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The petition filed by the employees union of MHADA (Maharashtra Housing and Area Development Authority) has been dismissed by the Bombay High Court on Wednesday. This petition seeks pension on superannuation from the government. >MHADA is not entirely an autonomous body therefore it is not allowed to take decisions as government approves these decisions. Though it is created under an act but decisions especially those which are related to salary and pension are taken by government. So, the plea filed by MHADA Sevanivrutta Karmachari Seva Sangh allowing a pension scheme for its employees has been rejected by a division of Justice VM Kanande and justice AK Menon.
The employees who were retired as employees of the board and are absorbed by the government will not get affected by this order. A resolution deciding to provide pension benefits to the workers, who had joined after 1st November, 2005 has been already passed by MHADA but the state refused the proposal.>Â
Civil Service Rules have been adopted by the state which offers for payment of monthly pension on superannuation. Its employees were eligible for the benefit since MHADA has adopted the service rules.
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According to Darius Khambata, Advocate general, getting the pension is not a legal right of the employees. It is the decision of the state whether to give pension or not. In addition to this, giving pension to MHADA employees will be fair only when employees of other state government organizations or state corporations will also get the same benefits.Â
The court agreed with the state and said that if the provisions under the statute or rules or there is a contract between the parties then right to claim pension is available to employees. But, as a matter of right, it cannot be claimed.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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