Table of Contents
At what age IES officer retire?
1. The officer joins service at an age of 23 years (on 31st Dec 2016) and retires on attaining 60 years of age, with 37 year’s of total service.
How much can an IES officer earn?
IES Officer Salary (Basic Pay) Structure
| Level | Pay Scale (in INR) | Time Taken for Promotion |
|---|---|---|
| Selection Grade Scale (Chief Engineer L2/Joint GM) | 37,400 – 67,000 | 13 years or more after joining |
| Super Timegrade (Chief Engineer/Additional GM) | 37,400 – 67,000 | 20 years or more |
| Cabinet Secretary Grade | 90,000 | Based on Performance and Fixed |
How much money does a railway employee get after retirement?
(ii) A Railway Servant who has completed five years qualifying service is granted retirement gratuity equal to 1/4th of his salary for each completed six monthly period of qualifying service subject to a maximum of 16 ½ times the emoluments, provided that the amount of retirement gratuity payable shall, in no case …
How retirement gratuity is calculated?
Retirement gratuity is calculated @ 1/4th of a month’s Basic Pay plus Dearness Allowance drawn on the date of retirement for each completed six monthly period of qualifying service. There is no minimum limit for the amount of gratuity.
How many years of service is required for enhanced benefits?
Average of 60 highest consecutive months in the last 20 years of credited service Local employers may provide enhanced benefits. With 20 years of service if within 5 years of normal retirement age (65)
What are the benefits of having 20 years of service?
Local employers may provide enhanced benefits. With 20 years of service if within 5 years of normal retirement age (65) 1.55\% times FAS times years of service, plus a temporary benefit of 0.513\% times FAS time years of service for those who retire before the age of 62 until they reach that age.
How much should you have saved for retirement at 25?
This rule suggests that a person save 10\% to 15\% of their pre-tax income per year during their working years. For instance, a person who makes $50,000 a year would put away anywhere from $5,000 to $7,500 for that year. Roughly speaking, by saving 10\% starting at age 25, a $1 million nest egg by the time of retirement is possible.
How much nest egg do I need to retire comfortably?
4\% Rule People who have a good estimate of how much they will require a year in retirement can divide this number by 4\% to determine the nest egg required to enable their lifestyle. For instance, if a retiree estimates they need $100,000 a year, according to the 4\% rule, the nest egg required is $100,000 / 4\% = $2.5 million.