Legal Question in Workers Comp in India

Supper annuation fund
My previous Company had schemes of Superannuation Fund (SAF) towards retirement benefits. The SAF benefits were administered by Trusts & through the group schemes of the Life Insurance Corporation of India. Company�s contribution were charged to the P&L account. Provision for leave encashment benefit on retirement is made on the basis of actuarial valuation at the end of the year.

The scheme of SAF for retirement benefit has been discontinued from the year 2005 - 2006 & the company started disbursing the amount equivalent to the monthly superannuation value as part of the Salary.

I no longer work with this company now & have learnt that the superannuation contribution has been withdrawn from the fund & has been disbursed to the existing employees. We had requested the company to release our superannuation money as well but we have been informed that since we no longer work with the company we do not have any right to this money. At the time of joining the company we were told that the SAF is released after 10 years of service, I worked for 51/2 years with this company.

I�m of the opinion that since the fund no longer exists, the 10 year clause is not applicable. Please give your opinion.

Asked on 5/10/07, 8:18 am

G. M. Gupta gmguptaandassociates

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Re: Supper annuation fund

sorry, can not advice without having a look at all the concerned papers

Answered on 5/12/07, 10:28 am

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