Hi there,
I worked with a French multinational company in India for 23 years and resigned in March 08. My employer has not paid the money in the fund, stating that I have joined a competitor. They say that repaying the superannuation fund lies with the employer and it is part of their retention plan. What can I do about this? Is there any law in this country to protect employees like me?
Thank you.
From India, Mumbai
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I worked with a French multinational company in India for 23 years and resigned in March 08. My employer has not paid the money in the fund, stating that I have joined a competitor. They say that repaying the superannuation fund lies with the employer and it is part of their retention plan. What can I do about this? Is there any law in this country to protect employees like me?
Thank you.
From India, Mumbai
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Hi, What exactly do you mean by Superannuation fund? Are you talking about P.F and gratuity? If so, no company can do so, subject to certain contingencies. Please be more specific. Regards
From India, New Delhi
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10From India, New Delhi
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Hi,
This is part of fringe benefits, in which the company contributes a fixed sum based on your years of service to a bank, which in turn invests a part of this into stocks. This is in no way related to PF/Gratuity.
From India, Mumbai
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This is part of fringe benefits, in which the company contributes a fixed sum based on your years of service to a bank, which in turn invests a part of this into stocks. This is in no way related to PF/Gratuity.
From India, Mumbai
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Sorry, I have never heard of such a superannuation fund or, for that matter, such a retention strategy. I guess that since it is a non-contributory and non-statutory fund maintained by the company, the company is taking advantage of the situation. What does your terms of appointment state? If it states that you are entitled to such a fund at the time of superannuation, then I guess you have no right to claim it. Otherwise, you can try your luck with convincing the management.
All the best.
Regards
From India, New Delhi
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All the best.
Regards
From India, New Delhi
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My $0.02 personal view on this delicate issue.
The way I see it, if it is offered from the company as a retention tool (Indian companies need to learn this yet/some Indian companies do offer this), then it's purely voluntary from the company's side to offer you. However, you need to look at the original terms & conditions of your appointment letter (I'm sure those days you had one form of contract/offer). If during the course of your appointment/tenure they have stated or deemed to have informed this to you, then sorry, there is nothing you can do. It is the employer's offering for retention and it's not a right that would be payable. Maybe some seniors could shed some light on this issue.
From India, Mumbai
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The way I see it, if it is offered from the company as a retention tool (Indian companies need to learn this yet/some Indian companies do offer this), then it's purely voluntary from the company's side to offer you. However, you need to look at the original terms & conditions of your appointment letter (I'm sure those days you had one form of contract/offer). If during the course of your appointment/tenure they have stated or deemed to have informed this to you, then sorry, there is nothing you can do. It is the employer's offering for retention and it's not a right that would be payable. Maybe some seniors could shed some light on this issue.
From India, Mumbai
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Hi,
Superannuation is a type of pension scheme and is not an act. It is formed by Company Trust and financial institutions and governed by the rules of the trust deed entered into by both parties.
As per the provisions of the Income Tax Act, the contribution to any such fund is non-taxable. Employers claim tax rebates on such contributions.
From my understanding, no recovery can be made from such pension schemes. The employee has all the rights to it and is entitled to receive the benefits.
Also, seniors, please guide me if I am wrong, there are some provisions in the EPS Act, 1995, which can be referred to in this case.
Best Regards,
DS
From Singapore, Singapore
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Superannuation is a type of pension scheme and is not an act. It is formed by Company Trust and financial institutions and governed by the rules of the trust deed entered into by both parties.
As per the provisions of the Income Tax Act, the contribution to any such fund is non-taxable. Employers claim tax rebates on such contributions.
From my understanding, no recovery can be made from such pension schemes. The employee has all the rights to it and is entitled to receive the benefits.
Also, seniors, please guide me if I am wrong, there are some provisions in the EPS Act, 1995, which can be referred to in this case.
Best Regards,
DS
From Singapore, Singapore
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You may kindly check the service conditions that you would have executed on the day you were covered under Superannuation. I presume you would have been served with a copy of the service rules and regulations.
If you agree and are fulfilling the conditions for payment, you can make an appeal to Management. If it is still not tenable, you can approach it legally.
Gopu
From India, Chennai
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If you agree and are fulfilling the conditions for payment, you can make an appeal to Management. If it is still not tenable, you can approach it legally.
Gopu
From India, Chennai
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Hi, this superannuation fund is not at all linked with PF, Gratuity, or Pension Fund. This fund is created by the employer by contributing a fixed amount to the fund on behalf of its employees, which is payable to the employee at the time of his/her exit. Such schemes are taken by employers from institutions like LIC, etc. The duration of service for entitlement of superannuation depends upon the rules and regulations of the employer. Generally, it is 5 years and it may be as long as 10 to 15 years. You need to check your company's policy/your appointment letter regarding this. If it is below 23 years, then you can very well claim the same. If the company refuses to pay the same, then you have a right to file a suit in which you need to prove the fact that you are entitled to such accumulation vide your appointment letter/office order/scheme of the company. Thanks.
From India, New Delhi
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From India, New Delhi
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Hi Gagegotu am attaching the file regarding the superannuation
From India, Hyderabad
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From India, Hyderabad
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Hi!
You can be taken on a ride by your employer only if you do not have any commitment from your employer in writing and the Superannuation Fund was not declared as a part of your CTC at any point in time.
If the situation is different from what is mentioned above, then you can take legal recourse. To start, you can send a notice through an advocate, then speak to the HR person.
Hope this helps.
Raj.
From India, Silvassa
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You can be taken on a ride by your employer only if you do not have any commitment from your employer in writing and the Superannuation Fund was not declared as a part of your CTC at any point in time.
If the situation is different from what is mentioned above, then you can take legal recourse. To start, you can send a notice through an advocate, then speak to the HR person.
Hope this helps.
Raj.
From India, Silvassa
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Dear Sir,
I have applied for full and final settlement of the Superannuation fund on 30.06.10 with Century Cement. To my utter surprise, my claim was rejected by the company on 29.7.10. They stated that according to the rules of the superannuation fund, a member must complete a minimum of 5 years of service with the organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008, at the age of 54, and resigned due to illness on 28.8.2008, after reaching 56 years of age. I received a yearly statement of contributions during this period.
I am currently not working with any organization. The company is now claiming that I am not eligible. It seems that the company may have taken advantage of this situation and claimed Income Tax rebate from the IT department on the contributions towards the Superannuation fund deposited in my name.
If the company is unable to pay this amount to me, how can they still benefit from the tax rebate on the funds deposited?
I would appreciate your prompt advice.
It would also be helpful to receive replies via email – jha.kailashnath@gmail.com.
Regards,
Kailash Jha
From India, Delhi
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I have applied for full and final settlement of the Superannuation fund on 30.06.10 with Century Cement. To my utter surprise, my claim was rejected by the company on 29.7.10. They stated that according to the rules of the superannuation fund, a member must complete a minimum of 5 years of service with the organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008, at the age of 54, and resigned due to illness on 28.8.2008, after reaching 56 years of age. I received a yearly statement of contributions during this period.
I am currently not working with any organization. The company is now claiming that I am not eligible. It seems that the company may have taken advantage of this situation and claimed Income Tax rebate from the IT department on the contributions towards the Superannuation fund deposited in my name.
If the company is unable to pay this amount to me, how can they still benefit from the tax rebate on the funds deposited?
I would appreciate your prompt advice.
It would also be helpful to receive replies via email – jha.kailashnath@gmail.com.
Regards,
Kailash Jha
From India, Delhi
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Form for memorandun of sellement of industrial dispute between employer and employees.doc
EPFO circular regarding TDS on Payment of Provident Fund.pdf