¹⁰[Guidelines for the purposes of section 10(10C).¹¹

2BA. The amount ¹²received by an employee of

           (i)  a public sector company; or

          (ii)  any other company; or

         (iii)  an authority established under a Central, State or Provincial Act; or

         (iv)  a local ¹³[authority; or]

      ¹⁴[(v)  a co-operative society; or

         (vi)  a University established or incorporated by or under a Central, State or Provincial Act and an institution declared to be a University under section 3 of the University Grants Commission Act, 1956 (3 of 1956); or

        (vii)  an Indian Institute of Technology within the meaning of clause (g)¹⁵ of section 3 of the Institutes of Technology Act, 1961 (59 of 1961); or

  ¹⁶[(viia)  an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette¹⁷, specify in this behalf; or]

       (viii)  such institute of management as the Central Government may, by notification in the Official Gazette¹⁸, specify in this behalf,]

¹⁹at the time of his voluntary retirement ²⁰[or voluntary separation] shall be exempt under clause (10C) of section 10 only if the scheme of voluntary retirement framed by the aforesaid company or authority ²¹[or co-operative society or University or institute], as the case may be ²²[or if the scheme of voluntary separation framed by a public sector company,] is in accordance with the following requirements, namely :

           (i)  it applies to an employee ²³[***] who has completed 10 years of service or completed 40 years of age;

      ²⁴[(ii)  it applies to all employees (by whatever name called) including workers and executives of a company or of an authority or of a co-operative society, as the case may be, excepting directors of a company or of a co-operative society;]

         (iii)  the scheme of voluntary retirement ²⁵[or voluntary separation] has been drawn to result in overall reduction in the existing strength of the employees ²⁶[***];

         (iv)  the vacancy caused by the voluntary retirement ²⁵[or voluntary separation] is not to be filled up;

          (v)  the retiring employee of a company shall not be employed in another company or concern belonging to the same management;

         (vi)  the amount receivable on account of voluntary retirement ²⁷[or voluntary separation] of the employee does not exceed the amount equivalent to ²⁸[three months] salary for each completed year of service or salary at the time of retirement multiplied by the balance months of service left before the date of his retirement on superannuation²⁹ :

³⁰[Provided that requirement of (i) above would not be applicable in case of amount received by an employee of a public sector company under the scheme of voluntary separation framed by such public sector company.]

Explanation : In this rule, the expression salary shall have the same meaning as is assigned to it in clause (h) of rule 2 of Part A of the Fourth Schedule.]