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State of Punjab - Section

Section 10 in Punjab Privately Managed Recognized Aided Schools Retirement Benefits Scheme, 2012

10. Retirement Gratuity.

- An employee who has become eligible for retirement benefits under this Scheme on his retirement from service, shall be granted an additional retirement gratuity as given below,-
(i)in case of a Class IV employee, 1/4th of his pay for each completed six monthly period of qualifying service subject to a maximum of 17-1/2 times of pay; and
(ii)in the case of an employee other than a Class IV employee, 1/4th of his pay for each completed six monthly period of qualifying service, subject to a maximum of 16-1/2 times of the pay:
Provided that the maximum amount of retirement gratuity shall not exceed rupees one lac in any case.