Classes of pension

From Indiapensions

erlirel Pensions in NABARD are classified in the following manner;

Table of contents

1 Superannuation Pension 2 Premature Retirement Pension 3 Voluntary Retirement Pension 4 Invalid Pension 5 Compassionate Allowance

Superannuation Pension

It is granted to an employee who has retired on his attaining the age of superannuation.

Premature Retirement Pension

This is granted if an employee retires on account of order of the bank to retire prematurely in the public interest.

Voluntary Retirement Pension

This is granted to an employee who takes voluntary retirement. The qualifying service of an employee retiring voluntarily shall be increased by a period not exceeding 5 years, subject to the condition that the total number of such qualifying service shall not be more than 33 years.

Invalid Pension

This pension is granted on the basis of bodily or mental infirmity that permanently incapacitates the employee for the service. However, if the bank's medical officer declares an employee to be fit for a lower post then if willing the employee can be so employed.

Compassionate Allowance

This is granted, if the case of dismissal or removal or termination deserves a special consideration then compassionate allowance is sanctioned on the basis of the qualifying service rendered up to the date of his dismissal or removal or termination.