Can anyone help me out with the difference between superannuation and retirement?
From India, Gurgaon
From India, Gurgaon
By Superannuation is meant the act of getting relived from service on attaining a specified age which is prefixed, say, 58 years of age. On the other hand, Retirement is also an act of relieving from service but not necessarily be due to attaining a prefixed age and shall include Voluntary Retirement or even Compulsory Retirement. Though superannuation is also retirement, the latter need not be superannuation.
Regards,
Madhu.T.K
From India, Kannur
4249Regards,
Madhu.T.K
From India, Kannur
Hi Let me just share what i new in the superannuation. Only few company follows this scheme & its majorly tied with LIC. this scheme is applicable on Employees resignation or retirement or death. There are 2 options in case of resignation: 1. Withdrawl 2. Transfer (Applicable only if the new co. has superannuation).
for withdrawl you have various pension options like; 1. Pension option for lifetime with return of corpus
2. Pension for life without return of corpus
3. Joint pension without return of corpus
4. pension for fixed years (5, 10, 15, 20 yr) & life thereafter.
Pension can be with Commutation or Without Commutation - (With Commutation - Immediately giving the part of the SAF amount)
If the candidate is eligible for Gratuity - he will be immediately give 1/3rd amount & the balance will be kept corpus on which the pension will be given for chosen pension option
If the candidate is not eligible foe Gratuity - he will be immediately given 1/2 of the total Superannuation accumulation & the balance will be kept corpus on which the pension will be given for chosen pension option.
Thats it..
From India, Bangalore
for withdrawl you have various pension options like; 1. Pension option for lifetime with return of corpus
2. Pension for life without return of corpus
3. Joint pension without return of corpus
4. pension for fixed years (5, 10, 15, 20 yr) & life thereafter.
Pension can be with Commutation or Without Commutation - (With Commutation - Immediately giving the part of the SAF amount)
If the candidate is eligible for Gratuity - he will be immediately give 1/3rd amount & the balance will be kept corpus on which the pension will be given for chosen pension option
If the candidate is not eligible foe Gratuity - he will be immediately given 1/2 of the total Superannuation accumulation & the balance will be kept corpus on which the pension will be given for chosen pension option.
Thats it..
From India, Bangalore
Thanks for the inputs Mr Madhu. Can you please clarify if all the companies have the supperannuation policy or does it depend from company to company?
From India, Gurgaon
From India, Gurgaon
Dear Shiabhatia,
Madhu's interpretation is positively right, in the language of PF an attainment of age of 58 is called Superannuation.Obviously, voluntary cessation of employment before the age of 58 be called Retirement.
Regards,
KIRAN KALE
From India, Kolhapur
Madhu's interpretation is positively right, in the language of PF an attainment of age of 58 is called Superannuation.Obviously, voluntary cessation of employment before the age of 58 be called Retirement.
Regards,
KIRAN KALE
From India, Kolhapur
can someone tell me what monetary benefits an employee get at the time of retirement. Regards, Tamanna
From India, Gurgaon
From India, Gurgaon
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