Finance Minister announces festival bonus for Central government employees

  • In an attempt to provide relief to the ailing economy amidst the Coronavirus pandemic, Union Finance Minister Nirmala Sitharaman subsequently announced two policy measures

  • The two policies namely- LTC Cash Voucher Scheme and Special Festival Advance Scheme will primarily benefit central government employees and probably increase consumer spending

  • "Special Festival Advance Scheme for non-gazetted employees is being revived as a one-time measure, for gazetted employees too. All central govt. employees can now get an interest-free advance of Rs 10,000, in the form of a prepaid RuPay Card, to be spent by March 31, 2021," Sitharaman said.

  • Under the LTC Cash Voucher scheme, government employees can opt to receive cash amount to leave encashment plus three times the ticket fare, to buy items which attract a GST of 12 per cent or more. However this scheme will be valid only for digital transactions and a GST invoice will have to be presented as well

Photo Credits- The Hi


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