an Indian Institute of Technology within the meaning of clause (g)15 of section 3 of the Institutes of Technology Act, 1961 (59 of 1961); or
16[(viia) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette17, specify in this behalf; or]
(viii) such institute of management as the Central Government may, by notification in the Official Gazette18, specify in this behalf,]
19at the time of his voluntary retirement 20[or voluntary separation] shall be exempt under clause (10C) of section 10 only if the scheme of voluntary retirement framed by the aforesaid company or authority 21[or co-operative society or University or institute], as the case may be 22[or if the scheme of voluntary separation framed by a public sector company,] is in accordance with the following requirements, namely :—
(i) it applies to an employee 23[***] who has completed 10 years of service or completed 40 years of age;
24[(ii) it applies to all employees (by whatever name called) including workers and executives of a company or of an authority or of a co-operative society, as the case may be, excepting directors of a company or of a co-operative society;]
(iii) the scheme of voluntary retirement 25[or voluntary separation] has been drawn to result in overall reduction in the existing strength of the employees 26[***];
(iv) the vacancy caused by the voluntary retirement 27[or voluntary separation] is not to be filled up;
(v) the retiring employee of a company shall not be employed in another company or concern belonging to the same management;
(vi) the amount receivable on account of voluntary retirement 27[or voluntary separation] of the employee does not exceed the amount equivalent to 28[three months’] salary for each completed year of service or salary at the time of retirement multiplied by the balance months of service left before the date of his retirement on superannuation29 :
30[Provided that requirement of (i) above would not be applicable in case of amount received by an employee of a public sector company under the scheme of voluntary separation framed by such public sector company.]
Explanation : In this rule, the expression “salary” shall have the same meaning as is assigned to it in clause (h) of rule 2 of Part A of the Fourth Schedule.]
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