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POSTED BY ON December 29, 2012 4:02 pm COMMENTS (10)
Have been looking up the Super Annuation documentation. It states that he Company pays 15% of basic wages as superannuation contribution. There is no contribution from the employee. However, in the organsiation I work the same is being deduted from my CTC. Do let me know if this is right.
If this is a wrong doing by the organsation, whom should I approach.
Thanks and Regards,
Andre Fernandes
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I have resigned from a Central PSU and have got only around 20% of my Superannuation Benefit Fund amount that is in my account. The organisation says it is as per DPE guidelines, I have completed 29 plus years from 1986 April to 2015 September.. Can any one help me in this regard, losing 80% of the fund is a huge loss for me at this stage. I need help please.
Hi Ivs
This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that
Manish
Thanks for the details, then I think point c should have that clarity, else its misleading….
I think this depends on the kind of scheme adopted by the company. In some only company pays, in some only employee pays and in some both pay equal (NPS is an example).
If the company sticks to the rules of the scheme then like it or not that is pretty much it.
So is salary deductions allowed from the employee for Super Annuation….
Even if company pays 15% it will be still be part of CTC as it is funding your pension
Suppose If company does not pay and say only employee contributes 15% then it will part of salary deductions and not CTC
I other words, then point c) The Company pays 15% of basic wages as superannuation contribution. There is no contribution from the employee.
Holds no good, if its part of the CTC. Am I correct…
Aren’t both questions answered in the article by Manish at least twice?
Tp quote “Yes most of the companies show super annuation in CTC only”.
Which automatically answers your second question.
Am I missing something?
This is basically what I happened to read up and then send out my query. Would be glad if you could answer my query in particular to the actual situation I am facing….
Please see this post by Manish
http://jagoinvestor.dev.diginnovators.site/2009/05/what-is-super-annuation-benefit-and-how.html
In particular his answer to a question by Nipun