New Delhi: Through the state government’s Earned Salary Advance Drawal Scheme, Rajasthan government employees will now be able to get their salary in advance. On May 31, the Rajasthani government’s Finance Department made the same announcement. With this, Rajasthan has started offering its employees an advance compensation facility, making it the first state in India to do so.
Since June 1, it has been put into effect for all personnel. According to the official release, this facility will be managed by the Integrated Financial Management System (IFMS) 3.0, which will also be used by other financial institutions and service providers.
The state government employee may receive numerous advances for a given month, but they cannot amount to more than 50 percent of the payable net monthly wage. The same will be deducted from the employee’s current salary month if they accept an advance salary before the 21st of any given month.
Employees of the state government who want to use this service must sign up for IFMS 3.0 with their SSO ID, then use employee self-service to give their service provider or financial institution their consent and undertaking.
They can alternatively visit the website of their financial service provider directly, login, and enter their commitment there, and then return to the IFMS website to give their consent using an OTP-based procedure.
The one-time commitment that the employee made to the financial institution or service provider is only good for as long as the specific lenders’ contract with Rajasthan Financial Service Delivery Limited (RFSDL) is still in effect.
The special circumstance is that the government employee won’t have to pay interest for receiving his pay in advance. The lenders will only be compensated for the transaction fees.
Small employees are expected to benefit more from the option of getting half of their pay in advance. In the future, they won’t have to borrow money at a high-interest rate to cover their needs.
Following a request from government employees, the state also reintroduced the Old Pension Scheme (OPS) last year. In order to implement OPS in the state, it abandoned the new pension plan.