Hi
I worked with a French multinational company in India for 23 years and resigned in March 08. My employer has not paid the money in the fund stating that I have joined a competitor .They say that to repay the superannuation fund lies with the employer and it is part of their retention plan. What I can do on this ?:( Is there any law in this country to protect employees like me?
From India, Mumbai
I worked with a French multinational company in India for 23 years and resigned in March 08. My employer has not paid the money in the fund stating that I have joined a competitor .They say that to repay the superannuation fund lies with the employer and it is part of their retention plan. What I can do on this ?:( Is there any law in this country to protect employees like me?
From India, Mumbai
Hi, What exactly do you mean by Superannuation fund? Are you talking about P.F and gratuity? If so, no company can do so, subject to certain contingencies. Please be more specific. Regards
From India, New Delhi
10From India, New Delhi
Hi
This is part of fringe benefits, in which the compnay contributes a fixed sum based on your years of service to a bank, who in turn invest a part of this in to stocks. This is in no way releated to PF/Gratuity.
From India, Mumbai
This is part of fringe benefits, in which the compnay contributes a fixed sum based on your years of service to a bank, who in turn invest a part of this in to stocks. This is in no way releated to PF/Gratuity.
From India, Mumbai
Sorry man, never heard of such superannuation fund or for that matter such retention strategy. I guess that since it is a non-contributory and non-statutory fund maintained by the company, the company is taking advantage of the situation. What does your terms of appointment state? If it states that you are entitled to such fund at the time of superannuation then I guess you have no right to claim it. Otherwise, you can try your luck with convincing the management.
All the best
Regards
From India, New Delhi
All the best
Regards
From India, New Delhi
My $0.02 personal view on this delicate issue.
The way i see it, IF it is offered from the company as a RETENTION tool ( indian companies need to learn this yet/ some indian companies DO offer this ) then its purely voluntary from the company side to offer you.
However you need to look at the original terms & conditions of your appointment letter ( im sure those days you had one form of contract / offer )
If during the course of your appointment / tenure they have stated or deemed to have informed this to you, THEN sorry there is nothing you can do.
It is the employers offering for retention and its not a right that would be payable.
May be some seniors could offer some light on this issue
From India, Mumbai
The way i see it, IF it is offered from the company as a RETENTION tool ( indian companies need to learn this yet/ some indian companies DO offer this ) then its purely voluntary from the company side to offer you.
However you need to look at the original terms & conditions of your appointment letter ( im sure those days you had one form of contract / offer )
If during the course of your appointment / tenure they have stated or deemed to have informed this to you, THEN sorry there is nothing you can do.
It is the employers offering for retention and its not a right that would be payable.
May be some seniors could offer some light on this issue
From India, Mumbai
Hi,
Super Annuation is a type of pension scheme and is not an act. It is formed by Company Trust and financial institution and governed by the rules of the trust deed entered in to by both the parties.
As per the provisions of the Income Tax Act, the contribution to any such fund is non taxable. Employers claim tax rebate on such contributions.
As far as I understand, no recovery can be made from such pension schemes. The employee has all the rights on it and is entitled to get the benefits.
Also, seniors please guide me if i'am wrong, there are some provisions in the EPS Act, 1995, which can be refered in this case.
Best Regards
DS
From Singapore, Singapore
Super Annuation is a type of pension scheme and is not an act. It is formed by Company Trust and financial institution and governed by the rules of the trust deed entered in to by both the parties.
As per the provisions of the Income Tax Act, the contribution to any such fund is non taxable. Employers claim tax rebate on such contributions.
As far as I understand, no recovery can be made from such pension schemes. The employee has all the rights on it and is entitled to get the benefits.
Also, seniors please guide me if i'am wrong, there are some provisions in the EPS Act, 1995, which can be refered in this case.
Best Regards
DS
From Singapore, Singapore
Dear
You may kindly check the service conditions which you would have executed on the day you were covered under Superannuation.
I presume you would have been served with a copy of the service rules and regulations.
If it is agreed and you are fulfilling the conditions for payment, you can make an appeal to Management, if it is still not tenable, you can approach legally.
Gopu
From India, Chennai
You may kindly check the service conditions which you would have executed on the day you were covered under Superannuation.
I presume you would have been served with a copy of the service rules and regulations.
If it is agreed and you are fulfilling the conditions for payment, you can make an appeal to Management, if it is still not tenable, you can approach legally.
Gopu
From India, Chennai
You may kindly check the service conditions which you would have executed on the day you were covered under Superannuation.
I presume you would have been served with a copy of the service rules and regulations.
If it is agreed and you are fulfilling the conditions for payment, you can make an appeal to Management, if it is still not tenable, you can approach legally.
Gopu[/QUOTE]
From India, Chennai
I presume you would have been served with a copy of the service rules and regulations.
If it is agreed and you are fulfilling the conditions for payment, you can make an appeal to Management, if it is still not tenable, you can approach legally.
Gopu[/QUOTE]
From India, Chennai
hi... this superannuation fund is not at all linked with PF, Gratuity or Pension Fund.
this fund is created by employer by contributing a fixed amount to the fund on behalf of its employees which is payable to the employee at the time of his/her exit. Such schemes are taken by employers from the Institutions like LIC, etc. The duration of service for entitlement of superannuation depends upon the Rules and Regulation of the employer.
Generally it is 5 years and it may be as long as 10 to 15 yrs. you need to check ur company's policy / your appointment letter regarding this. if it is below 23 years then you can very well claim the same. if the company refuses to pay the same. then u have a right to file a suit in which u need to prove the fact that u r entitled to such accumulation vide your appointment letter / office order / scheme of the company
thanks
if it is
From India, New Delhi
this fund is created by employer by contributing a fixed amount to the fund on behalf of its employees which is payable to the employee at the time of his/her exit. Such schemes are taken by employers from the Institutions like LIC, etc. The duration of service for entitlement of superannuation depends upon the Rules and Regulation of the employer.
Generally it is 5 years and it may be as long as 10 to 15 yrs. you need to check ur company's policy / your appointment letter regarding this. if it is below 23 years then you can very well claim the same. if the company refuses to pay the same. then u have a right to file a suit in which u need to prove the fact that u r entitled to such accumulation vide your appointment letter / office order / scheme of the company
thanks
if it is
From India, New Delhi
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