Super Annuation - Taxable Income - CiteHR
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Dears,
We have super annuation as a part of salary for Manager and above grades in my organization. Both the employee and employer contribute towards it on a monthly basis @ 15%.
However we are planning to revamp this scheme and adjust the amount to provide employee maximum net take hom/more disposable income.
Please advise on the following:
1. Do companies in the current trend, offer super annuation as a component or it is an outdated head of salary?
2. What would be most feasible head of salary for us replacing the SA component and not hitting the taxable income in the hands of the employee?
3. What are the current trends in the heads of salary? Specially in shipping industry or logistics industry, since i belong to the same.
Please help me.
Regards
Nayana
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In the normal course, only the employer contributes 15% to the superannuation scheme and no amount is deducted from the employees' salary.
It is a part of CTC (i.e. it is in addition to the take home salary) that is used as a retention tool by companies as the amount of superannuation can be claimed by an employee after putting in a minimum number of years of services.
Companies do give a choice to employees to take cash in lieu of the superannuation contribution but the same is fully taxable for the employees.
I hope this would help you,
Thanks & Regards,
Avika
Dear Avika,
Thank you.
However we want to make do with this component in order increase the net disposable income in the hands of the employee.
I do not see many organizations giving this as a head of salary. Can we however do that? Are there any statutory regulations which we shall be required to take care of?
Regards
Nayana
Dear All ,
We are planning to implement superannuation policy in our organization. Can anybody give me the guidelines to do that ?
It would be great if somebody could share the superannuation policy which is already implemented in his / her company.
Vandana
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