What is supperannuation and what is the period of it.. How Superannuation is calculated and what are the cretria for it.. :P
From India, Ahmadabad
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2From India, Ahmadabad
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Dear Jitu, Superannuation is a short of retiral benifit... an employee can encash it at the time of leaving service with min ternure of 5 yrs... hope this gives u a bit clarity.. wishes EAFIL
From India, Delhi
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From India, Delhi
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Hi Jitu,
I do agree with eafil, super annuity is a form of benefit given in 5 years' time, but it is calculated as 15% of your basic which you get. I hope that you must have got some information. If you need any information, feel free to ask.
From India, Bhubaneswar
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I do agree with eafil, super annuity is a form of benefit given in 5 years' time, but it is calculated as 15% of your basic which you get. I hope that you must have got some information. If you need any information, feel free to ask.
From India, Bhubaneswar
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Hello,
It's really a learning experience. I would like to ask whether it will be calculated as 15% of the basic salary for every month over the last 5 years, or if it is simply 15% of the basic salary multiplied by 5 years. Kindly clarify.
Thank you.
From Saudi+Arabia, Riyadh
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It's really a learning experience. I would like to ask whether it will be calculated as 15% of the basic salary for every month over the last 5 years, or if it is simply 15% of the basic salary multiplied by 5 years. Kindly clarify.
Thank you.
From Saudi+Arabia, Riyadh
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Some facts about Superannuation:
a) It is a retirement benefit.
b) It is normally computed at 15% of the monthly basic salary. Hence, if the basic is Rs. 10,000 p.m., the Superannuation contribution will be Rs. 1,500 per month.
c) The Company opens a Superannuation Fund with an agency like, for example, LIC. Monthly contributions are made by the Company on behalf of the eligible employees. (There is no recovery from the employees).
d) This Fund is normally invested in Govt. securities/equity to get returns.
e) When the employee retires, he/she can normally (based on rules of the Fund) be eligible for 25% of the accumulated fund.
f) The remaining amount is moved to an annuity fund, and monthly returns commuted as a pension are paid to the employee.
Regards,
P. Arun Kumar
From India, Bangalore
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a) It is a retirement benefit.
b) It is normally computed at 15% of the monthly basic salary. Hence, if the basic is Rs. 10,000 p.m., the Superannuation contribution will be Rs. 1,500 per month.
c) The Company opens a Superannuation Fund with an agency like, for example, LIC. Monthly contributions are made by the Company on behalf of the eligible employees. (There is no recovery from the employees).
d) This Fund is normally invested in Govt. securities/equity to get returns.
e) When the employee retires, he/she can normally (based on rules of the Fund) be eligible for 25% of the accumulated fund.
f) The remaining amount is moved to an annuity fund, and monthly returns commuted as a pension are paid to the employee.
Regards,
P. Arun Kumar
From India, Bangalore
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well, yes it is true tht super annuation is calculated on monthly basis at 15% on your salary.
From India, Bhubaneswar
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From India, Bhubaneswar
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Superannuation is 15% of basic, and gratuity is 4.81% of the basic. Superannuation can be optional (you can opt in your on-hand salary as a special allowance, which will be taxable) while gratuity is not. Superannuation can be claimed whenever you leave the company, while gratuity can only be claimed if you have completed 5 years.
Gunjan
From India, Vadodara
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Gunjan
From India, Vadodara
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Hi,
Superannuation is at 15% of the basic salary. The contribution is made by the employer. These days, the employer provides it as a benefit at the end of every year. Gratuity's eligibility is a minimum of 5 years of employment in the same firm. However, IT firms have a minimum period of 3 years due to attrition. It is calculated on three bases: daily, monthly, and piecework. It is paid based on the average salary of 15 days for every completed year of service.
From India, Bhilai
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Superannuation is at 15% of the basic salary. The contribution is made by the employer. These days, the employer provides it as a benefit at the end of every year. Gratuity's eligibility is a minimum of 5 years of employment in the same firm. However, IT firms have a minimum period of 3 years due to attrition. It is calculated on three bases: daily, monthly, and piecework. It is paid based on the average salary of 15 days for every completed year of service.
From India, Bhilai
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Hello Arun Can the employee get it when he leaves the company by resiging? Is there any time period (i.e min. 5 years) to get the benefit. Pl. clarify. Rgds Srinivasan.S
From Singapore, Singapore
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From Singapore, Singapore
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Hi,
Could you please tell me whether the employer intimates the employee about their superannuation account number? If a person leaves an organization without any intimation, i.e., absconding, in that case, would he be able to get his superannuation amount?
Good day,
Karuna Kerni
From India, Delhi
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Could you please tell me whether the employer intimates the employee about their superannuation account number? If a person leaves an organization without any intimation, i.e., absconding, in that case, would he be able to get his superannuation amount?
Good day,
Karuna Kerni
From India, Delhi
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I had received my superannuation amount cheque along with LIC letter. In the letter, there is an amount mentioned under the amount payable to the nominee. My commutative amount was calculated as 50% of the above-mentioned amount. So finally, I received the amount after deducting 30% tax on the commutative amount.
For example:
- Amount payable to the nominee = Rs 10,000
- Commutation amount = 50% of 10,000 = Rs 5,000
- Amount I received after tax = 3,500 (5,000 - (5,000 * 30%))
My question is regarding the amount payable to the nominee, is this the total amount credited to my superannuation account from my joining date to the last day in the office? If it is so, the amount is calculated incorrectly in my letter. I have been talking to my HR to clarify this and get the correct amount, but haven't got it resolved yet. Please clear it for me.
From United States, Hayward
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For example:
- Amount payable to the nominee = Rs 10,000
- Commutation amount = 50% of 10,000 = Rs 5,000
- Amount I received after tax = 3,500 (5,000 - (5,000 * 30%))
My question is regarding the amount payable to the nominee, is this the total amount credited to my superannuation account from my joining date to the last day in the office? If it is so, the amount is calculated incorrectly in my letter. I have been talking to my HR to clarify this and get the correct amount, but haven't got it resolved yet. Please clear it for me.
From United States, Hayward
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