Retirement profile of Government employees for the next 10 years – from 2022-23 to 2031-32 – revealed that 2nd highest number of employee will retire in the 2022-23 FY. The highest in the mentioned decade will retire in 2025-26.
The retirement profile is important to assess the Financial Liability of the State for providing pension and other benefits to the retiree.
According to Budget documents placed in the State Assembly by Deputy Chief Minister Jishnu Dev Varma who also holds the Finance portfolio, total 4725 staff will retire on Superannuation in the current 2022-23 FY whereas the highest 4736 employees in 2025-26 FY will retire in the mentioned decade.
Out of the total 4725 employees, education department will account the most. Total 1090 staff under the Education (Elementary) and 1000 employees under Education (Secondary) departments will go to retirement in 2022-23 FY. Besides, 550 personnel of Home (Police) will also retire in the current FY followed by Agriculture and other departments.
The State Government will have to shoulder financial liability of over Rs 3300 crore for paying Superannuation allowances, gratuities, family pensions etc.
The Budget 2022-23 earmarked Rs 3382.26 crore for fulfilling its financial liability to this end.
Out of the total expense, Rs 1714 crore have been kept for paying Superannuation and Retirement Allowances. Besides, for the purpose of providing family pensions, total Rs 650 crore have been kept aside for 2022-23 FY. This will be followed by Commuted value of pensions (Rs 550 crore) and Gratuities (Rs 450.30 crore).
Moreover, Rs 6.26 crore have been earmarked for Pensions to Legislators while Rs 11 crore will be spent for Defined Contribution Pension for Government Employees while Rs 0.70 crore will be spent for Pensionary charges of High Court Judges.
It may be mentioned, Jishnu Dev Varma placed a Rs 26892.67 crore tax-free Budget for 2022-23 in the Assembly on March 17 last.