Superannuation

POSTED BY vikas singhal ON December 22, 2011 4:36 pm COMMENTS (2)

Sir,

I have requested my employer in June’11 to deduct an amount or Rs 48000 from my salary as superannuation fund, but somehow I want to withdraw the request. I want to know about the rules that whether I can withdraw my request or not.

This is my first year to start with superannuation scheme.

2 replies on this article “Superannuation”

  1. Narayan says:

    Superannuation fund is contributed by the employer and not have employee. Moreover, only if you have completed three years of service and work till your, you can make use of the superannuation balance; that too as pension. You can withdraw 1/3rd of the accumulated balance after retirement and the rest can be availed as monthly pension till end of life.
    If you do not wish to be part of the superannuation fund; you can exit from the same, but you cannot receive the contributions already made till your retirement.
    Narayan

  2. Dear Vikas, Please check with your employer for the exact rules of your superannuation fund. In general if your contribution is going on mly basis & if your employer permits, you mat reduce your component or make it even zero but withdrawl is out of question unless you are leaving the job or amount is to be paid to your family as claim settlement due to your death.

    Thanks

    Ashal

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