dear members
i want to know differance between superannuation and retirement
if the retirenment age is 58 years then what will the will be the superannuation age or term is synonomus
please clearify
Regards
naresh
From India, Pune
4i want to know differance between superannuation and retirement
if the retirenment age is 58 years then what will the will be the superannuation age or term is synonomus
please clearify
Regards
naresh
From India, Pune
Dear Naresh,
If your retirement age is 58 years, normally you have to quit the service at this age. This is called superannuation.
But the employer may provide some packages/schemes to relieve from service before attaining the superannuation age. E.g Voluntary Retirement Scheme, Medical VRS etc. All these including superannuation are retirements.
Abbas.P.S
From India, Bangalore
If your retirement age is 58 years, normally you have to quit the service at this age. This is called superannuation.
But the employer may provide some packages/schemes to relieve from service before attaining the superannuation age. E.g Voluntary Retirement Scheme, Medical VRS etc. All these including superannuation are retirements.
Abbas.P.S
From India, Bangalore
Dear Naresh,
As righly pointed out by Abbas
Retirement may be due to
a) Voluntary separation.
b) Owing to continued ill health
c) Loss of employment owing to disablement suffered.
d) Resignation from services.
Superannuation will be
a) On attaining the age of superannuation 58 years is usual but it also varies in some cases and stretches beyond 58 years. Companies follow 58 years and the superannuation age as per EPF act is also 58 years.
M.V.KANNAN
From India, Madras
As righly pointed out by Abbas
Retirement may be due to
a) Voluntary separation.
b) Owing to continued ill health
c) Loss of employment owing to disablement suffered.
d) Resignation from services.
Superannuation will be
a) On attaining the age of superannuation 58 years is usual but it also varies in some cases and stretches beyond 58 years. Companies follow 58 years and the superannuation age as per EPF act is also 58 years.
M.V.KANNAN
From India, Madras
Dear
The Apex Court in the case of RBI vs Cecil Denis Solomon observed that, "In service jurisprudence, the expressions "superannuation" "voluntary retirement", "compulsory retirement" and "resignation" convey different connotations. ......
Voluntary Retirement and resignation involve voluntary acts on the part of the employee to leave service. Though both involve voluntary acts, they operate differently. One of the basic distinctions is that, in case of resignation, it can be tendered at any time, but in the case of voluntary retirement, it can only be sought for after rendering prescribed period of qualifying service. Other fundamental distinction is that in case of the former, normally retiral benefits are denied but in the case of the latter, the same is not denied. In case of the former, permission or notice is not mandated, while in the case of the latter, permission of the employer concerned is a requisite condition. ......
Though resignation is a bilateral concept, and becomes effective on acceptance by the competent authority, yet the general rule can be displaced by express provisions to the contrary. In PNB vs P..K Mittals case interpreting Regulation 20(2) of the Punjab National Bank Regulations, the Apex Court held that "resignation would automatically take effect from the date specified in the notice as there was no provision for any acceptance or rejection of resignation by the employer."
With Regards
Advocates & Notaries & Legal Consultants[HR]
E-mail : rajanassociates@eth,net,
Mobile : 9025792684.
From India, Bangalore
The Apex Court in the case of RBI vs Cecil Denis Solomon observed that, "In service jurisprudence, the expressions "superannuation" "voluntary retirement", "compulsory retirement" and "resignation" convey different connotations. ......
Voluntary Retirement and resignation involve voluntary acts on the part of the employee to leave service. Though both involve voluntary acts, they operate differently. One of the basic distinctions is that, in case of resignation, it can be tendered at any time, but in the case of voluntary retirement, it can only be sought for after rendering prescribed period of qualifying service. Other fundamental distinction is that in case of the former, normally retiral benefits are denied but in the case of the latter, the same is not denied. In case of the former, permission or notice is not mandated, while in the case of the latter, permission of the employer concerned is a requisite condition. ......
Though resignation is a bilateral concept, and becomes effective on acceptance by the competent authority, yet the general rule can be displaced by express provisions to the contrary. In PNB vs P..K Mittals case interpreting Regulation 20(2) of the Punjab National Bank Regulations, the Apex Court held that "resignation would automatically take effect from the date specified in the notice as there was no provision for any acceptance or rejection of resignation by the employer."
With Regards
Advocates & Notaries & Legal Consultants[HR]
E-mail : rajanassociates@eth,net,
Mobile : 9025792684.
From India, Bangalore
Thanks all
for knowledge shareing and guidence.
This means that
Superannuation means attaining the age of 58 years or varies as per company's policy i.e 60 or 62 years or so.
But retirenment can occur before this age i.e. as in case of VRS.
Superannuation includes retirenment.( Is this line is correct)
Also
Please clarify
Can we include resignation , or /and ,any other seperation as "retirenment".
Regards
naresh
From India, Pune
for knowledge shareing and guidence.
This means that
Superannuation means attaining the age of 58 years or varies as per company's policy i.e 60 or 62 years or so.
But retirenment can occur before this age i.e. as in case of VRS.
Superannuation includes retirenment.( Is this line is correct)
Also
Please clarify
Can we include resignation , or /and ,any other seperation as "retirenment".
Regards
naresh
From India, Pune
Dear Rajan Asociates, What is the conclusion of your above posting. Whether we have to understand that VRS is a form of retirement, but resignation is not so? Abbas.P.S
From India, Bangalore
From India, Bangalore
Yes. VRS stands for Voluntary Retirement Scheme. Voluntary 'retirement', as the term implies is a form of retirement. But resignation is not retirement.
From India, Madras
From India, Madras
Dear Abbas,
Resignation, dismissal, termination, removal from service do not come within the purview of retirement.
Retirement is a general term and may be used in any form of retirement, i.e., retirement on superannuation (on completion of age of retirement, i.e., 58 years or 60 years, whatever is fixed by the organization), or for voluntary retirement, or compulsory retirement (both any time before the date of attaining the age of superannuation), etc.
From India, Delhi
Resignation, dismissal, termination, removal from service do not come within the purview of retirement.
Retirement is a general term and may be used in any form of retirement, i.e., retirement on superannuation (on completion of age of retirement, i.e., 58 years or 60 years, whatever is fixed by the organization), or for voluntary retirement, or compulsory retirement (both any time before the date of attaining the age of superannuation), etc.
From India, Delhi
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