Railway launches pension scheme for CONCOR employees

Pension Scheme for employees of CONCORRailway News CONCOR employees:Railways have launched a pension scheme for the employees of the Container Corporation of India (CONCOR) aiming to provide much-needed support to them post retirement..Union Minister of State for Railways Adhir Ranjan Chowdhury addressing after the launch of Employees Superannuation Pension Scheme for employees of CONCOR, a PSU of Ministry of Railways, in New Delhi.
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Shri Choudhury appreciated the human resource policies of CONCOR as being employee friendly and welfare oriented and he specially appreciated the policies of rehabilitating the dependent family members of those employees who die in harness. Shri Chowdhury complimented and congratulated CONCOR management, its executives, workmen and all stakeholders for their continuing excellent performance.
Speaking on the occasion, Shri Anil K. Gupta, Chairman & Managing Director, CONCOR said that it is matter of pride that CONCOR has been on continuous growth path since its inception in 1988.He appreciated the dynamism and continuous innovation shown by the company’s Human Resource Department in framing and implementing employee oriented and progressive HR policy all these years which covered three major areas of employment relationship i.e. welfare industrial relations and social security.
Shri Gupta said that the productivity of CONCOR employees has been one of the highest in the industry such as employee turnover per employee to the extent of Rs.3.96 crores & Profit Before Tax per employee is Rs.1.02 crores. He said that CONCOR remains to be the leader in the logistic sector and its market share is more than 70 per cent. Shri Gupta said that Inland Container Depot, Tughlakabad, is one of the largest container terminals on the hinterland in Asia and it is handling more than 100 per cent of its envisaged capacity.
Salient Features Employees Superannuation Pension Scheme

  • The proposed scheme will be a “Defined Contribution Scheme” and the effective date will be 01.01.2007.
  • This scheme will be applicable to all regular employees superannuation from CONCOR after completion of 15 years of service with the company or having combined service of 15 years in CONCOR and other CPSEs with similar scheme.
  • The company will contribute 10% of Basic Pay and DA of the employees as employers share to Pension fund and similarly the member employee will contribute his share in the range of 0.50% to 2% of Basic pay and DA depending upon his age.
  • The Scheme will be operated through a Trust and the fund will be managed by Life Insurance Corporation of India by issuing a Master policy. The fund manager will maintain a running account which will be credited with the contribution of members and also the interest earned from the contribution.
  • Upon cessation of service by way of retirement or death of the member, the accumulated fund will be put into financial instruments available in the market by the insurance company at the option of the beneficiary and the return received from such instrument shall be paid as Pension to the member or beneficiary as the case may be.
End Note:
Senior officials from Northern Railways, Ministry of Railways, CONCOR were among those present on the occasion. CONCOR was incorporated in March 1988 under the Companies Act, and commenced operation from November 1989 taking over the existing network of 7 ICDs from the Indian Railways.
From its humble beginning, it is now an undisputed market leader having the largest network of 62 ICDs/CFSs in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of Ports, air cargo complexes and establishing cold-chain. It has and will continue to play the role of promoting containerization of India by virtue of its modern rail wagon fleet, customer friendly commercial practices and extensively used Information Technology. The company developed multimodal logistics support for India’s International and Domestic containerization and trade. Though rail is the main stay of CONCOR’s transportation plan, road services and also provided to cater to the need of door-to-door services, whether in the International or Domestic business. CONCOR is committed to providing responsive, cost effective, efficient and reliable logistics solution to its customers.