Dear sir,
I worked with TML, for 2 years. The company was paying superannuation which reflected in CTC. Now I left the job and got all the PF amount settled which was due to me.
Further , Company is telling the amount of superannuatin canot be paid as it is for pensioners only.
At this point of time it is requested to direct what is procedure for claiming the amount of superannation which is due to me.
Regards,
Skishor
From India, Pune
I worked with TML, for 2 years. The company was paying superannuation which reflected in CTC. Now I left the job and got all the PF amount settled which was due to me.
Further , Company is telling the amount of superannuatin canot be paid as it is for pensioners only.
At this point of time it is requested to direct what is procedure for claiming the amount of superannation which is due to me.
Regards,
Skishor
From India, Pune
Withdrawal of superannuation fund before the age of superannuation depends upon the rules and regulations in this respect. If the scheme is like contribution by the employee out of his salary on a monthly basis, the same shall be treated as a deduction towards a fund and in such a case, any amount contributed by the employee shall be refundable when he leaves the company due to any reason.
Regards,
Madhu.T.K
From India, Kannur
4249Regards,
Madhu.T.K
From India, Kannur
you should first check if you are eligible and entitled for superannuation as generally Companies have a rule that an employee would be eligible for superannuartion if he completed 5 years of service with them.
Thanks & Regards,
Avika Kapoor
From India, New Delhi
Thanks & Regards,
Avika Kapoor
From India, New Delhi
Hi,
It is righly said by Mr. Madu T. K. It is depend upon the agreement between Co and organisation from where Superannuation scheme is taken. But still you scheck with your prev co, what are the rule and regulation for S.A. claim.
Regards
Rajendra
From India, Mumbai
It is righly said by Mr. Madu T. K. It is depend upon the agreement between Co and organisation from where Superannuation scheme is taken. But still you scheck with your prev co, what are the rule and regulation for S.A. claim.
Regards
Rajendra
From India, Mumbai
Hi,
Superannuation Fund i,e Pension Fund is not like provident Fund. The Superannuation Fund normally funded by Company only which should be an Income Tax approved Fund and has its own set of Rules which are approved by Income Tax dept. The Funds are managed by the Trustees who are Senior Managers of the Company. The Funds has a Trust deed and a Rule Book. According to the Rules claim to superannuation benefit accrues after a certain period of service rendeded by the employee. From my experience I have seen in most of the Companies the eligibility to superannuation accrues only after an employee has rendeded 10/15 years of service and 45 years of age. It seems your previous Company's superannuation fund has rule like this hence they have denied the benefit to you.
You may ask the Fund manager why the benefit has been denied.
From India, Calcutta
Superannuation Fund i,e Pension Fund is not like provident Fund. The Superannuation Fund normally funded by Company only which should be an Income Tax approved Fund and has its own set of Rules which are approved by Income Tax dept. The Funds are managed by the Trustees who are Senior Managers of the Company. The Funds has a Trust deed and a Rule Book. According to the Rules claim to superannuation benefit accrues after a certain period of service rendeded by the employee. From my experience I have seen in most of the Companies the eligibility to superannuation accrues only after an employee has rendeded 10/15 years of service and 45 years of age. It seems your previous Company's superannuation fund has rule like this hence they have denied the benefit to you.
You may ask the Fund manager why the benefit has been denied.
From India, Calcutta
person joing a new company.but company making him to sign the bond of 5 year either he should have to pay 3 lakh . Is its good for him to join the firm
From India, Bhopal
From India, Bhopal
Superannuation Fund/Scheme is a benevolent voluntary scheme, funded by either the company alone or with smaller contribution from employees. The aim is to enable the employee to have a large corpus of funds for his needs in old age. This is very common in PSU's as the aim is the welfare of employees.
As rightly informed by Kalyan, the eligibility to superannuation fund benefit, accrues only after an employee has rendeded 10/15 (at least) years of service and 45 (or more)years of age.
Now, if it is completely company funded, then if the employees does not fall within the eligibility criteria, the company may deny any payments. (It is meant to works as a Retention tool also).
In case it is partly funded by employees, then employee shall get back his contributions along with certain assured rate of interest, in case he does not fulfill the eligibility criteria.
Regards.
From India, Delhi
As rightly informed by Kalyan, the eligibility to superannuation fund benefit, accrues only after an employee has rendeded 10/15 (at least) years of service and 45 (or more)years of age.
Now, if it is completely company funded, then if the employees does not fall within the eligibility criteria, the company may deny any payments. (It is meant to works as a Retention tool also).
In case it is partly funded by employees, then employee shall get back his contributions along with certain assured rate of interest, in case he does not fulfill the eligibility criteria.
Regards.
From India, Delhi
Superannuation is benevolent vlountary scheme adopted by employers for retention of employees. These are schemes which many organisations design to attract employees to the orgnaisation. it necessarily involves a cut of period of service for you to derive benfits out of the scheme.
Please help me to understand How long the Pension against the annuity will continue? is there a time limit? Also what happens in case of the death of the pensioner?
From United States, Miamisburg
From United States, Miamisburg
as per company rules employees will b eligiible for pension only after contiunous service of prescribed period which could b more that 15/20 yrs. In ur case admittedly u'll not b covered under pension scheme unless a spl agreement had been entered with mgmt.
The mgmt had settled the PF contributions hence no dues payable.
From India, Tiruchchirappalli
The mgmt had settled the PF contributions hence no dues payable.
From India, Tiruchchirappalli
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Death while in service letter for pf death claim.docx
PF Death case Composite Claim Form No 20,10D & 5IF.xls