Where promotion occurs before the employee reaches the maximum of the incremental scale in the pre-promotional grade, the next increment in the promotional grade falls on the same increment date that applied in the pre-promotional grade. Where the employee has reached that maximum, the next increment falls one year from the date of promotion, subject to alignment with the accrual date of qualifying post-scale benefits.

Pay on promotion or officiating appointment in a higher grade is fixed at the stage equal to or immediately above lower-grade pay after one notional increment. Employees drawing maximum lower-grade pay receive a notional addition equivalent to the last increment in that grade. Lower pay may be fixed for a justified temporary promotion. Earlier higher-grade service after reversion counts for subsequent pay fixation and increments, while specified post-scale benefits accruing within one year may determine the promotional-grade increment date.

Annual increments accrue at every scale stage for probationary, officiating and substantive service and are payable from the first day of the month of accrual. Deputationists ordinarily follow the Authority joining date, but may retain the lending organisation's increment date where equivalent pay structures apply and a loss of last-drawn pay would otherwise result. Leave without pay generally does not count, subject to authorised or medically supported exceptions. Increment withholding is confined to disciplinary action, while efficiency-bar progression requires fitness certification.

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.

Direct appointees serve two years' probation and promoted employees serve one year, subject to the Chairperson's power to extend, reduce, or dispense with probation for recorded reasons. Successful completion results in deemed confirmation unless otherwise provided. Direct recruits and contract appointees 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 in lieu for unsatisfactory probationary performance.

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.

Appointment on deputation requires pay fixation protecting the employee's last drawn pay in the parent organisation. Similar pay structures may permit one additional increment, while dissimilar structures may require consideration of prior total emoluments to provide reasonable protection. The Competent Authority may exceptionally grant up to four additional increments in the applicable grade pay scale, having regard to the relevant appointment-related factors.