Superannuation Scheme - CiteHR
Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Dear Sir, I am working with an organisation for the past 5 years. I opted for super annuation pension scheme at the time of joining. Now due to some unfore seen problems I have to resign. I know that they will pay Gratuity and PF . But about Super annuity scheme? Am I eligible to get some money > I joined when I was 47 yrs and now I am 52 yrs and yearly contribution amounts to around 75000/-. will any one inform correctly the eligibility criteria?
Thank you
Major sekar(sekarvasanth26@gmail.com0

Dear Major Sekar
The rules and regulation for SAS is variable company to company. Any company who are giving benefit of SAS to their staff there must be rule and regulation for management of the scheme. We have SAS and for that a separate trust and rules is there. This is contributory scheme i.e employee and employer are paying equal amount to this scheme. According these any staff who leave his job before completion of three years service we are only paying employee's contribution and the company's contribution amount is forfeiting. So in your case you may also get back SAS amount subject to rules of your company.

Normally superannuation will be contributed by the employer as part of ctc. The payment of the same is governed by the rules prescribed by the company. Generally the yearly contribution is paid to an Insurance company. If the employee resigns by adhering to all the formalities at the time of exit and relieved properly you can check with the employer, obtain the necessary form from the employer who will in turn submit to LIC. The proceeds either you can claim lumpsum or avail as annuity (pension)

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2020 Cite.Co™