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..
4th March 2009 From United States, Hayward

India, New Delhi
+1 Other

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.
5th March 2009 From India, New Delhi
Attached Files
Registration required. Create all access/no charge Cite.Co account first.
File Type: pdf superannuation_151004_109.pdf (107.8 KB, 1038 views)
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.
5th March 2009 From United States, Hayward
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
9th July 2009 From India

Discuss problems openly with your peers around the world without getting into company specifics. Access to years of such problem discussion data and business material is at your finger tips.
All resources created by our members are available to everyone at no cost.

Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.

About Us - Advertise - Contact Us - RSS   On Google+  
Privacy Policy | Disclaimer | Terms Of Service
Facebook Page | Follow Us On Twitter | Linkedin Network