What is leave encashment for LTC?
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What is leave encashment for LTC?
Government officers are allowed to encash ten days earned leave at the time of availing of LTC to the extent of sixty days during the entire career. The leave encashed at the time of LTC will not be deducted from the maximum amount of earned leave encashable at the time of retirement.
What is leave encashment for central government employees?
The Commission notes that based on the recommendations of the VI CPC, serving employees are entitled for encashment of Earned Leave up to 60 days while in service. This is not to be deducted from the maximum number of Earned Leave of 300 days encashable at the time of retirement.
How is LTC leave encashment calculated?
How to calculate LTC Cash Voucher amount?
- Leave encashment (1,38,500 x 1.17) x10/30 = Rs.
- Fare Value: Rs.
- Total Value: = Rs.
- Amount to be spent for full cash benefit = Rs.
- (a) Share of Leave Encashment in total = 54,015 X 100 / 2,94,015 = 18\%
- (b) Share of Fare in total = 80,000 X 100 / 2,94,015 = 27\%
Is leave encashment compulsory for LTC?
Leave encashment is optional. If an employee opts for only deemed LTC fare without the leave encashment and spends less than three times of the deemed fare as has been prescribed to claim reimbursement of the deemed LTC fare, how the reimbursement would be calculated.
Is MSP included in leave encashment?
MSP (Military Service Pay) was taken into account while calculating leave encashment amount during 6th CPC period. But in Army Pay Rules 2017, based on 7 CPC, nothing is stated about inclusion of MSP and X-Group Pay while calculating Leave Encashment amount.
Who are entitled for LTC?
Any employee with one year of continuous service on the date of journey performed by him/his family is eligible. Employees whose spouses are working in Indian Railways/National Airlines are not eligible for LTC.
How do I claim my LTC cash?
Conditions for the LTC cash voucher scheme d) Individual was required to -collect the invoice having GST number of the seller and GST amount paid. These invoices were to be submitted to the employer to claim the benefit. Individuals were allowed to submit the invoices in their family member’s name.