Section 7 in The Insurance Regulatory And Development Authority (Conditions Of Service Of Officers And Other Employees) Regulations, 2000
7. Retirement .-(1) Except as otherwise provided in this regulation, every officer and other employee shall retire from service on the afternoon of the last day of the month in which he attains the age of sixty years:
Provided that an officer and other employee whose date of birth is the first of a month shall retire from service on the afternoon of the last day of the preceding month on attaining the age of sixty years:Provided further that the competent authority may, if it is of the opinion that it is in the interest of the authority to do so, direct an officer or employee to retire on completion of fifty-five years of age or at any time thereafter, on giving him three months' notice or salary in lieu thereof:Provided further that an officer and other employee shall be permitted upon request to retire before the date of retirement specified in this sub-regulation either (a) on completion of twenty-five years of service; or (b) on completion of twenty years of service, provided he has attained age of fifty; or (c) on completion of fifteen years of service, if he is incapacitated for further active service.Explanation .-Where an officer or employee is directed by the competent authority to retire as aforesaid, it shall not be deemed to be a penalty under these regulations.(2)No officer or other employee shall be granted extension in service beyond the age of retirement of sixty years.(3)If on a review of the case either on a representation from the officer or an employee retired prematurely or otherwise, it is decided to reinstate the officer or an employee in service, the competent authority ordering reinstatement may regulate the intervening period between the date of premature retirement and the date of reinstatement by the grant of leave of the kind due and admissible, including extraordinary leave, or by treating it as dies non depending upon the facts and circumstances of the case:Provided that the intervening period shall be treated as a period spent on duty for all purposes including pay and allowances, if it is specifically held by the competent authority ordering reinstatement that the premature retirement was itself not justified in the circumstances of the case, or, if the order of premature retirement is set aside by a Court of law.(4)Where the order of premature retirement is set aside by a Court of law with specific directions in regard to regulation of the period between the date of premature retirement and the date of reinstatement and no further appeal is proposed to be filed, the aforesaid period shall be regulated in accordance with the directions of the Court.(5)Any officer or employee may by giving notice, of not less than three months in writing to the competent authority, retire from service after he has attained that age of fifty years, if he is in Class I or Class II service or post, and (had entered service before attaining the age of thirty-five years), and in all other cases after he has attained the age of fifty-five years:Provided that it shall be open to the competent authority to withold permission to an officer or an employee under suspension who seeks to retire under this clause.(6)An officer or other employee referred to in sub-regulation (5) may make a request in writing to the competent authority to accept notice of less than three months giving reasons therefor.(7)On receipt of a request under sub-regulation (6), the competent authority may consider such request for the curtailment of the period of notice of three months on merits and if it is satisfied that the curtailment of the period of notice shall not cause any administrative inconvenience, the competent authority may relax the requirement of notice of three months on the condition that an officer and an employee shall not apply for commutation of a part of his pension before the expiry of the period of notice of three months.(8)An officer or other employee who has elected to retire under this regulation and has given the necessary intimation to that effect to the competent authority, shall be precluded from withdrawing his option subsequently except with the specific approval of such authority:Provided that the request for withdrawal shall be within the intended date of his retirement.
