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| JK finances to witness another blow as 40K employees retire in July | | Pension, GP fund, Gratuity to take heavy toll on state exchequer | | Early Times Report
Srinagar, Jun 25: The serious economic crisis in Jammu and Kashmir are in the offing as more than 40 thousand state government employees are attaining superannuation from July 1st, making it difficult for the finance ministry to cope up with the burden.
Sources within the finance ministry told Early Times that no less than 40 thousand government employees hailing from various departments of the state are turning sixty this June hence reaching to the stage of their retirement. What is mandatory for the government is to pay its retiring employees the G.P Fund, leave salary, commutation and other doles as applicable under law in just one go.
The previous government led by Omar Abdullah on June 3 , 2014 announced two year enhancement in the retirement age of the state government employees and hence those who were about to retire in June 2014 got two more years of service and are retiring from June onwards.
"It is going to be a big trouble for the state government this time that too when we all are striving to shore up our finances. There are already the power and other liabilities mounting to 8000 crore rupees. Amid this situation, providing retirement benefits to the employees would be a herculean task in real terms," said an official.
If sources are to be believed, while providing retirement benefits to the state government employees, there will be the burden of around 200 crore rupees to the state exchequer.
A meeting pertaining to the subject was held in the recent past between the key officials of the state finance department wherein the issue was deliberated thoroughly. "The chief minister already has the knowledge about such a situation. We are sure that we will be able to cope up with the crises at present. What is more difficult is to tame the financial system," sources divulged.
The benefits which are being provided to the state government employees after the retirement include Pension, Commutation of Pension,Death-cum-retirement Gratuity, General Provident Fund and Incentives, Contributory Provident Fund, Leave Encashment, Central Government Employees Group Insurance Scheme (CGEGIS), TA for settlement at a station after Retirement besides other doles.
Sources said that if there are more than 50 thousand government employees who will retire in the year 2016 and the process is commencing from July, 1. "The government has started receiving the cases for settling the claims of the state government employees, retiring after June, this year. The files have only been piling up and it could be turbulent burden to the state coffer this time," said a senior official.
He added that with mere DA enhancement of 6 percent last month, financial implications was about Rs 285 crores for the year. Of that Rs 240 crore was salary and the rest was pension. |
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