SSC Officers Benefits
As SSC officers work for the central government, they have certain advantages. As it is well-known fact that the SSC conducts various exams such as SSC CGL, CHSL, MTS, CPO, Stenographer and Selection Posts for different age groups to recruit deserving individuals to fill positions in ministries and departments. You can apply for lucrative core government jobs through SSC exams. Once you are selected, you are also entitled to a variety of extra benefits in addition to your salary. Let us take a look at the SSC officers benefits:
- Decent salary
- Medical benefits
- Transport allowances
- Dearness allowances
- House rent allowances
- National pension scheme
- Gratuity benefits
- Provident fund
- Paid Leaves
- Mobile bill payment
SSC Officers Retirement Benefits
One of the main reasons to go for government jobs is that government jobs offer job security and a secured retirement period as well. One need not worry about managing the expenses after retirement as SSC officers get various benefits after retirement. Take a look at the SSC Officers Retirement benefits below:
- National Pension Scheme (NPS)
- Gratuity Benefits
- Leave Encashment
SSC Officers Pension Benefits
Pension is one of the most important perks that come under SSC Officers Retirement Benefits. Pension to the SSC officers is provided through the National Pension Scheme (NPS). You will receive a Permanent Retirement Account Number (PRAN) Card and National Pension Scheme membership as soon as you start working for the government. A portion of your pay is withheld under this programme for your contribution to the NPS, and your employer contributes a matching sum. Your NPS Account receives the return from the equity market investment of the entire amount. This is important to note that out of the total pension money, only 40% amount is taxable, and the remaining 60% amount is tax-free.
For Example: If a person is selected for the SSC post of grade pay Rs. 4600 at the age of 25 years and after completing the service of 35 years, seeks retirement at the age of 65 years of age, he will get the following pension
(A) Monthly contribution by the employee = 10% basic + DA = Rs. 5253
(B) Equal contribution by the government = Rs. 5253
(C) Annual increment rate on an average of 7% and eventually 7% increase in NPS contribution
(D) 50% of the total amount is invested in stocks and the remaining 50% is invested in the debt fund (Total return = 10 ~ 12% per annum)
Gratuity Benefits for SSC Officers After Retirement
After becoming a government employee, you will get a gratuity benefit from the government. It is a gift from your company for the assistance you provided to the government. After retirement, it is a very good investment. SSC officers get half a month's salary for each year of service as Gratuity from the government. SSC officers get up to 20 lacs of the gratuity money tax-free.
Formula to calculate gratuity = 15/26 × Last drawn salary
Please Note: The last drawn salary is expected to be 20 times the present salary (considering you have completed 35 years of service as you joined at 25 years of age).
SSC Officers Retirement Benefits: Leave Encashment
SSC officers are allowed to encash a total of 300 leaves once their period of service is over. The monetary allowance for these leaves is calculated based on the last drawn salary. This amount is completely tax-free and there would be no deduction in the leave encashment amount for up to 300 leaves.
SSC Officer Retirement Age
The retirement age for SSC officers differs from post to post. Generally, the retirement age for SSC officers is 65 years. to know more about it, you can check out the official handbook for the retiring central government employees here.
Hope this was useful!!
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