04 May 2012
1.what is super annuation fund? 2.does only the employer contributes in it or just like pf,the employee too contributes? 3.how does the employee claims it?
04 May 2012
Super annuation refers to RETIREMENT benefits. Normally the companies where PENSION scheme is not in vogue, opt for super annuation programme. A very old super annuation scheme I know is opted by OIL companies in India. viz. IOC, HP, BP. Most of these companies have handed over this scheme to LIC which in turn used to pay to the retired employees either on monthly basis or lumpsum. The contribution was made by the employer. Now a days, in some private ltd.companies, contribution is made by employer as well as employee. We need to get it approved from Income Tax.
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