What are the benefits given to railway employees?

There are many advantages of a job in the Railways. Firstly, since it is a government job, along with the basic pay, employees also enjoy the benefits of Grade Pay, Dearness Allowance, Travel Allowance, House Rent Allowance. With 7th Pay Commission around the corner, salaries are also likely to rise significantly.

What is the retirement age of railway employees in India?

In a letter written by the Railway Board to all the general managers on Tuesday, the age limit of the retired employees seeking re-engagement has been enhanced from 62 to 65 years, allowing more of such employees to lend their expertise to the railways.

Is there pension for railway employees?

Once a Railway Servant has rendered the minimum qualifying service of 20 years, pension shall be 50% of the last emoluments or average emolument received during the last 10 months whichever is beneficial to him. (b) After completion of 10 years service, 50% of last Pay is admissible as Pension.

What is new pension scheme in railway?

All employees who have joined Railways on or after 1.1. 2004 come under the purview of the New Pension scheme. The Ministry of Finance has appointed PFDRA i.e Pension Fund Regulatory and Development Authority to regulate the New Pension Scheme. There are basically two entities under this scheme.

How are railway retirement benefits calculated?

Pension- It is calculated at 50% of average emoluments in all cases where the employee has 33 years of qualifying service, subject to a maximum of Rs. 45,000/- per month. Pension is worked out proportionately, if the qualifying service is less than 33 years.

Do railway employees get pension after retirement?

What is new retirement age?

AP issues ordinance raising retirement age of govt employees from 60 to 62. On January 21, the state Cabinet approved the proposal to amend the AP Public Employment (Regulation of Age of Superannuation) Act, 1984 in line with the announcement made by Chief Minister Y S Jagan Mohan Reddy on the 7th.

How do I calculate my pension?

Average Salary * Pensionable Service / 70 where,

  1. Average Salary means the average of the Basic Salary + DA combined, drawn in the last 12 months, and.
  2. Pensionable Service means the number of years worked in the organized sector after 15th November, 1995.

How much pension will railway employees get?

Is there any gratuity in New Pension Scheme?

The employee will be given the basis of his total remuneration. Gratuity will be one-fourth of the total remuneration for the 6 months completed in the job. This maximum can be up to 16 and half times of the total remuneration.

What does a railway employee get after retirement?

How much will I get after retirement?

The amount of pension is 50% of the emoluments or average emoluments whichever is beneficial. Minimum pension presently is Rs. 9000 per month. Maximum limit on pension is 50% of the highest pay in the Government of India (presently Rs.