Dear Friends, Can any one throw light on what is the difference between Superannuation & retirement. with some example.
From India, Delhi
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108From India, Delhi
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Hi Vikram,
Let me try to help you out.
Superannuation basically means payment (pension payment) on a monthly basis made by an organization to a person who has retired from that particular organization on attaining the age of superannuation.
To clarify further, Retirement on Superannuation is one of the different types of retirement.
And the different types of retirement known to me are:
1. Retirement on Superannuation: It means the retirement of an employee on reaching the maximum prescribed age limit for employment. The retirement age has been set at different age limits for various types of organizations/institutions. For instance, the retirement age for employees of public sector undertakings is 60 years of age, and that for scientists of the Government of India it is extendable to 64 years of age. For private sector firms, the ages of retirement vary.
2. Voluntary Retirement: Voluntary retirement is one of the options made available to employees of an organization under the Voluntary Retirement Scheme. Under the scheme, employees are given the option to retire earlier than the superannuation age. It is mainly adopted by organizations to trim staff strength by making available monetary or other benefits.
3. Compulsory Retirement: Compulsory retirement is resorted to by an organization for the dismissal or discharge of an employee. An employee can be made to compulsorily retire on account of serious misconduct, theft of office property, etc.
That's sharing some of the basic knowledge I have.
Regards,
Leena
From India, Delhi
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Let me try to help you out.
Superannuation basically means payment (pension payment) on a monthly basis made by an organization to a person who has retired from that particular organization on attaining the age of superannuation.
To clarify further, Retirement on Superannuation is one of the different types of retirement.
And the different types of retirement known to me are:
1. Retirement on Superannuation: It means the retirement of an employee on reaching the maximum prescribed age limit for employment. The retirement age has been set at different age limits for various types of organizations/institutions. For instance, the retirement age for employees of public sector undertakings is 60 years of age, and that for scientists of the Government of India it is extendable to 64 years of age. For private sector firms, the ages of retirement vary.
2. Voluntary Retirement: Voluntary retirement is one of the options made available to employees of an organization under the Voluntary Retirement Scheme. Under the scheme, employees are given the option to retire earlier than the superannuation age. It is mainly adopted by organizations to trim staff strength by making available monetary or other benefits.
3. Compulsory Retirement: Compulsory retirement is resorted to by an organization for the dismissal or discharge of an employee. An employee can be made to compulsorily retire on account of serious misconduct, theft of office property, etc.
That's sharing some of the basic knowledge I have.
Regards,
Leena
From India, Delhi
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Dear,
Superannuation is the act of discharging someone because of age, especially to cause someone to retire from service on a pension. Retirement means the state of being retired from one's business or occupation or withdrawal from one's position or occupation in an organization. Whereas the former includes the latter, it is not vice versa.
With kind regards,
Chennai – 600 001.
Off: 044-42620864, 044-65874684
From India, Bangalore
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Superannuation is the act of discharging someone because of age, especially to cause someone to retire from service on a pension. Retirement means the state of being retired from one's business or occupation or withdrawal from one's position or occupation in an organization. Whereas the former includes the latter, it is not vice versa.
With kind regards,
Chennai – 600 001.
Off: 044-42620864, 044-65874684
From India, Bangalore
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Understanding Superannuation and Retirement
Superannuation is retirement upon attaining the age of retirement in the normal course (i.e., while being in good health). The term "retirement" covers all cases, including the above case of retiring prematurely due to injury and ill health, government compulsorily retiring a person due to misconduct/ill health, and voluntary retirement by an official for reasons other than ill health, etc.
From India, Jamshedpur
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Superannuation is retirement upon attaining the age of retirement in the normal course (i.e., while being in good health). The term "retirement" covers all cases, including the above case of retiring prematurely due to injury and ill health, government compulsorily retiring a person due to misconduct/ill health, and voluntary retirement by an official for reasons other than ill health, etc.
From India, Jamshedpur
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