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
2From India, Ahmadabad
Some facts about Superannuation -
a) It is a retiral 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 is moved to a annuity fund and monthly returns commuted as pension is paid to the employee.
Regards
P.Arun Kumar
From India, Bangalore
a) It is a retiral 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 is moved to a annuity fund and monthly returns commuted as pension is paid to the employee.
Regards
P.Arun Kumar
From India, Bangalore
Superannuation is 15% of basic and gratuity is 4.81% of the basic.
Superannuation can be optional (you can opt in you 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 Gartuity can only be claimed if you have completed 5 yrs.
Gunjan
From India, Vadodara
Superannuation can be optional (you can opt in you 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 Gartuity can only be claimed if you have completed 5 yrs.
Gunjan
From India, Vadodara
hi..
Superannuation is on 15% of the Basic salary..
the contribution is made by the employer..
These days the employer gives it by the means of benefit at the end of every year.
Gratuity's eligibility is minimum 5 years of employement in the same firm..
However, IT firms have the minimum period OF 3 years due to attrition..
Its calculated on three basis
daily
monthly
piece work
It is paid on the average salary of 15 days for every completed year of service
From India, Bhilai
Superannuation is on 15% of the Basic salary..
the contribution is made by the employer..
These days the employer gives it by the means of benefit at the end of every year.
Gratuity's eligibility is minimum 5 years of employement in the same firm..
However, IT firms have the minimum period OF 3 years due to attrition..
Its calculated on three basis
daily
monthly
piece work
It is paid on the average salary of 15 days for every completed year of service
From India, Bhilai
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
From Singapore, Singapore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Retirement on Superannuation - when - Court judgment.doc