Dear Sir,
I worked with TML for 2 years. The company was paying superannuation, which was reflected in CTC. Now that I have left the job, I have received the settled PF amount that was due to me. However, the company is now stating that the superannuation amount cannot be paid out as it is reserved for pensioners only.
At this point, I kindly request guidance on the procedure for claiming the superannuation amount that is rightfully due to me.
Regards,
Skishor
From India, Pune
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I worked with TML for 2 years. The company was paying superannuation, which was reflected in CTC. Now that I have left the job, I have received the settled PF amount that was due to me. However, the company is now stating that the superannuation amount cannot be paid out as it is reserved for pensioners only.
At this point, I kindly request guidance on the procedure for claiming the superannuation amount that is rightfully due to me.
Regards,
Skishor
From India, Pune
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Withdrawal of superannuation fund before the age of superannuation depends upon the rules and regulations in this respect. If the scheme is like a contribution by the employee out of his salary on a monthly basis, the same shall be treated as a deduction towards a fund. In such a case, any amount contributed by the employee shall be refundable when he leaves the company due to any reason.
Regards,
Madhu.T.K
From India, Kannur
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4526Regards,
Madhu.T.K
From India, Kannur
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You should first check if you are eligible and entitled for superannuation, as generally, companies have a rule that an employee would be eligible for superannuation if he completed 5 years of service with them.
Thanks & Regards,
Avika Kapoor
From India, New Delhi
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Thanks & Regards,
Avika Kapoor
From India, New Delhi
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Hi,
It is rightly said by Mr. Madu T. K. It depends on the agreement between the company and the organization from where the Superannuation scheme is taken. But still, you should check with your previous company what the rules and regulations are for Superannuation claims.
Regards,
Rajendra
From India, Mumbai
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It is rightly said by Mr. Madu T. K. It depends on the agreement between the company and the organization from where the Superannuation scheme is taken. But still, you should check with your previous company what the rules and regulations are for Superannuation claims.
Regards,
Rajendra
From India, Mumbai
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Hi,
Superannuation Fund, i.e., Pension Fund, is not like a Provident Fund. The Superannuation Fund is normally funded by the company only, which should be an Income Tax-approved Fund and have its own set of rules approved by the Income Tax department. The funds are managed by the trustees, who are senior managers of the company. The fund has a Trust Deed and a Rule Book. According to the rules, the claim to superannuation benefits accrues after a certain period of service rendered by the employee. From my experience, I have seen that in most companies, eligibility for superannuation accrues only after an employee has rendered 10-15 years of service and reached 45 years of age. It seems that your previous company's superannuation fund has rules like this, hence they have denied the benefit to you.
You may ask the Fund Manager why the benefit has been denied.
From India, Calcutta
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Superannuation Fund, i.e., Pension Fund, is not like a Provident Fund. The Superannuation Fund is normally funded by the company only, which should be an Income Tax-approved Fund and have its own set of rules approved by the Income Tax department. The funds are managed by the trustees, who are senior managers of the company. The fund has a Trust Deed and a Rule Book. According to the rules, the claim to superannuation benefits accrues after a certain period of service rendered by the employee. From my experience, I have seen that in most companies, eligibility for superannuation accrues only after an employee has rendered 10-15 years of service and reached 45 years of age. It seems that your previous company's superannuation fund has rules like this, hence they have denied the benefit to you.
You may ask the Fund Manager why the benefit has been denied.
From India, Calcutta
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person joing a new company.but company making him to sign the bond of 5 year either he should have to pay 3 lakh . Is its good for him to join the firm
From India, Bhopal
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From India, Bhopal
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Superannuation is a benevolent voluntary scheme adopted by employers for the retention of employees. These are schemes that many organizations design to attract employees to the organization. It necessarily involves a certain period of service for you to derive benefits from the scheme.
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Please help me to understand How long the Pension against the annuity will continue? is there a time limit? Also what happens in case of the death of the pensioner?
From United States, Miamisburg
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From United States, Miamisburg
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As per company rules, employees will be eligible for a pension only after continuous service of the prescribed period, which could be more than 15 to 20 years. In your case, admittedly, you will not be covered under the pension scheme unless a special agreement had been entered into with management. The management had settled the PF contributions; hence, no dues are payable.
From India, Tiruchchirappalli
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From India, Tiruchchirappalli
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF