Senior Citizen’s Savings (Fourth Amendment) Scheme, 2023

LegalitySimplified

The Central Government vide notification dated 7th November, 2023 has issued the Senior Citizen’s Savings (Fourth Amendment) Scheme, 2023. It shall come into force on the date of its publication in the Official Gazette.

The Senior Citizen’s Savings Scheme, 2019 provides retirement benefits to citizens who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme.

“Retirement benefits” means any payment due to the account holder on account of retirement on superannuation or otherwise and includes Provident Fund dues, retirement or superannuation or death gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme and in case, if the employee died in harness, the “retirement benefits” shall also mean the above mentioned benefits to employee who died in harness.

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