Pay on promotion or officiating appointment to a higher grade is fixed by adding one notional increment to actual lower-grade pay and placing the employee at the equal or next higher stage in the higher-grade scale. Employees at the maximum lower-grade pay receive a notional increase equal to the last increment. Temporary promotions may permit lower fixation. Earlier higher-grade service after reversion counts for subsequent pay fixation and increments.

Annual increments accrue yearly irrespective of probationary, officiating, or substantive service. Deputed employees ordinarily receive increments based on their Authority joining date, subject to protection of the lending organisation's increment date where necessary to avoid pecuniary loss. Leave without pay generally does not count unless authorised, while higher-grade officiating service counts for relevant increments. Withholding is limited to disciplinary action, and stagnation increments may be granted at the final scale stage.

Compensatory allowance, excluding pay, may be granted to a whole-time employee required to work on holidays or extra hours on working days for the Authority's work. Compensatory leave may be permitted instead of allowance for holiday work. The Chairperson determines the payment rate and circumstances for payment.

Allowances are payable only where an employee fulfils the conditions governing entitlement to the particular allowance under the International Financial Services Centres Authority (Employees' Service) Regulations, 2026.

Pay and allowances cease to accrue when an employee ceases to be in service. For dismissal, removal, or compulsory retirement, cessation takes effect on the respective date of separation. Where an employee dies while in service, pay and allowances cease from the day after death.

Part-month pay and allowances are not payable to an employee who leaves or discontinues service during a month without giving due notice. Entitlement to those benefits for the relevant part of that month is conditioned on giving due notice. The restriction does not operate where the Competent Authority waives the notice period, allowing payment of pay and allowances for that part of the month.

Pay and allowances accrue from the commencement of an employee's service and are payable on the afternoon of the last working day of each month for services performed during that month. An employee taking ordinary leave, excluding extraordinary leave, for at least one month may apply for advance payment of one month's pay and allowances.

Regulation 21 empowers the Authority to determine, at its discretion and from time to time, the pay and allowances applicable to different categories of employees. It also permits the Authority to frame welfare schemes and grant other employee benefits on terms and conditions determined at its discretion. These discretionary powers govern compensation and welfare-related benefits for employees in different categories.

Reversion of an employee promoted to a higher grade may occur during the one-year probationary period if performance is unsatisfactory or for other reasons recorded in writing. Reversion returns the employee to the grade from which promotion was made. The Competent Authority may, at its discretion, give one month's advance notice before effecting the reversion; advance notice is therefore not prescribed as a compulsory precondition.

Promotion, upgradation and switchover are governed by applicable policies, with a minimum three-year service requirement for promotional consideration. Promotions against sanctioned vacancies are based on seniority, merit and suitability for officers, and seniority-cum-fitness for Multi-Tasking Staff. Qualified Multi-Tasking Staff may seek switchover to Grade A officer positions through a departmental test and interview. Departmental Promotion Committee recommendations preserve feeder-grade seniority for employees found fit, while an employee superseded by a junior cannot later claim seniority over that junior.

Direct recruits and employees entering the officer cadre through internal switch-over ordinarily rank by their selection-batch ranking. Absorbed deputationists rank from their date of joining on deputation and may be absorbed only in their initial deputation grade. Deputation service in the Authority counts for seniority and promotion, but prior parent-organisation service does not count for seniority. Leave without pay ordinarily counts unless excluded by a recorded direction, and an annual seniority list must be circulated.

Record-of-service maintenance requires the Authority to keep a service record for every employee. Records must be maintained at the place or places determined for that purpose and must follow the form and include the information specified by the Competent Authority. The framework assigns responsibility for prescribing the record's format and informational content to the Competent Authority.

The Authority may require employees to execute undertakings or bonds for payment of liquidated damages relating to expenses incurred on deputation, training or higher studies, or failure to complete the required service period in a specified post. The required period and applicable bond conditions may be determined by the Authority from time to time.

Employees superannuate at 60 years, ordinarily on the last day of the month in which that age is attained. The Competent Authority may retire eligible employees after 90 days' written notice and an opportunity for written submissions. Employees meeting the prescribed age or service threshold may voluntarily retire with 90 days' written notice, and a voluntary retirement scheme may be offered to whole-time employees. Unavailed earned ordinary leave, up to 300 days, may be taken subject to conditions or encashed with applicable pay and allowances.

Employee resignation or discontinuance requires prior written notice: 90 days for regular employees and employees on probation after promotion, and 30 days for other probationers. Earned leave cannot be set off against notice, which is proper only if the employee remains on duty. Early relief may require compensation equal to substantive pay for the unserved period. Resignation is effective only upon acceptance, which may be refused for disciplinary matters, unexpired service obligations, outstanding dues, or other recorded sufficient grounds.

Service of an employee commences, except where otherwise provided under the regulations, on the working day when the employee reports for duty in the appointment at the place and time communicated by the Competent Authority. Reporting for duty in the afternoon postpones commencement until the following working day and makes actual reporting determinative.

Probation lasts two years for direct appointees and one year for promoted employees. The Chairperson may extend probation for unsatisfactory performance, or reduce or dispense with it for recorded reasons. Successful completion ordinarily results in deemed confirmation. Direct recruits and contract-based employees may be discharged on prescribed notice or pay in lieu during probation. Existing employees selected through direct recruitment may be reverted to their previous grade without notice or pay where performance is considered unsatisfactory.

Re-employment in the Authority requires its specific sanction and is subject to terms and conditions it specifies. A person removed, dismissed, or compulsorily retired on grounds of moral turpitude cannot be re-employed. Unless otherwise determined at re-employment, the service regulations apply as though the re-employed person entered service for the first time on that date.

Deputation appointments require pay fixation protecting the employee's last drawn pay in the parent organisation. Similar pay structures may permit fixation with one additional increment, while dissimilar structures may require consideration of total parent-organisation emoluments to provide reasonable protection. The Competent Authority may also exercise discretion, having regard to applicable appointment factors, to grant up to four additional increments within the pay scale of the deputation grade.

Initial appointments must be made at the minimum pay applicable to the relevant grade. The Competent Authority may exercise discretion to grant up to four additional increments within the corresponding pay scale based on higher academic qualifications, special experience that adds value, or total emoluments received in previous employment.