Dear Sir Please tell me what is superannuation , when it become applicabe , what is the rate and maximum limit of it and what is the copliances of it . thanks & Regards Amit Sharma
From India, Gurgaon
From India, Gurgaon
Hi,
Always try first searching for the answer before posting a question as the answer will already be posted in citehr many of the times. Kindy go through the following link: https://www.citehr.com/367886-supera...eans-what.html
From India, Bangalore
12Always try first searching for the answer before posting a question as the answer will already be posted in citehr many of the times. Kindy go through the following link: https://www.citehr.com/367886-supera...eans-what.html
From India, Bangalore
Dear Amit,
Your inquiry is very good. "Superannuation" means "relieving from service/employment on attaining the age fixed for the retirement". There is no uniform age of retirement on superannuation it may be 58 years or 60 years or any other age specified as a rule by the Management in private sector. In government the age of retirement on superannuation is 60 years. However this age is 65 years for certain specified services under the Central Government. There is no minimum age for retirement. However in government rules there is provison for taking voluntary retirement before attaining the age fixed for retirement on superannuation. As regards compliance, it may be pointed out that compliances for superannuation means that all entitlements and benefits of the employee as admissible on the date of superannuation must be paid within a specified period. This period ranges from 30 to 90 day under various rules and enactments. The various benefits admissible on superannuation are as under:
1. Provident Fund Accumulations with interest.
2. Pension documents where applicable.
3. Leave encashment as per policy of the company/govt. department.
4. Gratuity as per rules/Act.
5. Any Group Insurance Policy as applicable.
6. Other Benefits, if available under any other scheme of the company.
It may be remembered that any outstandng advance or any other dues are to be recovered before/at the time of releasing payment of superannuation benefits.
Hope you will feel satisfied.
srivastavacmlalatgmaildotcom
From India, New Delhi
Your inquiry is very good. "Superannuation" means "relieving from service/employment on attaining the age fixed for the retirement". There is no uniform age of retirement on superannuation it may be 58 years or 60 years or any other age specified as a rule by the Management in private sector. In government the age of retirement on superannuation is 60 years. However this age is 65 years for certain specified services under the Central Government. There is no minimum age for retirement. However in government rules there is provison for taking voluntary retirement before attaining the age fixed for retirement on superannuation. As regards compliance, it may be pointed out that compliances for superannuation means that all entitlements and benefits of the employee as admissible on the date of superannuation must be paid within a specified period. This period ranges from 30 to 90 day under various rules and enactments. The various benefits admissible on superannuation are as under:
1. Provident Fund Accumulations with interest.
2. Pension documents where applicable.
3. Leave encashment as per policy of the company/govt. department.
4. Gratuity as per rules/Act.
5. Any Group Insurance Policy as applicable.
6. Other Benefits, if available under any other scheme of the company.
It may be remembered that any outstandng advance or any other dues are to be recovered before/at the time of releasing payment of superannuation benefits.
Hope you will feel satisfied.
srivastavacmlalatgmaildotcom
From India, New Delhi
Dear All,
It is indeed interesting as wellas enlightening to read so many professional advices from HR professionals.
Many definitions of Superannuation are available in various lexicons, however, the one which according to me is the most relevant is given in Section 2(r) of the Payment of Gratuity Act,1972.
"Superannuation in relation to an employee, means the attainment by the employee of such age, as is fixed in the contract or conditions of service as the age on attaining of which the employee shall vacate the employment."
Whereas, retirement as defined in Section 2(q) of the same Act, means termination of service of an employee otherwise than superannuation.
Date/ age of superannuation would entirely depend on terms and conditions of employment. It could be any period not necessarily at the age of 58 or 60 or 65.
In case of term based employees, it is immediately after expiry of the term. In case of a contract labour, it is the period of contract.
Hope above clarifies the concept of superannuation and retirement.
From India, Pune
It is indeed interesting as wellas enlightening to read so many professional advices from HR professionals.
Many definitions of Superannuation are available in various lexicons, however, the one which according to me is the most relevant is given in Section 2(r) of the Payment of Gratuity Act,1972.
"Superannuation in relation to an employee, means the attainment by the employee of such age, as is fixed in the contract or conditions of service as the age on attaining of which the employee shall vacate the employment."
Whereas, retirement as defined in Section 2(q) of the same Act, means termination of service of an employee otherwise than superannuation.
Date/ age of superannuation would entirely depend on terms and conditions of employment. It could be any period not necessarily at the age of 58 or 60 or 65.
In case of term based employees, it is immediately after expiry of the term. In case of a contract labour, it is the period of contract.
Hope above clarifies the concept of superannuation and retirement.
From India, Pune
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