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Monday, October 12, 2015

Retirement - will you guide ?

Dear Sir,

I got stumbled upon this website when I searched Google for information on retirement benefits when an employee retires.

Sir, I am working as an assistant in Navi Mumbai since 6th July,1989 (approximately completed 26 and half year).  Suppose I am planning to put up my request for retirement tomorrow, what are implications which may affect adversely as far as retirement benefits and pension is concerned. This is since some are of the opinion that one should work for at least 28 years to avail maximum benefit. I am not having any knowledge about all these calculations but wanted to discontinue working due to some long distance travelling and also to take care of my aged parents.

Kindly advise me so that I can act wisely. The following points are also coming to my mind to be clarified.

1. If I opt for retirement whether my son will  lose any chance of getting a Job in LIC against any  benefits in the pipeline to get employment to children of employee retiring?
2. By not completing the full period of service till 60 years, whether benefits are lost?
3.What will be the approximate pension I may get if I retire now.
4.What is the maximum time taken to get the full amount as retirement benefit?
5.Any Income Tax implications to be taken care?
6.Any other points to get worried about if retiring now.

In fact my sister in law was also working in LIC-Palghat may be around 15 years ago when we lost her in surgical operation at a Hospital there. In fact she got job in LIC fighting against managements wrong decisions and won a case with the support of LIC employees at Supreme court against management. 

Thanks & Regards
GIRIJA N NAIR
LIC EMPLOYEE
NAVI MUMBAI