Today's Cancelled Trains
voluntary retirement
07:14
Retirement -Railway Employees
Retirement -Railway Employees
Railway Employees/Officers Retirement Information and Neccessary Action
Showing posts with label Retirement Benefits. Show all posts
Showing posts with label Retirement Benefits. Show all posts
Friday, 11 October 2019
Friday, 7 September 2018
Monday, 27 March 2017
Retirement Benefits
07:03
Grant of TA/DA to Retired Railway Servants, re-engaged after retirement – RBE 24/2017
Grant of TA/DA to Retired Railway Servants, re-engaged after retirement – RBE 24/2017
Government of India/ Bharat Sarkar
Ministry of Railways/ Rail Mantralaya
(Railway Board)
RBE No. 24
No. F(E)I/2015/AL-28/58 New Delhi, dated 16.03.2017
General Managers,
All Indian Railways etc,
(As per Standard Mailing List)
Sub: Grant of TA/DA to retired Railway servants, re-engaged after retirement.
Ref: CORE, Allahabad’s letter No. CORE/E/1/19/ENGAGEMENT/PART-1 dated 09.10.2015.
A clarification had been sought by CORE, Allahabad regarding admissibility of Travelling Allowance/Daily Allowance to retired Railway servants re-engaged after retirement when they are sent on duty outside the station/headquarter for project / field works.
2. The matter has been considered by Board and it has been decided that the retired Railway servants re-engaged after retirement, when they are sent on duty outside the station/headquarter, may be ,paid, in addition to their usual daily wages/remuneration, daily allowance at the rate of 60% of the applicable Daily Allowance rate (as indicated in Board’s letter No. F(E)1/2008/AL-28/14, dated 01/12/2008, as modified from time to time corresponding to the pay drawn/post held by the retired Railway servant immediately prior to their retirement to meet out of pocket expenses. Such daily allowance will require the approval of SAG level officer.
3. Further, this will be subject to the other terms & condition as mentioned in chapter 16 of IREC Vol. II and will be regulated by the general/specific orders issued in this regard from time to time.
4. These orders shall take effect from 03/03/2017.
5. This disposes off CORE Allahabad’s letter No. CORE/E/1/19/ENGAGEMENT/ PART-I dated 09.10.2015.
6. Hindi version is enclosed.
7. Please acknowledge receipt.
Source:AIRF
Monday, 30 January 2017
Retirement Benefits
07:11
CLARIFICATION REGARDING TIMELY PAYMENT OF GPF FINAL PAYMENT TO THE RETIRING GOVERNMENT SERVANT – DOPT ORDERC.
CLARIFICATION REGARDING TIMELY PAYMENT OF GPF FINAL PAYMENT TO THE RETIRING GOVERNMENT SERVANT – DOPT ORDERC.
No.3/3/2016-P&PW (F)
Ministry of Personnel, PG & Pensions
Department of Pension & Pensioners’ Welfare
Desk-F
3rd Floor, Lok Nayak Bhavan,
Khan Market, New Delhi-110003
Dated 16th January 2017.
OFFICE MEMORANDUM
Subject: Clarification regarding timely payment of GPF final payment to the retiring Government servant – regarding
During review meetings held to evaluate the status of implementation of Bhavishya with Ministries/Departments, it was observed that GPF final payment in many cases is not being paid to the retiring Government servants immediately on retirement from service leading to payment of interest for the delayed period.
2. Rule 34 of General Provident Fund (Central Service) Rules clearly provides that when the amount standing at the credit of a subscriber in the General Provident Fund becomes payable, it shall be the duty of the Accounts Officer to make payment. The authority for the amount payable is to be issued at least a month before the date of superannuation, but payable on the date of superannuation. It may be noted that the requirement of submitting a written application by the retiring Govt. servant for GPF final payment has been dispensed with vide this Department’s Notification No.20(12)/94-P&PW (E) dated 15.11.1996 and notified under S.O NO.3228 dated 23.11.19963. As per Rule 11(4) of GPF Rules, in case the GPF balance is not paid on retirement, interest on the GPF balance is required to be paid for the period beyond the date of retirement also. While interest for the first six months beyond retirement can be allowed by the PAO in the normal course, approval of Head of the accounts office is required for payment of interest beyond six months and that of Controller of Account/Financial Adviser beyond a period of one year.
4. To ensure timely final payment of GPF, and to avoid unnecessary financial burden on account of interest beyond retirement, it has now been decided that every case, in which payment of interest on General Provident Fund becomes necessary in terms of Rules 11(4) of GPF Rules, 1960, shall be put up for consideration to the Secretary of the Administrative Ministry/Department. In all such cases the Secretary of the Administrative Ministry/Department will fix responsibility at all levels to take appropriate action against the Government servant or servants who are found responsible for the delay in the payment of General Provident Fund.
5. This issues with the concurrence of the Ministry of Finance, Department of Expenditure, vide their 10 NO.187/EV/2016 dated 2th September 2016.
6. Hindi version will follow.
(Seema Gupta)
Director
Source:http://aiamshq.blogspot.in/
Telangana
06:57
WILL OTHER STATES FOLLOW THIS GESTURE SHOWN BY STATE GOVERNMENT OF TELANGANA The slew of welfare measures announced by Hon'ble CM of Telangana State in the assembly, are the initiative of Hony.President, Telangana State Maazi Sainikula Samaakhya, Capt V LaxmikanthaRao, (Retd) & Hon'ble M.P.(RS). The speech is in Telugu language. Already GOs issued on Property Tax exemption, Enhancement of SPOs salary from 10,000/- to 20,000/- and War Widows pension from 3000 to 6000. GOs on other items of welfare measures may be issued in the near future. Over all, as on date, the financial benefits to ESM are the best in the country,i.e. more than Punjab/HARYANA stateS. IT IS HOPED THAT HIS COUNTERPART IN AP, SHRI N CHANDRABABU NAIDU, HON'BLE CM OF AP STATE, MAY SOON FOOLOW SUIT AND ANNOUNCE SIMILAR BENEFITS TO ESM, IF NOT MORE THAN THE TELANGANA STATE. THEREFORE, RELAX BROTHERS, GOOD/HAPPY TIMES HAVE JUST BEGAN. BLOGGER SGT GV NARAYANA AIR VETERAN SECY GEN TELANGANA RAASHTRA MAAJI SAINIKULA SAMAAKHYA HYDERABAD Ex-servicemen who have now joined the state government have got reason to rejoice, as the state government has announced a dual pension benefit for them. The Telangana government on Tuesday announced a slew of benefits in the Legislative Assembly for active and retired soldiers, their families and also for the families of soldiers who lost their lives in the line of duty .When an ex-serviceman joins the state government services, he is allowed to draw two pensions -one from the armed forces and the other from the state government. However, widows of such ex-servicemen were barred from collecting state pension. “The Telangana government is doing away with this restriction. Henceforth, such pensioners will be allowed to draw state government pension along with pension issued by armed forces,“ KCR said. “The government is also constituting a special fund for the welfare of soldiers, a first in the country ,“ said KCR. The fund will begin with annual contributions of `25,000 each from the CM and his cabinet colleagues while MLAs, MLCs and MPs will contribute `10,000 each every year. Thanking eve ryone for joining hands to contribute to the fund, KCR said, “The state government employees have also come forward to gi ve one day's salary to this fund.“ He also announced that the government is increasing the cash awards for soldiers.
WILL OTHER STATES FOLLOW THIS GESTURE SHOWN BY STATE GOVERNMENT OF TELANGANA
The slew of welfare measures announced by Hon'ble CM of Telangana State in the assembly, are the initiative of Hony.President, Telangana State Maazi Sainikula Samaakhya, Capt V LaxmikanthaRao, (Retd) & Hon'ble M.P.(RS). The speech is in Telugu language.
Already GOs issued on Property Tax exemption, Enhancement of SPOs salary from 10,000/- to 20,000/- and War Widows pension from 3000 to 6000.
GOs on other items of welfare measures may be issued in the near future.
Over all, as on date, the financial benefits to ESM are the best in the country,i.e. more than Punjab/HARYANA stateS.
IT IS HOPED THAT HIS COUNTERPART IN AP, SHRI N CHANDRABABU NAIDU, HON'BLE CM OF AP STATE, MAY SOON FOOLOW SUIT AND ANNOUNCE SIMILAR BENEFITS TO ESM, IF NOT MORE THAN THE TELANGANA STATE.
THEREFORE, RELAX BROTHERS, GOOD/HAPPY TIMES HAVE JUST BEGAN.
BLOGGER
SGT GV NARAYANA AIR VETERAN
SECY GEN
TELANGANA RAASHTRA MAAJI SAINIKULA SAMAAKHYA
HYDERABAD
Ex-servicemen who have now joined the state government have got reason to rejoice, as the state government has announced a dual pension benefit for them. The Telangana government on Tuesday announced a slew of benefits in the Legislative Assembly for active and retired soldiers, their families and also for the families of soldiers who lost their lives in the line of duty .When an ex-serviceman joins the state government services, he is allowed to draw two pensions -one from the armed forces and the other from the state government. However, widows of such ex-servicemen were barred from collecting state pension. “The Telangana government is doing away with this restriction. Henceforth, such pensioners will be allowed to draw state government pension along with pension issued by armed forces,“ KCR said.
“The government is also constituting a special fund for the welfare of soldiers, a first in the country ,“ said KCR. The fund will begin with annual contributions of `25,000 each from the CM and his cabinet colleagues while MLAs, MLCs and MPs will contribute `10,000 each every year. Thanking eve ryone for joining hands to contribute to the fund, KCR said, “The state government employees have also come forward to gi ve one day's salary to this fund.“
He also announced that the government is increasing the cash awards for soldiers.
Source:Ex-AIrman
Sunday, 18 October 2015
voluntary retirement
06:12
Supreme Court Verdict in favour pf Pension for Resignees!
Supreme Court Verdict in favour pf Pension for Resignees!
Following is the Land Mark Judgement by Supreme Court for LIC employee!
It is 100% applicable to IBA.
Will UFBU take up this as most urgent subject and proceed to get Pension for the Resignees?
*****************************************************************
REPORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 10251 OF 2014
ASGER IBRAHIM AMIN .. APPELLANT
VERSUS
LIFE INSURANCE CORPORATION OF INDIA .. RESPONDENT
J U D G M E N T
VIKRAMAJIT SEN, J.
1. The question which falls for consideration is whether the Appellant is
entitled to claim pension even though he resigned from service of his own
volition and, if so, whether his claim on this count had become barred by
limitation or laches.
2 . The Appellant joined the services of the Respondent Corporation on30.6.1967 on the post of Assistant Administrative Officer (CharteredAccountant) at the age of twenty seven. He worked for 23 years and 7 monthsin the Corporation before tendering his resignation on 28.1.1991, owing to“family circumstances and indifferent health”, presumably having crossed fifty years in age. The request of the Appellant for waiver of the stipulated threemonths notice was favourably considered by the Corporation vide letter dated 28.2.1991, and the Appellant was allowed to resign from the post of Deputy General Manager (Accounts), which he was holding at that time. We shall again presume that the reasons that he had ascribed for his retirement, viz.family problems and failing health, were found to be legitimate by the Respondent, otherwise the waiver ought not to have been given. Thereafter, the Central Government in exercise of power conferred under Section 48 of the Life Insurance Corporation Act, 1956 had notified the LIC of India (Staff) Regulations, 1960 and thereafter the Life Insurance Corporation of India (Employees) Pension Rules, 1995 (hereinafter referred to as “Pension Rules”) which, though notified on 28.6.1995, were given retrospective effect from
1.11.1993. The Pension Rules provide, inter alia, that resignation from service would lead to forfeiture of the benefits of the entire service including eligibility for pension.
3. On 8.8.1995, that is post the promulgation by the Respondent of the Pension Rules, the Appellant enquired from the Respondent whether he was entitled to pension under the Pension Rules, which has been understood by the Respondent as a representation for pension; the Respondent replied that the request of the Appellant cannot be acceded to. The Appellant took the matter no further but has averred that in 2000, prompted by news in a Daily and Judgments of a High Court and a Tribunal, he requested the Respondent to reconsider his case for pension.
This request has remained unanswered. It was in 2011 that he sent a legal notice to the Respondent, in response to which the Respondent reiterated its stand that the Appellant, having resigned from service, was not eligible to claim pension under the Pension Rules. Eventually, the Appellant filed a Special Civil Application on 29.3.2012 before the High Court,which was dismissed by the Single Judge vide Judgment dated 5.10.2012. The LPA of the Appellant also got dismissed on the grounds of the delay of almost 14 years, as also on merits vide Judgment dated 1.3.2013, against which the Appellant has approached this Court.
4. As regards the issue of delay in matters pertaining to claims of pension, it has already been opined by this Court in Union of India v. Tarsem Singh, (2008) 8 SCC 648 that in cases of continuing or successive wrongs, delay and laches or limitation will not thwart the claim so long as the claim, if allowed, does not have any adverse repercussions on the settled third-party rights. This Court held:
…………………………………………….
The legal position deducible from the above observations further amplifies that the so-called resignation tendered by the Appellant was after satisfactorily serving the period of 20 years ordinarily qualifying or enabling voluntary retirement. Furthermore, while there was no compulsion to do so, a waiver of the three months notice period was granted by the Respondent Corporation.The State being a model employer should construe the provisions of a beneficial legislation in a way that extends the benefit to its employees, instead of curtailing it.
15. The cases of Shyam Babu Verma v. Union of India, (1994) 2 SCC 521; State of M.P. v. Yogendra Shrivastava, (2010) 12 SCC 538; M.R. Prabhakar v.Canara Bank, (2012) 9 SCC 671; National Insurance Co. Ltd. v. Kirpal Singh, (2014) 5 SCC 189; UCO Bank v. Sanwar Mal, (2004) 4 SCC 412 relied upon by the parties are distinguishable on facts from the present case.
16. We thus hold that the termination of services of the Appellant, in essence,was voluntary retirement within the ambit of Rule 31 of the Pension Rules of 1995. The Appellant is entitled for pension, provided he fulfils the condition of refunding of the entire amount of the Corporation’s contribution to the Provident Fund along with interest accrued thereon as provided in the Pension Rules of 1995. Considering the huge delay, not explained by proper reasons, on part of the Appellant in approaching the Court, we limit the benefits of arrears of pension payable to the Appellant to three years preceding the date of the petition filed before the High Court. These arrears of pension should be paid to the Appellant in one instalment within four weeks from the date of refund of the entire amount payable by the Appellant in accordance of the Pension Rules of 1995. In the alternative, the Appellant may opt to get the amount of refund adjusted against the arrears of pension. In the latter case, if the amount of arrear is more than the amount of refund required, then the remaining amount shall be paid within two weeks from the date of such request made by the Appellant. However, if the amount of arrears is less than the amount of refund required, then the pension shall be payable on monthly basis after the date on which the amount of refund is entirely adjusted.
17. The impugned Judgments of the High Court are set aside and the Appeal stands allowed in the terms above. However, parties shall bear their respective
costs.
....signed
Source:INDIAN BANK KUMAR.
Monday, 28 September 2015
Retirement Benefits
11:08
Casual Labourers on IR entitled to compute 50% of Casual Service for Determination of Pension and Retirement Benefits: Hyderabad HC
Casual Labourers on IR entitled to compute 50% of Casual Service for Determination of Pension and Retirement Benefits: Hyderabad HC
Hyderabad: A full bench of the Hyderabad High Court has ruled that casual workers of the Indian Railways later absorbed as a permanent workers, after completing temporary service are entitled to compute 50 per cent of the casual service for determination of pension and retirement benefits.
The full bench comprising Acting Chief Justice Dilip B. Bhosale, Justice P.V. Sanjay Kumar and Justice P. Naveen Rao was answering a reference on the issue as to whether a casual employee of the Railways, later appointed on temporary basis, and then regularly appointed was entitled to count the full service rendered by him as a temporary servant and 50 per cent of his casual service to determine his retirement benefits.
While dealing with the reference the full bench noted that the AP High Court as well as the Delhi High Courts expressed three different views in four similar cases.
The bench pointed out in the four decisions, the scope of various provisions of the Railway Services (Pension) Rules 1993 was not considered by the High Courts and the full bench felt that the provisions of Rule 20 need to be analysed.
The relevant Rule says that qualifying service of a Railway servant commences from the date he takes charge of the post to which he was first appointed either substantively or in an officiating or temporary capacity.
The bench concluded that the only requirement was such a temporary appointment should be continuous and without interruption followed by substantive appointment.
The bench ruled that when there was no interruption of service between the temporary service and the permanent appointment, the entire temporary service should be taken for computation of pensionary benefits.
The full bench observed that it would lead to absurd conclusions if only 50 per cent of temporary service was counted on his permanent appointment when he was entitled to count the full temporary service if he retires as a temporary servant only. When there was no ambiguity in the rules and leads to only one conclusion, there was no scope for any other interpretation that can be given by the writ Court.
The bench said “It is also relevant to note that a person renders long service before he gets permanent appointment. He would hardly have any service left in permanent capacity before he retires. In most of these cases, he would not have the minimum service to qualify for pensionary benefits if the temporary service is not added.”
Sunday, 26 July 2015
Retirement Benefits
19:14
Retirement Benefits of Central Government Employees
Retirement Benefits of Central Government Employees
Pension
The minimum eligibility period for receipt of pension is 10 years. A Central Government servant retiring in accordance with the Pension Rules is entitled to receive superannuation pension on completion of at least 10 years of qualifying service.
In the case of Family Pension the widow is eligible to receive pension on death of her spouse after completion of one year of continuous service or before even completion of one year if the Government servant had been examined by the appropriate Medical Authority and declared fit for Government service.
W.e.f 1.1.2006, Pension is calculated with reference to average emoluments namely, the average of the basic pay drawn during the last 10 months of the service or last basic pay drawn whichever is beneficial. Full pension with 10/20 years of qualifying service is 50% of the average emoluments or last basic pay drawn whichever is beneficial. Before 1.1.2006, for qualifying service of less than 33 years, amount of pension was proportionate to the actual qualifying service broken into completed half-year periods. For example, if total qualifying service is 30 years and 4 months (i.e. 61 half-year periods), pension will be calculated as under:-
Pension amount = R/2(X)61/66
where R represents average reckonable emoluments for last 10 months of qualifying service or the last pay drawn as opted by the govt servant.
Minimum pension presently is Rs. 3500 per month. Maximum limit on pension is 50% of the highest pay in the Government of India (presently Rs. 45,000) per month. Pension is payable up to and including the date of death.
7TH-PAY-COMMISSION-UPDATES
Commutation of Pension
A Central Government servant has an option to commute a portion of pension, not exceeding 40% of it, into a lump sum payment with effect from 1.1.1996. No medical examination is required if the option is exercised within one year of retirement. If the option is exercised after expiry of one year, he/she will have to under go medical examination by the specified competent authority.
Lump sum payable is calculated with reference to the Commutation Table constructed on an actuarial basis. The monthly pension will stand reduced by the portion commuted and the commuted portion will be restored on the expiry of 15 years from the date of receipt of the commuted value of pension. Dearness Relief, however, will continue to be calculated on the basis of the original pension (i.e. without reduction of commuted portion).
The formula for arriving for commuted value of Pension (CVP) is
CVP = 40 % (X) Commutation factor* (X)12
* The commutation factor will be with reference to age next birthday on the date on which commutation becomes absolute as per the New Table as Annexure to this Deptt’s O.M. No. 38/37/08- P&PW(A) dated 2.9.2008
Death/Retirement Gratuity
Retirement Gratuity
This is payable to the retiring Government servant. A minimum of 5 years qualifying service and eligibility to receive service gratuity/pension is essential to get this one time lump sum benefit. Retirement gratuity is calculated @ 1/4th of a months Basic Pay plus Dearness Allowance drawn before retirement for each completed six monthly period of qualifying service. There is no minimum limit for the amount of gratuity. The retirement gratuity payable is 16 times the Basic Pay, subject to a maximum of Rs. 10 lakhs.
Death Gratuity
This is a one-time lump sum benefit payable to the widow/widower or the nominee of a permanent or a quasi-permanent or a temporary Government servant, including CPF beneficiaries, dying in harness. There is no stipulation in regard to any minimum length of service rendered by the deceased employee. Entitlement of death gratuity is regulated as under:
|
Qualifying Service
|
Rate
|
|
Less than one year
|
2 times of basic pay
|
|
One year or more but
less than 5 years
|
6 times of basic pay
|
|
5 years or more but
less than 20 years
|
12 times of basic pay
|
|
20 years of more
|
Half of emoluments for
every completed 6 monthly period of qualifying service subject to a maximum
of 33 times of emoluments.
|
Maximum amount of Death Gratuity admissible is Rs. 10 lakhs w.e.f. 1.1.2006
Service Gratuity
A retiring Government servant will be entitled to receive service gratuity (and not pension) if total qualifying service is less than 10 years. Admissible amount is half months basic pay last drawn for each completed 6 monthly period of qualifying service. There is no minimum or maximum monetary limit on the quantum. This one time lump sum payment is distinct from and is paid over and above the retirement gratuity.
Issue of No Demand Certificate
Dues owed by the retiring employees on account of Licence Fee for Government accommodation, advances, over payment of pay and allowances are required to be assessed by the Head of Office and intimated to the Accounts Officer two months in advance of the date of retirement so that these are recovered from retirement gratuity before payment. For this purpose the Licence Fee for those in occupation of Government accommodation is taken into account up to the end of the permissible period for which accommodation can be retained after retirement under the Rules on normal rent. The recovery of Licence Fee beyond that period is the responsibility of the Directorate of Estates. If, for any reason final dues cannot be assessed on time, then 10% of gratuity is withheld from gratuity
General Provident Fund and Incentives
As per General Provident Fund (Central Services) Rules, 1960, all temporary Government servants after a continuous service of one year, all re-employed pensioners (Other than those eligible for admission to the Contributory Provident Fund) and all permanent Government servants are eligible to subscribe to the Fund. A subscriber, at the time of joining the fund is required to make a nomination, in the prescribed form, conferring on one or more persons the right to receive the amount that may stand to his credit in the fund in the event of his death, before that amount has become payable or having become payable has not been paid. A subscriber shall subscribe monthly to the Fund except during the period when he is under suspension. Subscriptions to the Provident Fund are stopped 3 months prior to the date of superannuation. Rates of subscription shall not be less than 6% of subscribers emoluments and not more than his total emoluments. Rate of interest on GPF accumulations with effect from 1.4.2009 is 8% compounded annually and the rate of interest will vary according to notifications of the Government. The Rules provide for drawal of advances/ withdrawals from the Fund for specific purposes.
Deposit Linked Insurance Revised Scheme
Under the GPF Rules, on the death of subscriber, the person entitled to receive the amount standing to the credit of the subscriber shall be paid an additional amount equal to the average balance in the account during the 3 years immediately preceding the death of the subscriber subject to certain conditions provided in the relevant Rule. The additional amount payable under that Rule shall not exceed Rs. 60,000/-. To get this benefit, the subscriber should have put in at least 5 years service at the time of his/her death
Contributory Provident Fund
The Contributory Provident Fund Rules (India), ,1962 are applicable to every non-pensionable servant of the Government belonging to any of the services under the control of the President. A subscriber, at the time of joining the Fund is required to make a nomination in the prescribed Form conferring on one or more persons the right to receive the amount that may stand to his credit in the Fund in the event of his death, before that amount has become payable or having become payable has not been paid.
A subscriber shall subscribe monthly to the Fund when on duty or Foreign Service but not during the period of suspension. Rates of subscription shall not be less than 10% of the emoluments and not more than his emoluments. The employers contribution at that percentage prescribed by the Government will be credited to the subscribers account and this is 10%. Rate of interest with effect from 1.4.2009 is 8% compounded annually. The Rules provide for drawal of advances/ withdrawals from the CPF for specific purposes. As in GPF Rules, the CPF Rules also provide for Deposit Linked Insurance Revised Scheme.
Leave Encashment
Encashment of leave is a benefit granted under the CCS (Leave) Rules and not a pensionary benefit. Encashment of Earned Leave/Half Pay Leave standing at the credit of the retiring Government servant is admissible on the date of retirement subject to a maximum of 300 days. There is no provision under the Rule for payment of interest on delayed payment of Leave Encashment
Central Government Employees Group Insurance Scheme
A portion of monthly contributions paid while in service is credited in a Saving Fund, on which interest accrues. A Government servant while entering service has to apply in Form No. 4 of the above Scheme to the Head of Office, who shall issue a sanction for the payment of subscribers accumulation in the Savings Fund segment together with interest and arrange for its disbursement, soon after retirement. Payments under this Scheme are made in accordance with the Table of Benefit which takes in to account interest up to the date of cessation of service. Insurance cover benefit under this Scheme is available to the family in the event of death of the subscriber. No interest is payable on account of delayed payments under this Scheme.
Source: gservants
