How can I apply for VRS in railway?
The ward of qualifying Loco Pilots and Trackmen will be listed in the lowest recruitment grade of the respective division from which the employee is seeking qualification for appointment. VRS applications are viewed once a year. The cut-off date is 30 June of a year.
How is VRS amount calculated?
How is compensation under a VRS calculated? The compensation under a VRS is calculated based on the last drawn salary of an employee. An amount equivalent to three months’ salary for each completed year of service may be paid.
How is VRS retirement calculated?
The VRS can be calculated on the basis of the last withdrawal salary. The three-month salary is equal to the VRS amount of every completed service year. You can calculate it y another method as well, multiple the retirement salary to the days left of the actual retirement.
How are VRS benefits calculated?
VRS Calculation The VRS amount is limited to an amount that is equal to three months’ salary of each completed year of service. Or in another way of calculation is the salary at the time of retirement multiplied by the rest of the months of service before normal retirement.
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.
Can voluntary retirement be refused?
Request made by the employee for curtailment of the period of notice of 3 months before voluntary retirement can only be rejected by the employer if the same causes administrative inconvenience.
Can I take VRS after 10 years?
It is to be noted that a voluntary retirement scheme is applied to only those employees who have completed 10 years of service or above the age of 40 years.
What are the rules of VRS?
The employee who opts for VRS is entitled to get: — 45 days salary for each completed year of service or monthly emoluments at the time of retirement multiplied by the remaining months of service before the normal date of service, whichever is less. — Employee gets provident fund (PF) and gratuity dues.
Is VRS a good option?
The alternative is to look for employment after taking voluntary retirement. “In many cases, companies facing a financial crunch or further growth difficulties offer such schemes. In such cases, it makes sense to opt for VRS and look for better opportunities,” said Govila.
How is railway pension 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.
What is the retirement age in railway?
(b) No Railway servant shall be granted extension in service beyond the age or retirement of 60 years.
What is the notice period for voluntary retirement?
2. Orders should be obtained from the competent authority on the voluntary retirement before the expiry of the notice period of three months. The acceptance or otherwise of the proposal for voluntary retirement shall be intimated to the employee before the expiry of the notice period of three months.
What is the VRS scheme?
The VRS, which excludes Shunters, provides for employment to a suitable ward of the employee, whose application for retirement under the scheme is accepted. The scheme will apply to those Loco Pilots and Trackmen who have completed 33 years of service. The request for retirement will be on voluntary basis.
What is the procedure for voluntary retirement in Indian Railways?
Besides right to seek retirement on attaining 50/55 years or 30 years of Qualifying Service Railway employee can opt for Voluntary retirement. Railway employee who wish to retire voluntarily has to give a notice of 3 months. Shorter notice may be accepted at the discretion of the Appointing Authority.
What is voluntary retirement scheme for loco pilots?
The Ministry of Railways has issued orders introducing Voluntary Retirement Scheme (VRS) for Loco Pilots (Drivers) and Trackmen (Gangmen) in the age group of 50 to 57 years with immediate effect.
What is the last date for retirement under VRS?
The last date for submission of retirement and consideration of a ward for appointment under the scheme will be July 31 of an year. Employees, who have opted for VRS, desiring to withdraw their requests for retirement, can do so till September 30 of an year.