142[***]
Omitted
2Omitted by Notification No. IBBI/2017-18/GN/REG 026, dated 26th March, 2018 (w.e.f. 26-03-2018).
Regulation 15 Pay, allowances and other benefits.
(1) The Board, shall at its discretion, decide from time to time the pay and allowances of employees in each Position and each Grade.
(2) The Board, may at its discretion, from time to time frame such schemes and allow such other benefits for the welfare of the employees on such terms and conditions as it may decide.
(3) Allowances shall be payable to employees for the duration who fulfill the conditions subject to which they are admissible.
VL Note : –
(1) An employee shall be eligible for gratuity on –
(a) retirement;
(b) death;
(c) disablement rendering him unfit for further service;
(d) resignation after completing five years of continuous service; or
(e) termination of service in any other way (except by way of punishment) after completion of five years of service.
(2) The amount of gratuity payable to an employee shall be such as may be decided by the Board.
VL Note : –
(1) An employee shall subscribe to the National Pension System.
(2) The Board shall contribute such amount for each employee to the National Pension System as decided by it from time to time.
VL Note : –
Regulation 18 Cessation of pay and allowances.+
(1) Pay and allowances shall cease to accrue from the date the employee ceases to be in service of the Board.
(2) In the case an employee is dismissed, removed or compulsorily retired from the Board’s service, the pay and allowances shall cease from the date of his dismissal, removal or compulsory retirement.
(3) In the case of an employee who dies while in service, the pay and allowances shall cease from the day following the day on which the death occurs.
VL Note : –
(1) Every employee shall be entitled to an annual increment in the scale of pay applicableto the Grade.
(2) The increment shall be admissible on 1st January in case of an employee appointed orpromoted during 2nd January and 1st July (both inclusive) of the previous year andon 1st July, in case of other employees.
(3) An increment shall not be withheld except as a disciplinary measure under regulation51.
(4) The Board may grant stagnation increments to an employee who has reached the laststage in the scale of pay.
VL Note : –
Regulation 20 Fixation of pay on promotion.
The pay of an employee promoted to a higher Grade shall be fixed at the stage in the higher scale of pay which is next above his pay he was drawing in the earlier scale.
Regulation 21 Hometown.
(1) Every employee shall on his appointment declare his hometown in writing to the Board and if such hometown is not his place of birth, he must establish the same to the satisfaction of the Board.
(2) No employee shall be allowed to alter the hometown declared under sub-regulation (1) unless he satisfies the Board that the change is bonafide:
Provided that the hometown cannot be changed more than once in entire service.
VL Note : –