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[Cites 0, Cited by 0] [Section 35] [Entire Act]

State of Odisha - Subsection

Section 35(3) in The Orissa State Electricity Board Employee's Provident Fund Rules, 1965

(3)Voluntary resignation or retirement - (i) In the event of a member ceasing to be in the service of the Board on the voluntary resignation or retirement from the service of the Board with its written consent and without existence of any cause justifying his/her dismissal or on the termination of the service of a member for any reason not expressly provided in these rules, the Trustees shall pay him/her the aggregate amount contributed by him/her and accretions thereon and also such part of the balance thereafter standing to the credit of his/her account at the date of his/her resignation or retirement or termination of his/ her service being the Board's contributions and the accretions thereof, (hereinafter called the 'remaining balance') to which he/she may be entitled in proportion to the length of his/her service with the Board as shown hereunder.
  Length of Service Proportion of the remaining balance payable
(a) Less than 3 years 25%
(b) 3 years or more but less than 5 years 50%
(c) 5 years or more but less than 10 years 75%
(d) 10 years or more but less than 15 years 85%
(e) 15 years and more 100%
'Service' for this rule shall mean continuous service with Board. Provided that the membership of the fund shall include the period of membership whether of that fund or any private Provident Fund or exempted establishment for the purpose of allowing the percentage of Board's share to the members at the time of final settlement.
(ii)A member, who is retired from service by the Board at any time at or after the age of superannuation shall be paid the full amount standing to his/her credit of the Fund as at the date of retirement. For the purpose of this Sub-rule a member shall be deemed to have attained the age of superannuation on completing the age of 55 years or such other age as may be prescribed by the Board's rule. If the retirement is before the age of superannuation, the member will get only a portion of the contribution of the Board.