IREC Rule No.550(F): Cash Payment Of Un-utilized Leave On Average Pay In Cases Of permanent absorption in Public Sector Undertaking/Autonomous body wholly or substantially owned or controlled by the Central /State Government

550(F).Cash Payment Of Un-utilized Leave On Average Pay In Cases Of permanent absorption in Public Sector Undertaking/Autonomous body wholly or substantially owned or controlled by the Central /State Government:-

A railway servant who has been permitted to be absorbed in a service or post in or under a Corporation or Company wholly or substantially owned or controlled by the Central Government or State Government or in or under a body controlled or financed by one or more than one such Government shall be granted, suo moto, by the authority competent to grant leave cash equivalent of leave salary in respect of both leave on average pay and leave on half average pay, if any, at the credit of the Railway servant on the date of absorption subject to a maximum of 300 days and the cash equivalent of leave salary payable shall be calculated in the same manner as provided for in sub-rule (A)(1)(b) of Rule 550.

[Authority: RBE No. 53/2010, No.F(E)III/2008/LE-1/2, 13.04.2010, ACS No.111 and, RBE No.153/2011, No.F(E)III/2008/LE-1/2, 27.10.2011, ACS No.119]