Bhubaneswar: The State Government has decided to provide Long Term Advances for construction of houses and buying motor vehicles to the Government employees covered under National Pension Scheme (NPS).
Vishal Kumar Dev, Principal Secretary Finance has issued an Office Memorandum to this effect on Monday.
“After careful consideration, Government have been pleased to extend the facility of Long Term Advances such as House Building Advance (HBA), Motor Conveyance Advance (MCA), etc. in respect of Government employees (All India Services and State Government) covered under NPS,” Principal Secretary, Finance, Mr.Dev said in the memorandum.
The Department has issued the memorandum after receiving several cases regarding admissibility of Long Term Advances such as HBA, MCA etc in respect of Government employees covered under NPS.
Now, both All India Service employees and State Government employees, who are covered under the NPS can avail a good amount of money for construction of houses, buying cars and for creating similar assets, with a very minimal interest, which is obviously much lower than the market rate, said an official.
An employee is eligible to avail about 50 months of his/her basic pay as Long Term Advance. However, the ceiling amount is different for different categories of employees, sources said.
With this move, the State Government will be able to please its employees and on the other hand, a good size of fund can be invested in revamping the economic activities during the post-Covid situation, according to an expert.