IREC Rule No.550(A): Cash Payment In Case Of Un-utilized Leave On Average Pay On The Date Of Retirement On Attaining Superannuation
550. Cash Payment In Lieu Of Un-Utilized Leave On Average Pay On The Date Of Retirement:-
(A) In Case Of Retirement On Attaining The Age Of Superannuation:
(1) (a) Where a Railway servant retires on attaining the normal age prescribed for retirement under the terms and conditions governing his service, the authority competent to grant leave shall, suo-motu, issue an order granting cash equivalent of leave salary for both leave on average pay and leave on half average pay, if any, at the credit of the Railway servant on the date of retirement, subject to a maximum of 300 days.
(b) The cash equivalent of leave salary under clause (a) shall be calculated as follows and shall be payable in one lump sum as a one time settlement;
|
(i) Cash equivalent for leave on average pay |
= |
Pay admissible on the date of retirement plus Dearness Allowance admissible on that date______________________
30 |
X |
Number of days of unutilized leave on average pay at credit subject to the total of leave on average pay and leave on half average pay not exceeding 300 days |
|
(ii) Cash payment in lieu of leave on half average pay component |
= |
Leave on half average pay (LHAP) salary admissible on the date of retirement plus Dearness Allowance (DA)
admissible on that date_____ 30 |
X |
Number of days of leave on half average pay at credit subject to the total of leave on average pay and leave on half average pay at credit not exceeding 300 days |
Note: The overall limit for encashment of leave including both leave on average pay and leave on half average pay shall not exceed 300 days.
(c) To make up the shortfall in leave on average pay, no commutation of leave on half average pay shall be permissible.
[Authority: RBE No. 53/2010, No.F(E)III/2008/LE-1/2, 13.04.2010, ACS No.111]