Indian Railway is the largest network in Asia. It carries over 3, 00, 00,000 passengers daily. It is expanded over 65, 000 kilometer’s track. This huge turnover requires big amount of employment base. Because of this Indian Railway has 1.4 million employees. It is in the list of highest employer in the world. Its wages has peaked up to Rs 19037 crore. It serves special attention towards the welfare of its employees and their families. For this railway has implemented number of schemes as follows.
1. Modified Assured Career Progression Scheme (MACPS):
This scheme is for the employees under A, B, and C group. It means high grade employees who have served for 12 years can enjoy the facilities under the MACPS. Any servant appointed under contract or ad-hoc basis is not applicable for this scheme.
2. New Pension Scheme:
Every person who is employed after 1st Jan 2004 is subject to valid for this scheme. It is applicable to class of Tier I and Tier II. Under Tier I, 10% of the employees are considered for this scheme and equal amount is contributed in employees provident fund. In Tier II every employee is voluntarily and can save in pension plan and withdraw money as per his need.
3. Safety Related Retirement Scheme:
Indian Railway has implemented a new scheme under which an employee under the age group of 50 -57 years can get voluntary retirement and any member of his family above 20 years can be employed in his place.
1. Modified Assured Career Progression Scheme (MACPS):
This scheme is for the employees under A, B, and C group. It means high grade employees who have served for 12 years can enjoy the facilities under the MACPS. Any servant appointed under contract or ad-hoc basis is not applicable for this scheme.
2. New Pension Scheme:
Every person who is employed after 1st Jan 2004 is subject to valid for this scheme. It is applicable to class of Tier I and Tier II. Under Tier I, 10% of the employees are considered for this scheme and equal amount is contributed in employees provident fund. In Tier II every employee is voluntarily and can save in pension plan and withdraw money as per his need.
3. Safety Related Retirement Scheme:
Indian Railway has implemented a new scheme under which an employee under the age group of 50 -57 years can get voluntary retirement and any member of his family above 20 years can be employed in his place.
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