Section 18 in Orissa State Financial Corporation (Staff) Regulations, 1975
18. Superannuation and retirement.
- An employee shall retire at fifty eight years of age provided that the Board may/at its discretion sanction from time to time the extension of employment of an employee for a period not exceeding one year at a time until he/she attains the age of sixty years.Explanation I. - For the purpose of these Regulations service shall not be included any period of service rendered by an employee before attaining the age of twenty one year;Explanation II. - Notwithstanding anything contained in this Regulation, where an employee has at the credit of his/her leave account, ordinary leave earned and has in sufficient time before the date of retirement either-(1)formally applied for leave and been refused it; or(2)ascertained in writing from the Managing Director that leave if applied for would not be granted he/she may be permitted to avail of the leave so refused and in that case the employee would be deemed to have retired from service on the expiry of the leave.
