Superannuation (S.A)
Mahesh Kakade
(Querist) 20 February 2011
This query is : Resolved
Mr. X is working in a limited company.
Details of Mr. X is hereunder below:-
1. Date of Joining in the company is 9th October 2006 as management trainee
2. Date of Permanent employee is 9th October 2007 as executive.
3. Current Gross Salary of Mr. X is Rs. 32500/- per month
4. As per current policy of the company Superannuation is deducted 15% of the salary
5. The S.A. amount will refund to the employee after 20 yrs of his service
6. If employee resign before 20yrs period then the deducted amount will not refund to employee
Need your advice on the following points:-
• Can company as per point no. 6 do as per Act?
• Need detail explanation on this subject
Guest
(Expert) 21 February 2011
Before I make any comment, you may please clarify whether the employee is also subject to subscribe to CPF or Employees Provident Fund? Please name the provident fund in clear terms if the company is making the employee to subscribe and what amount the company also subscribes from its own towards the PF of the employee?
Also, if possible, it would be better to attach with your reply a scanned copy of a salary slip of the employee for understanding.
PS Dhingra
Chief Executive Officer
Dhingra Group of Management & Vigilance Consultants
New Delhi-110089
Mobile: 09968076381
[dcgroup1962@gmail.com]
