Now you can take voluntary retirement after 20 years of service as per NPS; Know benefits

Now after completing 20 years of service, central government employees can opt for voluntary retirement (VRS) coming under the National Pension System (NPS). In fact, central government employees will receive the same benefits of NPS as they get on regular retirement.

The new set of VRS rules notified by the Department of Pensioners' Welfare stipulates that employees, who have completed 20 years of service, can take voluntary retirement by giving written notice of three months. Employees will have to submit an application in writing regarding VRS to the appointing authority.

If the appointing authority does not raise any objection within the period of three months, retirement shall be considered approved. The period of notice of less than three months can be appealed to in writing by the employee who intends to retire. It shall be considered by the appointing authority, and if administrative work is not affected, then it can be approved.

The retirement notice once given would not be withdrawable. The withdrawal of notice has to be requested at least 15 days in advance. New rules will provide employees more flexibility on the VRS scheme and an opportunity for future planning. Employees will thus be in a position to decide about the right time of retirement themselves.