Section 13 in Pension Fund Regulatory and Development Authority (Employees Service) Regulations, 2015
13. Superannuation and Retirement.
(1)An employee shall retire at 60 years of age.Provided that the Authority may retire any employee on, or at any time after the completion of 55 years of age or 30 years of total service, whichever is earlier, by giving him three months' notice in writing.(2)An employee, who attains the age of superannuation on any day other than the first day of any calendar month, shall retire on the last day of the month in which he completed his age of retirement.(3)An employee may also, if he so desires, and subject to terms of appointment to the contrary, if any, retire fromservice on completion of 50 years of age or 20 years of service in the Authority, by giving three months' notice to the Authority in writing.(4)The Authority may also offer a scheme, subject to such terms and conditions as it may specify, to its whole-time employees for voluntary retirement from the services of the Authority.(5)When an employee retires from service either under the provisions of the proviso to sub-regulation (1) or sub-regulation (3), the Authority may consider grant of compensation on such scale and terms as may be determined by it from time to time. The Authority while determining the terms shall take into account all relevant factors including the balance of service left to a retiring employee.(6)Notwithstanding anything contained in these Regulations, where an employee has ordinary leave earned but not availed of as on the date of retirement, he may, at his option,(a)be permitted to avail of leave subject to a maximum of ten months in respect of leave earned under these Regulations and in that case the employee will be deemed to have retired from service on the expiry of the leave;or(b)be paid a lumpsum amount which would be equivalent to pay as defined in Regulation 3(1)(j) of these Regulations as on the date of his retirement, for the unavailed ordinary leave earned subject to maximum of ten months plus all allowances normally admissible to the employee concerned during ordinary leave, after which he shall retire.Explanation :- "Date of Retirement" means the date on which the employee attains the age of superannuation in accordance with the provisions of the Regulation or the date on which he is retired by the Authority under sub-regulation (1) of the Regulation or the date on which the employee voluntarily retires in terms of sub-regulation (3) or sub-regulation (4) of the Regulation as the case may be.(6)Execution of Bond, etc. - Notwithstanding anything contained in these Regulations, the Authority will have the right to obtain undertakings / bonds from an employee for payment of liquidated damages relating to deputation of training or his failure to complete the required number of years of service in a particular post, as may be determined by the Authority from time to time.Chapter - III Record of Service, Seniority, Promotion and Reversion
