Excelsior Correspondent
JAMMU, Oct 3: In a major step, which will benefit thousands of employees, the Government has carried out amendments in J&K Civil Service Regulations to facilitate partial withdrawal of accumulated pension wealth for various purposes including higher education of children and for treatment of specified illness.
As per the notification issued by the Finance Department, “the Governor, in exercise of the powers conferred by proviso to Section 124 of the Constitution of Jammu and Kashmir, has directed for amendments in the Jammu and Kashmir Civil Service Regulations as such after Rule 6 of J&K Civil Services (Defined Contribution Pension Scheme) Rules, 2010 the Rule 7 shall be added”.
The new Rule will facilitate partial withdrawal of accumulated pension wealth of the subscriber not exceeding 25% of the contribution made by the subscriber and excluding contributions made by employer, if any, at any time before exit from National Pension System subject to the terms and conditions, purpose, frequency and limits.
A subscriber shall be permitted to withdraw not exceeding 25% of the contribution for higher education of his or her children including a legally adopted child; for the marriage of his or her children; for the purchase or construction of a residential house in his or her own name or in a joint name with his or her legally wedded spouse; for treatment of his or her specified illness or illness of children or parents.
The specified diseases are cancer, kidney failure, primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, coronary artery bypass graft, heart valve surgery, stroke, total blindness, paralysis and any other critical illness of a life threatening nature.
The subscriber is required to be in National Pension System at least for a period of three years from the date of his/her joining for availing the permitted withdrawal. Moreover, the subscriber shall be allowed to withdraw only a maximum of three times during the entire tenure of subscription under the National Pension System.
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