Over 136,000 WR and CR employees to benefit from new pension scheme
28 Aug 2024
2 Min Read
CW Team
More than 136,000 employees of Central Railway (CR) and Western Railway (WR) are expected to benefit from the newly announced Unified Pension Scheme (UPS) by the Union Government, officials confirmed on Monday. The Narendra Modi-led government approved the UPS on Saturday for central government employees who joined service after January 1, 2004.
Under the new scheme, employees currently enrolled in the National Pension Scheme (NPS) can opt for UPS, which offers an assured pension amounting to 50% of the average basic pay drawn over the last 12 months before retirement. The minimum qualifying service for this benefit has been set at 25 years.
Central Railway, with 96,039 employees, has 70,778 NPS subscribers鈥攁bout 73.69% of its workforce鈥攚ho stand to gain from the new scheme, according to CR General Manager Ram Karan Yadav.
Western Railway General Manager Ashok Kumar Mishra also highlighted that of WR's 96,000 employees, around 66,000, or 70%, are NPS subscribers who will benefit from UPS. He made these comments during a media interaction at Churchgate.
Officials noted that the UPS, unlike NPS, is not market-linked, which eliminates the uncertainty regarding the pension amount鈥攁n issue that has been a primary concern for employees. The government or employer contribution under UPS has been increased to 18.5%, up from the current 14% under NPS, potentially leading to a financial burden on the zonal railways.
Currently, Central Railway contributes Rs 455 million per month for all NPS-covered employees, while WR contributes Rs 420 million. Employees will have the option to choose between NPS and UPS once detailed guidelines are issued by the railway board. The UPS is scheduled for implementation from April 1, 2025, and is expected to benefit 230,000 central government employees.
(ET)
More than 136,000 employees of Central Railway (CR) and Western Railway (WR) are expected to benefit from the newly announced Unified Pension Scheme (UPS) by the Union Government, officials confirmed on Monday. The Narendra Modi-led government approved the UPS on Saturday for central government employees who joined service after January 1, 2004.Under the new scheme, employees currently enrolled in the National Pension Scheme (NPS) can opt for UPS, which offers an assured pension amounting to 50% of the average basic pay drawn over the last 12 months before retirement. The minimum qualifying service for this benefit has been set at 25 years. Central Railway, with 96,039 employees, has 70,778 NPS subscribers鈥攁bout 73.69% of its workforce鈥攚ho stand to gain from the new scheme, according to CR General Manager Ram Karan Yadav.Western Railway General Manager Ashok Kumar Mishra also highlighted that of WR's 96,000 employees, around 66,000, or 70%, are NPS subscribers who will benefit from UPS. He made these comments during a media interaction at Churchgate.Officials noted that the UPS, unlike NPS, is not market-linked, which eliminates the uncertainty regarding the pension amount鈥攁n issue that has been a primary concern for employees. The government or employer contribution under UPS has been increased to 18.5%, up from the current 14% under NPS, potentially leading to a financial burden on the zonal railways.Currently, Central Railway contributes Rs 455 million per month for all NPS-covered employees, while WR contributes Rs 420 million. Employees will have the option to choose between NPS and UPS once detailed guidelines are issued by the railway board. The UPS is scheduled for implementation from April 1, 2025, and is expected to benefit 230,000 central government employees.(ET)
Next Story
Mumbai-Ahmedabad Bullet Train Set to Launch by 2028
India鈥檚 first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India鈥檚 infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..
Next Story
Mumbai-Gandhinagar Train Service Enhances Passenger Capacity
The Mumbai Central鈥揋andhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India鈥檚 busiest business corridors. This upgrade, effective from 11 May, raised the train鈥檚 seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai鈥揂hmedabad鈥揋andhinagar route, which regularly operates at over 150 percent seat occupancy...
Next Story
Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently
Delhi鈥檚 ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river鈥檚 health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..
