Superannuation Calculation
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Hello Arun,Can the employee receive their benefits when they leave the company by resigning? Is there any specific time period (e.g., minimum 5 years) to be eligible for these benefits? Please clarify.Regards,Srinivasan S.
Superannuation is 15% of basic, and gratuity is 4.81% of the basic. Superannuation can be optional (you can opt in your on-hand salary as a special allowance, which will be taxable) while gratuity is not. Superannuation can be claimed whenever you leave the comp...
How is the superannuation commutation amount calculated and how is the annuity installment for every six months calculated? My superannuation account was maintained with LIC by my ex-company. If there is any wrong calculation in the commutation amount, who is re...
Can someone tell me how to do the calculation in the matter below? I have an employee who has worked with us for 14 years. His last drawn Basic was 18700/-. Please tell me how I have to calculate.Thanks in advance,Raj
Dear,If the amount is calculated incorrectly, the employer is considered a defaulter in that case. Usually, the company pays 15% of the basic wage towards the superannuation fund and deposits it with agencies like LIC.I have attached a document with more informa...
@vipinmanav:> Dear,> > If the amount is calculated incorrectly, the employer is a defaulter in that case. Usually, the company pays 15% of the Basic wage towards the superannuation fund and deposits it with agencies like LIC.> > I am attaching more information i...
Thank you, Dayanand L Guddin, for your input. In the LIC website, only the last twenty transactions of superannuation are provided. My team members have been inquiring about confirmation regarding the transfer of funds from a previous employer. I have already se...
Hi,In my own case, I have had it transferred from one employer to another. The common thing was that both of them had the Superannuation account with LIC itself. It may be difficult to transfer if the fund administrators are different.Kind regards,Dayanand
Dear [Recipient],First, you have to confirm whether the employer has deposited directly into employees' accounts or in a trust account.Thanks,Sunder SinghAssistant Manager - HR@dlghr89:> Hi,> > I am not aware of the LIC transactions. However, the usual practice ...
Hi,If your friend has worked in the same company for 8 years, then it should not be a problem to withdraw this amount. Usually, many companies make it a rule of serving a minimum of five years to be eligible for withdrawing superannuation. The company in which y...