I am a little confused even after reading. Would really appreciate if someone could help me solve my doubt -
What is difference between the following:
1. SA & Gratuity
SA is payable if you have served continuous for at least 5 years (Courtesy Summet Jindal - Post # 7)
2. SA & Pension
Simply it is a pension scheme,where normal Pensions are not available. (Courtesy - Vinay Kumar - Post # 3)
3. SA & Retirement
SA is to get relieved from position on attainment of specific age. Though SA is retirement, retirement is not SA. (Courtesy - Niket_xiss - Post # 8)
Thanks a lot.
From India, Mumbai
737What is difference between the following:
1. SA & Gratuity
SA is payable if you have served continuous for at least 5 years (Courtesy Summet Jindal - Post # 7)
2. SA & Pension
Simply it is a pension scheme,where normal Pensions are not available. (Courtesy - Vinay Kumar - Post # 3)
3. SA & Retirement
SA is to get relieved from position on attainment of specific age. Though SA is retirement, retirement is not SA. (Courtesy - Niket_xiss - Post # 8)
Thanks a lot.
From India, Mumbai
Kindly go through the below link
Search Results Superannuation « hrmexpress
Let me know if further assistance required
From India, Mumbai
Search Results Superannuation « hrmexpress
Let me know if further assistance required
From India, Mumbai
Superannuation :-
A type of retirement plan set up by a company for the benefit of its employees. These types of plans use funds deposited by the company (defined benefit plan) or by the employee (defined contribution plan), with the funds growing in value until the employee retires. also called pension plan.
From India, Hyderabad
A type of retirement plan set up by a company for the benefit of its employees. These types of plans use funds deposited by the company (defined benefit plan) or by the employee (defined contribution plan), with the funds growing in value until the employee retires. also called pension plan.
From India, Hyderabad
Dear Mr. Kannan,
Please help me to understand, below statement of yours.
In the event the employee does not fulfill the qualifying criteria and quits employment in the middle then this amount can be adjusted by the employer in the subsequent year's contribution.
From India, Pune
Please help me to understand, below statement of yours.
In the event the employee does not fulfill the qualifying criteria and quits employment in the middle then this amount can be adjusted by the employer in the subsequent year's contribution.
From India, Pune
Dear Mr.Manasi Kulkarni,
The statement you have sought clarification means " If the employee who is enrolled in the Superannuation scheme quits employment before 5 years, as per the company policy he may not be eligible for superannuation benefits. Hence the amount accrued against his name till the time he quit employment can be adjusted against future dues payable to LIC.
For example if a sum of Rs.1,00,000/- has accrued against the employee's account who has quit employment before completion of 5 years. He will not be eligible for Superannuation benefits as per the company policy. In such a case this 1 Lakh can be adjusted against the payment due to LIC the subsequent year. In other words if the company has to pay say 5 Lakhs based on the calculations for the existing employees as on that date, they can adjust this 1 Lakh and pay 4 Lakhs to LIC.
Trust the matter is clarified
M.V.Kannan
From India, Madras
The statement you have sought clarification means " If the employee who is enrolled in the Superannuation scheme quits employment before 5 years, as per the company policy he may not be eligible for superannuation benefits. Hence the amount accrued against his name till the time he quit employment can be adjusted against future dues payable to LIC.
For example if a sum of Rs.1,00,000/- has accrued against the employee's account who has quit employment before completion of 5 years. He will not be eligible for Superannuation benefits as per the company policy. In such a case this 1 Lakh can be adjusted against the payment due to LIC the subsequent year. In other words if the company has to pay say 5 Lakhs based on the calculations for the existing employees as on that date, they can adjust this 1 Lakh and pay 4 Lakhs to LIC.
Trust the matter is clarified
M.V.Kannan
From India, Madras
Dear Sir,
While searching thru Cite HR for Superannuation, I stumbled to this old thread.
I seek your advise for my case, After working for 16 years with Public ltd. company, I resigned due to some personal issues. Though I got my PF/GRATUITY back, my ex-employer is not ready to refund the kitty of SUPERANNUATION (App.Rs.7 Lacs). They are thelling that this will have to be routed thru LIC ONLY. As I have started a small business, I am struggling for Workig Capital. Kindly advise.
From India, Pune
While searching thru Cite HR for Superannuation, I stumbled to this old thread.
I seek your advise for my case, After working for 16 years with Public ltd. company, I resigned due to some personal issues. Though I got my PF/GRATUITY back, my ex-employer is not ready to refund the kitty of SUPERANNUATION (App.Rs.7 Lacs). They are thelling that this will have to be routed thru LIC ONLY. As I have started a small business, I am struggling for Workig Capital. Kindly advise.
From India, Pune
Dear Colleague,
This discussion seems to have rather dragged on for no good reason.
Employer as a matter of policy creates this retirement benefit to certain categories of employees ( Generally sr managerial personnel).
The Superannuation Fund is created through annual contribution by the employer by contributing 15% of basic and d.a. of the covered employees and the Fund is managed /administered by LIC
Superannuation fund being meant for post retirement benefit , it is usually payable to eligible employees upon reaching age of retirement as specified.
However, certain companies make it payable after completion of 5 years' service.
So whether the poster is eligible to receive it depends on whether the scheme in his company has provided for it.
Any way, generally the schemes do not make service of less than 5 years eligible for receiving it.
Gratuity payment is now governed by the Payment of Gratuity Act and amount is payable after completion of 5 years' of service, on death or on retirement.
The gratuity, prior to law, originally started as payment in recognition of long and loyal service to the organization.
Regards,
Vinayak Nagarkar
HR- Consultant
From India, Mumbai
This discussion seems to have rather dragged on for no good reason.
Employer as a matter of policy creates this retirement benefit to certain categories of employees ( Generally sr managerial personnel).
The Superannuation Fund is created through annual contribution by the employer by contributing 15% of basic and d.a. of the covered employees and the Fund is managed /administered by LIC
Superannuation fund being meant for post retirement benefit , it is usually payable to eligible employees upon reaching age of retirement as specified.
However, certain companies make it payable after completion of 5 years' service.
So whether the poster is eligible to receive it depends on whether the scheme in his company has provided for it.
Any way, generally the schemes do not make service of less than 5 years eligible for receiving it.
Gratuity payment is now governed by the Payment of Gratuity Act and amount is payable after completion of 5 years' of service, on death or on retirement.
The gratuity, prior to law, originally started as payment in recognition of long and loyal service to the organization.
Regards,
Vinayak Nagarkar
HR- Consultant
From India, Mumbai
Superannuation: Employee will get the amount only their age comes to 58 yrs. This is applicable for govt employees. Because they works in govt service for a long time until they retire (without a change in service).
Cessation: Employee who works in Private organizations like: software etc comes under cessation. This is meant for the employees who moves company to company frequently and works for short period.
Thanks,
Vinod M
From India, Machilipatnam
Cessation: Employee who works in Private organizations like: software etc comes under cessation. This is meant for the employees who moves company to company frequently and works for short period.
Thanks,
Vinod M
From India, Machilipatnam
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Superannuation. pdf
Resign.txt
Retirement on Superannuation - when - Court judgment.doc