Page 20 - IRCTC_NOV
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  For accommodation arranged by IRCTC, in its own accommodation, the HRR shall be 7.5% of BP (for X-class cities) 5% of BP (for Y- class cities) 2.5% of BP (for Z-class cities), or standard rent fixed, whichever is lower.
4. Perks & Allowances - Allowances are financial benefits given over and beyond the basic pay to an employee. These financial benefits help to take care of various expenses incurred by the employee. It has been decided on the perks and allowances admissible to the different categories of the Executives/ Supervisors/Workman, under the concept of ‘Cafeteria Approach’, at the rate of 35 % of Basic Pay.
Set of perks and allowance in IRCTC is fixed as under:
 Allowance head
    Board Level
  Below Board Level
    Supervisor
  Workman
Rate in % of Basic Pay
  Professional updation allowance
Hard & soft furnishing allowance
Children Education allowance
Electricity allowance
Entertainment allowance
7
7
7
5
5
7 7
7
5
5
5 Not Applicable
Not Applicable Not Applicable
77
55
Not Applicable Not Applicable
 Outfit maintenance/uniform fitment allowance
  7
  7
  7**
   7**
   Medical allowance/reimbursement for outdoor treatment (*)
 7
 7
 7
  7
 Lunch/Dinner coupons or sodexo meal coupons
  6
  6
  6
   6
   Vehicle maintenance and conveyance allowance
  Not Applicable
  10
  10
   10
 (*) Who have opted for Railway/parent organization medical facilities, the limit of perks and allowance will be reduced by 7%.
(**) 7% Uniform fitment allowance is compulsory to supervisors and workman staff. 4 In case, the set of Allowances/perks opted by an employee is less than the specified amount as prescribed or no option is submitted by an employee then the balance amount or the entire amount shall be paid as Special Personal Allowance.
5. Performance Related Pay - The Performance Related Pay (PRP) are being paid from S1 Grade and above. This is based on performance of corporation, team and individual performance of the staff and officers.
6. Employee Contribution to Provident Fund (PF) - Provident Fund or PF is a social security initiative by the Government of India. Both employer and employee contribute a 12% equivalent of the employee’s basic salary every month toward
employee’s pension and provident fund. An interest of about 8.10% for FY 2021-22.
Effective from April 1, 2021 (i.e., from FY 2021- 22), if an employee’s own contribution to EPF and Voluntary Provident Fund (VPF) exceeds Rs 2.5 lakh in a financial year, then the interest earned on excess contribution will be taxable as per their slab.
• Best tax saving methods:
1. Investment in tax saving options
• Employee Provident Fund (EPF)
• Public Provident Fund (PPF)
• Equity Linked Savings Scheme (ELSS)
• Sukanya Samriddhi Account
• Tax Saving Fixed Deposit
• National Saving Certificate (NSC)
• National Pension Scheme (NPS)
2. Making voluntary donations
3. Taking a home loan
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