Defined Contribution Superannuation Scheme Guidelines and Benefits
Learn about the Defined Contribution Superannuation Scheme guidelines issued by the Department of Public Enterprises, eligibility criteria, employer and employee contributions, retirement benefits, and more. Understand the implications of resignation, disciplinary proceedings, and commutation of pension in this comprehensive guide.
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REC EMPLOYEES DEFINED CONTRIBUTION SUPERANNUATION SCHEME
DPE GUIDELINES ISSUED SUPERANNUATION BENEFITS PAYABLE @ 30% OF BASIC . VIDE O.M DATED 26.11.2008 SUPERANNUATION BENEFITS TO INCLUDE P.F , GRATUITY , PRMS AND PENSION. MODIFICATION ISSUED VIDE O.M DATED 02.04.09 SUPERANNUATION BENFITS PAYABLE @ 30% OF BASIC + DA.
REC SUPERANNUATION SCHEME DATE OF NOTIFICATION EFFECTIVE FROM - 01.01.2007 28.03.2012 - ELIGIBILITY All employees between age 18yrs. & 45 yrs. Age limit of 45 yrs. not required for o Employees joining REC before 26.11.2008. o Employees from other CPSEs provided service in previous company + future service in REC till date of superannuation is not less than 15yrs.
CONTRIBUTIONS EMPLOYER @9% of Basic + DA ( from 01.01.07) BASIS - Balance after accounting for PF@ 12% ; Gratuity @ 4.8% and PRMS @ 3.13 - 4.13 % . EMPLOYEE @ 5% OF Basic +DA ( from 28.03.12) BASIS - Wage negotiation with REC Employees Union and discussions with Officers Association. Provision for voluntary monthly contribution by employees .
BENEFITS On Normal Retirement : Pension payable only if total service is 15 yrs. (Past service in CPSE/s + Service in REC). 15yrs. Service not required in following cases: Death; Voluntaryretirement under provisions of such schemes; Premature retirement on Medical grounds on account of permanent totaldisablement /being incapacitated for service. Pension payable out of total contributions in employees account i.e. Employer + Employee (including voluntary) + contributions transferred from previous CPSE.
BENEFITS ON RESIGNATION BEFORE RETIREMENT On joining CPSE , total accumulations transferred. On joining non CPSE , only employee contribution with interest payable. ON DISCIPLINARY PROCEEDING: CESSATION OF SERVICE BY WAY OF only employee contributions with interest payable. COMMUTATION OF PENSION 1/3RD allowed.
