Pre-Independence Pension System The British started the pension system in India after the Indian struggle for independence in 1857. This was the reflection of the pension scheme then prevailing in Britain. But the provisions of this system discouraged the employees for creating a financial cover for their post-retirement life. So, confronting to all these problems, […]
What is Superannuation? Know about available retirement plans in India
Superannuation Meaning- Superannuation can be defined as the funds which are paid by an employee during his/her employment tenure, and which return as a pension on a regular basis when the person gets retired. Superannuation is a form of retirement benefit that employers offer to employees. This may be the result of government mandates or […]
Different superannuation schemes in India
An integral part of social security in India is superannuation benefits. These are available in different formats. Employers can compare and identify the best plans available that they can then offer their employees. In India, Superannuation plans come in two main types: for accumulating retirement savings and for generating pension after retirement. Post-retirement benefit plans […]
How does the National Pension Scheme Work?
National Pension Scheme (NPS) is a Government program under The National Pension System of India. The scheme looks forward to securing employees post retirement. The Government of India adopted the system from 1st January 2004. Under the NPS, every candidate has to acquire PRAN (permanent retirement account number) for the allotment of eligibility. In the […]
Different kinds of Annuity products available in India ?
Annuities can be categorized in following three ways: Starting Time of the Annuity Type of Pension Amounts offered Type of Pension Scheme Annuities based on Starting Time Deferred Annuity – Your investment is made into a fund (of your choice) which keeps growing for a chosen period of time. You can choose the time when […]
What are the various expenses applicable in a Group Superannuation plan and how do they apply?
There are various expenses or charges levied on a group superannuation plan, which need to be paid. Have a look at some of the expenses/charges applicable in the plan – Fund Management Charges – These are those charges which are deducted from the policy account at the end of each quarter or at the time […]
Benefits of Group Superannuation Plan
Ironically today, when there are higher chances of outliving our savings, very few employees, are taking out enough time to plan their retirement. The majority of them are not even inclined to save for retirement regularly. Employees are a valuable asset to any company, and as an employer, you can retain staff for longer by […]
8 Rules of Group Superannuation Policies all employees should be aware of
Most employees keep on planning and restructuring their savings to reap its benefits after retirement, but they are not aware of a benefit that they are automatically eligible to if they are working in a company for at least more than a year. Yes! The superannuation scheme is a retirement benefit that is offered by […]