Dear skant, in our company its termed as retainership when a retired person is called for work again in the same organization he retired from.
From India, Delhi
72From India, Delhi
Hi
Rajeev is rigfht and I will add a few clarifications.
1. Superannuation Fund
Generally Managerial employees are covered under this. There is a contribution varying from 10 percentage to 15 percentage of Basic salay and this is generally contributed by the company There are a few instances where they get employees contribution as well. Some companies have minimum service prescribed for joining or minimum service required for getting the benefit many companies have 5 years as minimum period and now this clause is generally taken away as this is shown as part of CTC
Employees can opt for pension at any age They can transfer this fund to the new companies fund provided it also has similar fund managed by LIC and if the Trust Deed provide for transfer If the Trust Deed does not proviude for transfer, then we can not transfer this fund.
Many insurance companies offer this scheme now
After the employee resigns he or she can opt for transfer and pension. Withdrawl of fund is not permitted nowadys Some old funds allowed withdrawl by paying tax
There is no calculation method. Generally if the fund accumulated is around one lakh, ypu will get an annuity of 500 if your age is around 55. This annuity vcan be more if you opt for lesser number of years of guarnteed payment
The corpus is refunded to the legal heirs of the employee on his/her death
2. Retirement Pension
This is the pension applicable under the PF Act An employee must have served for ten years under the fund and must have contributed for ten years to become eligible for pension. He or she is eligible for pension after they reach 55 years which is referred to as short service pension or full pension is available when they reach 58 years. I am not familiar with the pension method but it depends on the service and the pensionable salary and some factors
Siva
From India, Chennai
Rajeev is rigfht and I will add a few clarifications.
1. Superannuation Fund
Generally Managerial employees are covered under this. There is a contribution varying from 10 percentage to 15 percentage of Basic salay and this is generally contributed by the company There are a few instances where they get employees contribution as well. Some companies have minimum service prescribed for joining or minimum service required for getting the benefit many companies have 5 years as minimum period and now this clause is generally taken away as this is shown as part of CTC
Employees can opt for pension at any age They can transfer this fund to the new companies fund provided it also has similar fund managed by LIC and if the Trust Deed provide for transfer If the Trust Deed does not proviude for transfer, then we can not transfer this fund.
Many insurance companies offer this scheme now
After the employee resigns he or she can opt for transfer and pension. Withdrawl of fund is not permitted nowadys Some old funds allowed withdrawl by paying tax
There is no calculation method. Generally if the fund accumulated is around one lakh, ypu will get an annuity of 500 if your age is around 55. This annuity vcan be more if you opt for lesser number of years of guarnteed payment
The corpus is refunded to the legal heirs of the employee on his/her death
2. Retirement Pension
This is the pension applicable under the PF Act An employee must have served for ten years under the fund and must have contributed for ten years to become eligible for pension. He or she is eligible for pension after they reach 55 years which is referred to as short service pension or full pension is available when they reach 58 years. I am not familiar with the pension method but it depends on the service and the pensionable salary and some factors
Siva
From India, Chennai
VPF is VOLUNTARY PROVIDENT FUND
As per the Act, the member has to contribute at the rate of 10% or 12% of his basic pay, D.A. & retaining allowance if any. The same contribution is contributed by the employer also.
But, In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires. i.e. upto 100% of basic and D.A. But the employer is not bound to contribute at the enhanced rate.
From India, Delhi
As per the Act, the member has to contribute at the rate of 10% or 12% of his basic pay, D.A. & retaining allowance if any. The same contribution is contributed by the employer also.
But, In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires. i.e. upto 100% of basic and D.A. But the employer is not bound to contribute at the enhanced rate.
From India, Delhi
Superannuation means a small portion of amount form the salary of an employee is deposited by the employer in the account of employee. That he ( employer ) gives him ( employee ) when he reached at some particular old age ( above 58 yrs or as decided by the governing body ) fixed by the employer and it is considered that person has no efficiency of performing the work after reaching a particular age. A monthly fixed installment credited to employees saving account.
Retirement: - Retirement can be at any time depending upon the profession of a person i.e. Football player, Badminton Player, cricketer, Flying Officer, administrative officer. Certainly the retirement age of different professional will be the different. We Can’t say it as superannuation age ( until it reached old age i.e more than 58 yrs.)
Short –Term pension is that the employer or the governing body decide that after providing a number of years of service and reaching at some particular age that is nearly 8-10 yrs less than that of retirement age, the employee will get short pension ( the employee will get less % of amount as pension compared to calculate at the time at the time of retirement ) . This depends on the Policy of the governing body.
Suppose the governing body decide that the for pension retirement age will be 60 yrs. Service should be at least 25 yrs. For the short -term pension the person must attain the age of 50 yrs. And service should be at least 15 yrs.
Superannuation and Retirement pension ( after reaching more than 58 yrs.) are the almost same.
In Retirement you can get the lump- sum that is deducted form your salary . you may or may not get the pension
But in superannuation you will get the pension.
From India
Retirement: - Retirement can be at any time depending upon the profession of a person i.e. Football player, Badminton Player, cricketer, Flying Officer, administrative officer. Certainly the retirement age of different professional will be the different. We Can’t say it as superannuation age ( until it reached old age i.e more than 58 yrs.)
Short –Term pension is that the employer or the governing body decide that after providing a number of years of service and reaching at some particular age that is nearly 8-10 yrs less than that of retirement age, the employee will get short pension ( the employee will get less % of amount as pension compared to calculate at the time at the time of retirement ) . This depends on the Policy of the governing body.
Suppose the governing body decide that the for pension retirement age will be 60 yrs. Service should be at least 25 yrs. For the short -term pension the person must attain the age of 50 yrs. And service should be at least 15 yrs.
Superannuation and Retirement pension ( after reaching more than 58 yrs.) are the almost same.
In Retirement you can get the lump- sum that is deducted form your salary . you may or may not get the pension
But in superannuation you will get the pension.
From India
Dear Nipuna,
There is a Superannuation Scheme offered by the employer to their employees and around 15% basic is provided by the Employer being Superannuation Contribution to the account of its employees. This scheme is normally linked thru LIC of India and annual or halfyearly contributions are sent by the employers related to all their employees covered under the scheme to the LIC.
There are mainly three options under the said scheme when u quit the services of the company.
1. You may opt for cash withdrawn of 2/3rd portion of total deposits including interest as on date and balance being kept by LIC to be paid as a pension may be on a monthly/quarterly/half yearly or annually by cheque to your a/c.
2. Or you may opt for 100% cash withdrawl including interest.
3. Or there is one more option which u may clarify from any LIC branch maintaining the Superannuation a/c.
As I have opted for the first option while leaving the company after serving for 18 year and got 2/3 cash agaisnt my total balance and remaining amount was kept by LIC and now getting halfyearly pension.
I hope this will further clarify the matter.
Regards,
N.S. Hashmi
There is a Superannuation Scheme offered by the employer to their employees and around 15% basic is provided by the Employer being Superannuation Contribution to the account of its employees. This scheme is normally linked thru LIC of India and annual or halfyearly contributions are sent by the employers related to all their employees covered under the scheme to the LIC.
There are mainly three options under the said scheme when u quit the services of the company.
1. You may opt for cash withdrawn of 2/3rd portion of total deposits including interest as on date and balance being kept by LIC to be paid as a pension may be on a monthly/quarterly/half yearly or annually by cheque to your a/c.
2. Or you may opt for 100% cash withdrawl including interest.
3. Or there is one more option which u may clarify from any LIC branch maintaining the Superannuation a/c.
As I have opted for the first option while leaving the company after serving for 18 year and got 2/3 cash agaisnt my total balance and remaining amount was kept by LIC and now getting halfyearly pension.
I hope this will further clarify the matter.
Regards,
N.S. Hashmi
Dear Rajeev,
Thank you for providing information about 3 Pensions. I gained more knowledge as even i had heard of these Pensions but not learnt in details.
Thank you. Keep sharing such valuable information on the forum.
Regards
Bugs Bunny
From India, Mumbai
Thank you for providing information about 3 Pensions. I gained more knowledge as even i had heard of these Pensions but not learnt in details.
Thank you. Keep sharing such valuable information on the forum.
Regards
Bugs Bunny
From India, Mumbai
Sir,
Please tell me From which date employee is elgible for pension if the details ar as below if he appllies for pension 0n 1st Oct,2010
01. Date of retirement 14 Aug,2008
02. But still continuing in the job but no contribution towards EPF.
03. wants to apply for pension will he get the erears from 14 Aug,2008 ?
Please clarify.
Regards,
msrao
From India, Hyderabad
Please tell me From which date employee is elgible for pension if the details ar as below if he appllies for pension 0n 1st Oct,2010
01. Date of retirement 14 Aug,2008
02. But still continuing in the job but no contribution towards EPF.
03. wants to apply for pension will he get the erears from 14 Aug,2008 ?
Please clarify.
Regards,
msrao
From India, Hyderabad
Dear M.S.Rao,
Please furnish the following details for pension calculation.
1. Date of Birth
2. Date of Join
3. Break in service before and after 16.11.1995 (both seperate)
4. Salary on 16.11.95
5. Salary on exit from pension scheme
Abbas.P.S
From India, Bangalore
Please furnish the following details for pension calculation.
1. Date of Birth
2. Date of Join
3. Break in service before and after 16.11.1995 (both seperate)
4. Salary on 16.11.95
5. Salary on exit from pension scheme
Abbas.P.S
From India, Bangalore
I would like to know upto how much years member will get pension?
One of my ex colleague was getting pension but as soon as he completed 70 years his pension discontinued by the department he approached the concern bank they did not give any answer and sent him to RPFO but from there also he did not get any answer.
Recently some one told me that after the age of 70 pension from EPF will be discontinued although I am not convinced but the factor of calculation 70 is indicating that maximum age of ;pension may be 70 yrs only.
Can I get the fact.
Thanks & regards,
K P Mishra.
From India, New Delhi
One of my ex colleague was getting pension but as soon as he completed 70 years his pension discontinued by the department he approached the concern bank they did not give any answer and sent him to RPFO but from there also he did not get any answer.
Recently some one told me that after the age of 70 pension from EPF will be discontinued although I am not convinced but the factor of calculation 70 is indicating that maximum age of ;pension may be 70 yrs only.
Can I get the fact.
Thanks & regards,
K P Mishra.
From India, New Delhi
Dear K.P.Mishra,
At the time of introduction of EPS on 16.11.1995, the service pension for those completed 33 years was 50%. In EPS for those complete 20 years' service or more will get a bonus of 2 years. Accordingly 33 years will be treated as 35. To get 50%, 35 is to be divided by 70. Hence the formula is derived. It has no connection with the duration/age of getting pension.
The duration of pension of a member is lifelong regardless of age of 70 or else. When the provision of return capital is introduced in 16.11.1998, there was an option to avail pension for 20 years and thereafter to pay Return of Capital. In this context for completion of 20 years we have to wait till Nov 2018. If it was paid with retrospective effect, there is a chance to stop pension towards this clause.
If the member fail to submit life certificate, the pension will be stopped. Remarriage of widow/widower pensioner also is reason of stoppage of pension. If the pensioner is not getting a satisfactory reply from EPFO, through RTI Act the reply may be sought.
Abbas.P.S
From India, Bangalore
At the time of introduction of EPS on 16.11.1995, the service pension for those completed 33 years was 50%. In EPS for those complete 20 years' service or more will get a bonus of 2 years. Accordingly 33 years will be treated as 35. To get 50%, 35 is to be divided by 70. Hence the formula is derived. It has no connection with the duration/age of getting pension.
The duration of pension of a member is lifelong regardless of age of 70 or else. When the provision of return capital is introduced in 16.11.1998, there was an option to avail pension for 20 years and thereafter to pay Return of Capital. In this context for completion of 20 years we have to wait till Nov 2018. If it was paid with retrospective effect, there is a chance to stop pension towards this clause.
If the member fail to submit life certificate, the pension will be stopped. Remarriage of widow/widower pensioner also is reason of stoppage of pension. If the pensioner is not getting a satisfactory reply from EPFO, through RTI Act the reply may be sought.
Abbas.P.S
From India, Bangalore
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PF guidleines for Pension fund.pdf