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SUPER ANNUATION SCHEMES,[object Object]
Superannuation,[object Object],superannuation refer to a pension granted upon retirement,[object Object],In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment,[object Object],Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions.,[object Object]
Superannuation is a retirement Benefit by employer . It is a contribution made by employer each year on your behalf towards the group superannuation policy held by the employer. This is an important part of creating wealth for your retirement.,[object Object]
Superannuation Fund is a retirement benefit given to employees by the Company.,[object Object],Normally the Company has a link with agencies like LIC Superannuation Fund, where their contributions are paid.,[object Object],The Company pays 15% of basic wages as superannuation contribution. There is no contribution from the employee. ,[object Object],This contribution is invested by the Fund in various securities as per investment pattern prescribed.,[object Object],Interest on contributions is credited to the members account. Normally the rate of interest is equivalent to the PF interest rate. ,[object Object]
On attaining the retirement age, the member is eligible to take 25% of the balance available in his/her account as a tax free benefit.,[object Object],The balance 75% is put in a annuity fund, and the agency (LIC) will pay the member a monthly/quarterly/periodic annuity returns depending on the option exercised by the member. This payment received regularly is taxable. ,[object Object],In the case of resignation of the employee, the employee has the option to transfer his amount to the new employer. If the new employer does not have a Superannuation scheme, then the employee can withdraw the amount in the account, subject to deduction of tax and approval of IT department, or retain the amount in the Fund, till the superannuation age.,[object Object]
TWO  TYPES OF BENEFITS - ADVANCE FIXATION OF BENEFITS  AND  MONEY ,[object Object],PURCHASE  SCHEME. EVERY COMPANY IS  SUBSCRIBING TO MONEY  PURCHASE ,[object Object],SCHEME (WITH THE FIXED PERCENTAGE OF CONTRIBUTIONS PER MONTH,[object Object],TRANSFER FROM PREVIOUS EMPLOYER CAN ALSO BE RECEIVED (TAX FREE).,[object Object],        TRANSFER TO OTHER'S TRUST CAN ALSO BE PAID (TAX FREE).,[object Object],        NEW EMPLOYER CAN HAVE MINIMUM MANDATORY SERVICE CLAUSES FOR THEIR ,[object Object],        OWN  CONTRIBUTION  BUT  THEY CANNOT  TOUCH  PREVIOUS  TRANSFERRED ,[object Object],        FUNDS.,[object Object],        15% CONTRIBUTION TAX FREE IS THE BIGGEST TOOL OF TAX PLANNING.,[object Object],        EMPLOYEES  IN THE HIGHEST BRACKETS ARE MOST BENEFITED.  NOT  ONLY ,[object Object],        CONTRIBUTION IS TAX FREE BUT THE INTEREST @ 12% IS TAX FREE.  12% ,[object Object],        TAX FREE INTEREST IS EQUAL TO 18% TAXABLE INTEREST.,[object Object]
Super annuation schemes
Rules of Superannuation on Maturity,[object Object],Once the employee completes 3 years of service and works till his/her retirement, he/she can make use of superannuation balance as a form of pension. He/She can withdraw 1/3rd of the accumulated balance after retirement and the rest can be availed as monthly pension till end of life.,[object Object]
Super annuation schemes

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Super annuation schemes

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