Dear Sir,
I have been working with an organization for the past 5 years. I opted for a superannuation pension scheme at the time of joining. Now, due to some unforeseen problems, I have to resign. I know that they will pay Gratuity and PF. But what about the superannuation scheme? Am I eligible to receive any money? I joined when I was 47 years old, and now I am 52 years old. My yearly contribution amounts to around 75,000/-. Could someone please provide accurate information on the eligibility criteria?
Thank you,
Major Sekar
sekarvasanth26@gmail.com
From India, Madurai
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2I have been working with an organization for the past 5 years. I opted for a superannuation pension scheme at the time of joining. Now, due to some unforeseen problems, I have to resign. I know that they will pay Gratuity and PF. But what about the superannuation scheme? Am I eligible to receive any money? I joined when I was 47 years old, and now I am 52 years old. My yearly contribution amounts to around 75,000/-. Could someone please provide accurate information on the eligibility criteria?
Thank you,
Major Sekar
sekarvasanth26@gmail.com
From India, Madurai
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Dear Major Sekar,
The rules and regulations for SAS vary from company to company. Any company that provides SAS benefits to its staff must have rules and regulations for managing the scheme. We have SAS, and for that, a separate trust and set of rules exist. This is a contributory scheme, meaning both the employee and employer contribute equally to this scheme. According to these rules, any staff member who leaves their job before completing three years of service will only receive the employee's contribution, while the company's contribution amount will be forfeited. Therefore, in your case, you may also receive the SAS amount subject to your company's rules.
Regards,
From India, Anand
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The rules and regulations for SAS vary from company to company. Any company that provides SAS benefits to its staff must have rules and regulations for managing the scheme. We have SAS, and for that, a separate trust and set of rules exist. This is a contributory scheme, meaning both the employee and employer contribute equally to this scheme. According to these rules, any staff member who leaves their job before completing three years of service will only receive the employee's contribution, while the company's contribution amount will be forfeited. Therefore, in your case, you may also receive the SAS amount subject to your company's rules.
Regards,
From India, Anand
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Dear,
Normally, superannuation will be contributed by the employer as part of CTC. The payment of the same is governed by the rules prescribed by the company. Generally, the yearly contribution is paid to an insurance company. If the employee resigns by adhering to all the formalities at the time of exit and is relieved properly, you can check with the employer, obtain the necessary form from the employer, who will in turn submit it to LIC. The proceeds can either be claimed as a lump sum or availed as an annuity (pension).
From India, Chennai
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Normally, superannuation will be contributed by the employer as part of CTC. The payment of the same is governed by the rules prescribed by the company. Generally, the yearly contribution is paid to an insurance company. If the employee resigns by adhering to all the formalities at the time of exit and is relieved properly, you can check with the employer, obtain the necessary form from the employer, who will in turn submit it to LIC. The proceeds can either be claimed as a lump sum or availed as an annuity (pension).
From India, Chennai
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