Dear All, Can u tell me anybody....... What is Superannuation? If i resign from the company can i get the refund amount of superannuation? Please advice...
From India, Jalgaon
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1From India, Jalgaon
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Dear Mohan, Attaining the age of retirement as per the procedure of the appointment order is called superannuation. It may be 55 years or 58 years or even 60 all depends upon appointment order balu
From India, Hyderabad
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From India, Hyderabad
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Dear Mohan,
Superannuation, sometimes called ‘super’, is a special way of saving to provide yourself with an income when you retire.
While there are other ways of saving for retirement, superannuation saving is different because it is linked with your employment.
Your employer may be required to make superannuation contributions on your behalf to a special fund called a superannuation fund. These funds are special because if they meet certain Government rules, they may pay less tax than if you were to put the money in a bank account. There are more tax benefits for you when you retire.
Or in other words
Simply it is a pension scheme,(where normal Pensions are not available). 15% basic salary is contributed by the employer to this scheme and most of the places LIC Group Insurance department manages these schemes.
Hope its clear...
Regards
Vinay Kumar
From India, Hyderabad
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Superannuation, sometimes called ‘super’, is a special way of saving to provide yourself with an income when you retire.
While there are other ways of saving for retirement, superannuation saving is different because it is linked with your employment.
Your employer may be required to make superannuation contributions on your behalf to a special fund called a superannuation fund. These funds are special because if they meet certain Government rules, they may pay less tax than if you were to put the money in a bank account. There are more tax benefits for you when you retire.
Or in other words
Simply it is a pension scheme,(where normal Pensions are not available). 15% basic salary is contributed by the employer to this scheme and most of the places LIC Group Insurance department manages these schemes.
Hope its clear...
Regards
Vinay Kumar
From India, Hyderabad
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(Fact Checked)-[The user's reply provides an accurate and informative explanation of superannuation, covering its purpose, employer contributions, tax benefits, and management by entities like LIC Group Insurance department. Well done!] (1 Acknowledge point)
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As elucidated by Vinay, it is nothing but contributory pension fund (in most companies such contributions are part of CTC) Pon
From India, Lucknow
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From India, Lucknow
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(Fact Checked)-The user reply is correct. Superannuation is indeed a contributory pension fund in many companies, and the contributions are often part of the Cost to Company (CTC) structure. (1 Acknowledge point)
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Dear Mohan,
As explained by Vinay it is a contributory pension fund made to LIC Superannuation scheme by the employer.
The employer contributes 15% of the Basic + DA of the employee every year. The employer generally gets a tax benefit of 27% (12% for PF & 15% for Superannuation contribution). The employee on the other hand does not receive this contribution on hand every month or year. But upon complying certain conditions as laid down in the LIC Superannuation Scheme and agreed by both LIC and the employer the employee gets benefit upon his superannuation (58 years). The contribution made by the employer is maintained by LIC similar to a savings bank account and communicated to the employer. However, the employee does not have any option to withdraw amount directly from LIC.
In some companies the employee is given superannution benefit upon completing certain years of service, say 5 years of service. The superannuation benefits can be optional to certain cadres (Manager, Assistant Manager etc) but it cannot be for select employees in different cadres. In other words if you decide to cover a particular cadre you will have extend it to all employees in that cadre.
LIC offers a wide range of options in choosing the mode of pension like Pension for life with return of capital or without return of capital, Guaranteed pension for 5, 10, 15 or 20 years, Joint life etc. The capital is the amount that is available in your account on the date of your exit from employment. Based on the options chosen by you LIC will pay pension based on your option to receive it monthly, quarterly, half yearly or annual basis.
The employer has to process the Superannuation documents and advise LIC to make the payment.
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.
Please note that the capital amount vested with LIC carries interest. LIC also pays bonus on capital based on the size of the capital available with it for the respective employees.
Trust the matter is clear
M.V.KANNAN
From India, Madras
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As explained by Vinay it is a contributory pension fund made to LIC Superannuation scheme by the employer.
The employer contributes 15% of the Basic + DA of the employee every year. The employer generally gets a tax benefit of 27% (12% for PF & 15% for Superannuation contribution). The employee on the other hand does not receive this contribution on hand every month or year. But upon complying certain conditions as laid down in the LIC Superannuation Scheme and agreed by both LIC and the employer the employee gets benefit upon his superannuation (58 years). The contribution made by the employer is maintained by LIC similar to a savings bank account and communicated to the employer. However, the employee does not have any option to withdraw amount directly from LIC.
In some companies the employee is given superannution benefit upon completing certain years of service, say 5 years of service. The superannuation benefits can be optional to certain cadres (Manager, Assistant Manager etc) but it cannot be for select employees in different cadres. In other words if you decide to cover a particular cadre you will have extend it to all employees in that cadre.
LIC offers a wide range of options in choosing the mode of pension like Pension for life with return of capital or without return of capital, Guaranteed pension for 5, 10, 15 or 20 years, Joint life etc. The capital is the amount that is available in your account on the date of your exit from employment. Based on the options chosen by you LIC will pay pension based on your option to receive it monthly, quarterly, half yearly or annual basis.
The employer has to process the Superannuation documents and advise LIC to make the payment.
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.
Please note that the capital amount vested with LIC carries interest. LIC also pays bonus on capital based on the size of the capital available with it for the respective employees.
Trust the matter is clear
M.V.KANNAN
From India, Madras
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(Fact Checked)-The information provided in the user reply is accurate and comprehensive in explaining superannuation including contributions, benefits, and options provided by LIC. No amendments are needed. (1 Acknowledge point)
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Dear Friends,
Thanks Mr.Khannan for your extraordinary way of putting up the data. Great yar. One additional information is that the employee who is under Superannuation scheme need to submit the "Existance certificate" to the LIC duly signed by a gazetted officer / class I officer from LIC or Registered Medical Practioner with the Registration number or the Bank manager of the concerned bank where in the amount is going to be deposited.
In general the change of address / Bank and other related need to be communicated to the LIC authorities from time to time.
Regards - kamesh
From India, Hyderabad
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Thanks Mr.Khannan for your extraordinary way of putting up the data. Great yar. One additional information is that the employee who is under Superannuation scheme need to submit the "Existance certificate" to the LIC duly signed by a gazetted officer / class I officer from LIC or Registered Medical Practioner with the Registration number or the Bank manager of the concerned bank where in the amount is going to be deposited.
In general the change of address / Bank and other related need to be communicated to the LIC authorities from time to time.
Regards - kamesh
From India, Hyderabad
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(Fact Check Failed/Partial)-The information provided in the user reply is not entirely accurate. While communication with LIC is essential, the specific requirements mentioned are not consistent with the general process of superannuation refunds.
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Hi,
Nice contributions by the members.. Supperannuation as described above can be a tax saving measure and a forced saving every month. you will get interest as per market rate on this too. but to get this benefit, one must serve for 5 years, if that person resign before that, then the whole amount will be fore-fitted. also even if you complete 5 years and then resign, then you can not claim the whole amount refund and you can only get 1/3rd amount and rest of the 2/3rd amount will exist as a bond in LIC which will mature at your suppeannuating age.
Regards
Sumeet Jindal
From India
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Nice contributions by the members.. Supperannuation as described above can be a tax saving measure and a forced saving every month. you will get interest as per market rate on this too. but to get this benefit, one must serve for 5 years, if that person resign before that, then the whole amount will be fore-fitted. also even if you complete 5 years and then resign, then you can not claim the whole amount refund and you can only get 1/3rd amount and rest of the 2/3rd amount will exist as a bond in LIC which will mature at your suppeannuating age.
Regards
Sumeet Jindal
From India
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(Fact Check Failed/Partial)-The information provided in the user reply is incorrect. According to the latest laws and regulations, an employee can withdraw the entire amount accumulated in the superannuation fund upon resignation. There is no requirement to forfeit the amount or keep a portion invested. It is advisable to check the specific terms of your company's superannuation policy for complete details.
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Differences between Superannuation and Retirement:
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.
From India, Jamshedpur
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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.
From India, Jamshedpur
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(Fact Checked)-The user's reply provides an accurate explanation of the differences between Superannuation and Retirement. It correctly states that superannuation is a form of retirement but retirement can occur for various reasons, not just reaching a specific age. Well done! (1 Acknowledge point)
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Hi Dears.. would u pls advice me about how build quality circle team, any good Circluar if i can make to send to all my employees. How to mainten continiously these teams etc. Regards Barun
From India, Delhi
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From India, Delhi
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(Fact Check Failed/Partial)-The user reply is incorrect as it does not address the original question about superannuation. Superannuation is a retirement benefit fund. To build quality circle teams, focus on involving employees in problem-solving. Implement training and recognition programs.
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Dear Barun,
Quality Circle teams are formed to solve problems relating to issues arising in any of the following PQCDSM (Productivity, Quality, Cost, Delivery, Safety and Morale). Before forming a QC you need to advise the respective modules in your company to conduct a DWM (Daily Work Management) at the beginning of the shift. In this issues relating to PQCDSM are discussed and captured in a Data Bank. Once the Data Bank is generated, repetitive issues for which solutions are not known are taken up by QC. The team will comprise of members from a work area who can actually brainstorm and solve the problem in a period of say 12 weeks by meeting 1 hour every week. Trials and validations are conducted and finally they make a presentation following the 7 step QC story method (generally). Based on the presentation the company recognises them for their achievement based on an evaluation. Competitions are also held within the company or between group companies to encourage QC teams.
Please start a seperate thread when the subject matter is different from the one being discussed.
M.V.KANNAN
From India, Madras
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Quality Circle teams are formed to solve problems relating to issues arising in any of the following PQCDSM (Productivity, Quality, Cost, Delivery, Safety and Morale). Before forming a QC you need to advise the respective modules in your company to conduct a DWM (Daily Work Management) at the beginning of the shift. In this issues relating to PQCDSM are discussed and captured in a Data Bank. Once the Data Bank is generated, repetitive issues for which solutions are not known are taken up by QC. The team will comprise of members from a work area who can actually brainstorm and solve the problem in a period of say 12 weeks by meeting 1 hour every week. Trials and validations are conducted and finally they make a presentation following the 7 step QC story method (generally). Based on the presentation the company recognises them for their achievement based on an evaluation. Competitions are also held within the company or between group companies to encourage QC teams.
Please start a seperate thread when the subject matter is different from the one being discussed.
M.V.KANNAN
From India, Madras
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(Fact Check Failed/Partial)-[The user reply is not relevant to the original post about superannuation. The information provided is about Quality Circle teams and Daily Work Management, which does not address the query regarding superannuation refunds upon resignation.]
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Superannuation. pdf
Resign.txt
Retirement on Superannuation - when - Court judgment.doc
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(Fact Check Failed/Partial)-The user's reply is partially correct. Superannuation is indeed related to retirement, but it is not solely determined by the appointment order. It is a retirement benefit scheme funded by employers. The refund of superannuation upon resignation depends on the specific rules of the superannuation fund. Consult the HR department for details.