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Types of Fringe Benets

Old Age & Retirement Benets

By:-Shobhit Shukla !"Shailendra Singh RShubham )e* +erShubham .umar !

#


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Table of /ontents

• Old age and retirement benets

• 0ro*ident fund

• 0ension

• )eposit linked insuran1e

• $edi1al benets

• 2ratuity

• Referen1es


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Old age and retirement benets

• 0ro*ident fund

• 0ension

• )eposit linked insuran1e

•

$edi1al benets• 2ratuity


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0ro*ident Fund

• 0ro*ident Fund is one of the main platforms of sa*ings in4ndia for nearly all 5orking people6

• $eant for 71onomi1 8elfare of the employees

• /omes under 7mployee9s 0ro*ident Fund A1t #;%!6

• The 7mployees 0ro*ident Fund Organisation 70FO is astatutory body of the 4ndian 2o*ernment that administer

0ro*ident Fund6


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70F A1t

• 7mployees in all fa1tories under Fa1tories A1t #;,< are1o*ered6

• 7mployees on attaining #% years of membership are

eligible for 0ro*ident Fund6

• Organisations pay the 0F amount 5ith interest to employor his dependants6


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)eposit & 8ithdra5al

• 0F is taken as #!= of the basi1 5ages dearness allo5an1and retaining allo5an1e payable to employees per mont

• The rate is >ed at #"= in the 1ase of any si1k industrial

1ompany

• A member 1an 5ithdra5 up to ;"= of the amount ofpro*ident fund after attaining the age of %, years of age


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7mployee 0ro*ident Fund Benets

70F s1heme benets employees in follo5ing essential needs:

• Retirement

• $edi1al /are

• ?ousing

• Family obligation

•

7du1ation of /hildren


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0ension

• The 2O4 introdu1ed a s1heme of 7mploye0ension S1heme for the purpose of pro*idiFamily 0ension and @ife 4nsuran1e benets to temployees of *arious establishments to 5hi1h t

A1t is appli1able6• The A1t 5as amended in #;# 5hen Family 0ensi

fund 5as introdu1ed in the A1t6

• Both the employer and the employee 1ontributi

to this fund6•


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7mployee9s Family 0ension S1heme #;# 0ro*ides for a Family 0ension to the family of de1eased employee as perthe follo5ing rates:


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• This scheme also provides for the payment of a lump sumamount of Rs 4000 to an employee on his retirement asretirement benefit and a lump sum amount of Rs 2000 in theevent of death of an employee as life insurance benefits6

/ontd6


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)70OS4T @4.7) 4SCRA/7

• 7mployee deposit linked insuran1e s1heme 5asintrodu1ed in #;( under the 06F A1t #;%!6

• Cnder this if a member of the 7mployees0ro*ident fund dies 5hile in ser*i1e his

dependents 5ill be paid an additional amounteDual to a*erage balan1e during the last 3 yrs inhis a11ount6

• Amount should not be less than Rs #""" andma>imum amount of benets is Rs #""""6

• The minimum amount to be maintained is re*ised

9


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)70OS4T @4.7) 4SCRA/7

Sr

no

.

GRADE PAY Minimum Balance

be maintained

1.Pay Band - 2 (Rs !00-!4."00# and above and dra$in%

&P of Rs 4"00 p.m or moreRs 2'000

2.

Pay Band -2 (Rs !00-!4"00# and dra$in% &P of Rs 4200

p.m or more but less than Rs 4"00 Rs 1'000

!.Pay Band-2 Pay Band - 1 (Rs 4440-)440# and dra$in%

&P of Rs 1400 p.m or more but less than Rs 4200Rs 10000

4.Pay Band - 1* (Rs 4440-)440# and dra$in% &P of rs 1!00

p.m but less than Rs 1400Rs +000

Additional amount payable shall not e>1eed Rs(""""-


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$7)4/A@ B77F4TS

• $edi1al Benets are pro*ided to retired employeeand their family members6

• OrganiEations pay medi1al e>penses throughappropriate insuran1e poli1y6

• These benets 1reates a feeling of permanentatta1hment 5ith organiEation to the employeese*en 5hen they are no longer in ser*i1e6


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2ratuity

• Benet payable to an employee on the terminatioof his employment after he has rendered 1ontinuoser*i1e for not less than *e years

a on his superannuation or

b on his retirement or resignation or

1 on his death or disablement due to a11ident ordisease


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/ontd6

• The gratuity is 1o*ered under the 0ayment of2ratuity A1t #;!6

• This a1t pro*ides for 1ompulsory payment bymanagement of Fa1tories plantations mines Oi

elds Rail5ays Shops and other establishmentsemploying #" or more employees6


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0ayment of gratuity

• 0ayable at the rate of #% days 5ages

• For ea1h year of 1ompleted ser*i1e

• On part thereof in e>1ess of si> months

• $a>imum limit #" lakhs


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R7FR7/7S

• http:postalstaG1orner6blogspot6in!"";"• ?uman resour1e management H +6S60 Rao

http://postalstaffcorner.blogspot.in/2009/08/deposit-linked-insurance-scheme-in-gpf.htmlhttp://postalstaffcorner.blogspot.in/2009/08/deposit-linked-insurance-scheme-in-gpf.htmlhttp://www.citehr.com/148249-types-fringe-benefits-provident-fund.htmlhttp://www.citehr.com/148249-types-fringe-benefits-provident-fund.htmlhttp://www.citehr.com/148249-types-fringe-benefits-provident-fund.htmlhttp://www.citehr.com/148249-types-fringe-benefits-provident-fund.htmlhttp://postalstaffcorner.blogspot.in/2009/08/deposit-linked-insurance-scheme-in-gpf.htmlhttp://postalstaffcorner.blogspot.in/2009/08/deposit-linked-insurance-scheme-in-gpf.html


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Thank you

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