The state finance department made this announcement on May 31.
A State Government employee can draw multiple advances in a month, but it cannot exceed 50 per cent of the net monthly salary payable.
Rajasthan government employees will now be able to get their salary in advance through the Earned Salary Advance Withdrawal Scheme of the state government. The Finance Department of the Government of Rajasthan announced this on 31 May. With this, Rajasthan has become the first state in India to introduce advance salary facility for its employees. It has been implemented for all employees from June 1. The facility will be administered through the Integrated Financial Management System (IFMS) 3.0, where other financial institutions and service providers will be available, read the official announcement.
A State Government employee can take multiple advances in a month but it cannot exceed 50 per cent of the net monthly salary that is payable. If the employee takes advance salary before 21st of any month, it will be recovered from his current salary month.
State Government employees who want to use this service need to login to IFMS 3.0 using their SSO ID and give their consent and undertaking to their service provider or financial institution through employee self service. They can directly login to the online portal of their financial service provider to submit their undertaking and subsequently visit the IFMS website to submit their consent through OTP based mechanism.
The one-time undertaking submitted by the employee to the financial institution/service provider shall be valid till the completion of the exclusive Lenders Agreement with Rajasthan Financial Services Distribution Limited (RFSDL).
The special aspect is that the government servant will not have to pay interest for getting his compensation in advance. Only transaction fee will be recovered by the lenders. It is estimated that younger employees would benefit more from the option of receiving half of their compensation upfront. They will not need to borrow money at higher rate of interest in future to meet their requirements.
Last year, the old pension scheme (OPS) was also restored by the state following requests from government employees. It scrapped the New Pension Scheme to implement OPS in the state.