ENCASHMENT OF LFC:
As per 9th Bipartite Settlement dated 27-04-2010,
clause 19 (iv)
1. By exercising an option anytime during
a block of 2 years or 4 years, as the case may be, an employee can either
undertake travel availing of leave fare concession and claim reimbursement up
to his entitlement or to encash the facility for the concerned block. The option so exercised shall be
irrevocable for the block concerned. On
opting to encash the facility, he/she will be entitled o receive a lump sum
equivalent to 75% of notional train fare for the admissible distance (depending
on a 2 year or 4 year block) by the entitle class, subje3ct to deduction of
admissible tax at source.
2. LFC for travel to place of domicile is
not encashable.
3. The facility of encashment of
privilege leave while availing of LFC is also available while encashing the
facility of LFC.
4. Provided, however that an employee so
encashing the facility of leave fare concession shall proceed on leave for a
minimum period of one day.
5. For the purpose of encashment of
LTC/LFC facility in respect of senior citizen dependent family member, the
Train Fare as applicable to senior citizen only should be reckoned and NOT the
Train Fare (normal fare) as applicable to non-senior citizen. –
Ref.H.O.Br.Circular no.100/4 dt.08.04.2006