New Retirement Policy to be implemented from today

Published on: 02 Apr, 2013
Published under: General Kerala News, Kerala Business News, Politics News Kerala

1 April 2013

New Retirement Policy announced by Finance Minister K.M. Mani in his Budget speech, is crafted to align the State services with the National Pension Scheme, which is contributory. The retirement age of employees already in service would continue to be 56 years. The Finance Minister had taken the State by surprise with his decision, but was able to pull it off with the assurance that the new policy would not affect youth waiting for jobs.

Monday would also see the new revenue generation measures and concessions announced by the Finance Minister taking effect. One of the major concessions is the 2 per cent cut in stamp duty and the additional impost to check speculative purchase and sale within a short window of time. From now on, land and apartments sold by the Kerala State Housing Board will involve only 50 per cent of the stamp duty levied so far.

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