Page 212 - KRCL ENglish

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Notes forming part of the Standalone Financial Statements as at 31 March, 2020

50% of the average emoulments received during the past 10 months or the pay last
drawn whichever is more benecial to the retiring employee subject to completion of
minimum pensionable service of 10 years.

b. No pension benets accrue on exits before Normal Retirement age (except in
case of approved Voluntary Retirement).

c. In-service death benet to spouse:
There is no qualifying period of minimum service prescribed – Family Pension (30% of
last drawn salary subject to Minimum of Monthly amount of ` 9,000/- and a maximum
of ` 1,25,000/- is payable to spouse. However for the rst 10 years from date of death,
Enhanced Family Pension (50% of last drawn salary, double the family Pension,
whichever is the lower will be payable).

d. Benet to Family on death of member while receiving pension:
Family pension as dened above shall be payable to the family. However until 7 years
from the date of retirement Enhanced Family Pension as dened above shall be
payable.

e. For all Pension payments DA is allowed for at an appropriate rate consistent with
the rates declared by the Corporation.

Voluntary Retirement Scheme:

The Corporation has implemented the Voluntary Retirement Scheme (VRS) as
applicable to Central Government employees and Railway employees
w.e.f.01.06.2016.

(iv) The Company has introduced in current year, Post Retirement Medical Benet Plan for
Employees including their spouse at superannuation with minimum 20 years of
service against one time contribution equivalant to the last month's basic pay at the
time of retirement.

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