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?
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.
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.
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