Superannuation Commutation amt & annutiy installment calculation
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Superannuation Commutation amt & annutiy installment calculation

m77 Started The Discussion:

How is Superannuation commutation amount calculated and how is the annuity installment for every six month calculated? My Superannuation account was maintained with LIC by my ex company? If there is any wrong calculation in the commutation amount, who is responsible to get it corrected my company or LIC?

Please reply..

vipinmanav - Member Since: Sep 2008
Dear,

If the amount is calculated wrong than the employer is defaulter in that case.

Becoz, usually company pays 15% of Basic wage towards superannuation fund & deposits to agency like LIC.

More on this m attaching a doc.

Regards
Vipin


Attached FilesProvided by community member vipinmanav. Join us to learn and grow with your peers.
File Type: pdf superannuation_151004_109.pdf (107.8 KB, 590 views)
m77 - Member Since: Mar 2009
Quote:
Originally Posted by vipinmanav View Post
Dear,

If the amount is calculated wrong than the employer is defaulter in that case.

Becoz, usually company pays 15% of Basic wage towards superannuation fund & deposits to agency like LIC.

More on this m attaching a doc.

Regards
Vipin
Thanks a lot, Vipin for the reply.

I couldn't find the answer for my case in the doc.

I had received a letter from LIC stating the details of the money paid. There is an amount mentioned as "Amount Payable to Nominee". Is this the total amount that was credited to my superannuation account till my resigning date?

My commutative amount was calculated as 50 % of the "Amount Payable to Nominee". So finally what I received from my company is a check for the amount after deducting 30% tax on the commutative amount.

For eg -
Amount payable to nominee = Rs 10000
Commutation amount = 50% of 10000 = Rs 5000
Amount I received after tax = 3500 (5000 - (5000 * 30%))

My concern is with the amount mentioned under "Amount Payable to nominee", if it is the total amount in my account, what is mentioned in the letter is not correct which will in turn affect my commutation amount.

I have been talking to my HR to clarify this, but haven't got it resolved yet.

Please clear this for me.

rajmore22 - Member Since: Sep 2007
Can some one tell me how to do the calculation in the below matter.

i have employee who had worked with us for 14 yrs. his last drawn Basic was 18700/-
Please tell me how do i have to calculate.

Thanks in advance
Raj

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