New to Recruitment? Curious About RETIRALS on Salary Slips? Let's Discuss!

Can somebody throw light on RETIRALS? I am new to the recruitment arena and I came across this term in my candidate's salary slip. I was curious!

I think with Retirals, they meant the benefits given at the time of Retirement or Exit. Please check this with the candidate.

Regards, Sreeknath

Hi,
Retirals are basically be one of the salary components as part of the Employees salary.
These are the purily the deduction elements which are also be seen as long term retirement benefits.
Some of the elements of retirsla are -
PF (Providens Fund)
ESI
Gratuity
Superannuation
Most of the above are statutory requirements based on the size of the company. For further details you can refer
The Employee's Provident Funds Act ,1952,
Employees' State Insurance Act, 1948,
The Payment of Gratuity Act, 1972 , and
Contributions Tax (Assessment and Collection) Act of Labor laws.
Regards
Nisha Binner
HR Manager

Dear Sender,

Retirals means the benefits payable at the time of retirement. For example:

1. Payment of Gratuity (paid by the employer based on the total service rendered).
2. Leave Encashment (number of paid leave days encashed by the employer).
3. Provident Fund - total PF contribution paid by the PF office in a lump sum.
4. Pension - monthly pension paid by the P.F. office until survival and subsequently to the nominee(s) like the wife, children, etc.
5. Superannuation - If the company has a superannuation policy, then a monthly pension is paid by the company.

Somebody mentioned ESIC in the reply. There will be no ESI benefits given at the time of retirement unless there is any disablement.

If there are any queries, please send an email to bhushan.dahanukar@ril.com.

Regards,
Bhushan Dahanukar
Mumbai

Hi,

"Retirals" means the benefits you receive at the time of exit or retirement. The following components come under retirals:

- PF (Provident Fund)
- FPF (Family Pension Fund)
- Gratuity
- Superannuation
- Leave Encashment, if any

All the above retiral components are contributed to the employee's account by the employer.

Regards,
Bharathi