Non disbursement of superAnnuaration Amount
I had worked for 8 yrs with an MNC company and had deducted around 1 lac as SuperAnnuatiaon component. But till now i am not able to withdraw the amount. I am not aware of where and how to initiate the process for the withdrawal of this amount even after 4 yrs of quitting that company.
pls if anybody knows the process let me know, more
Better you approach your employer where you had retired, and ask for the details of your amount deducted under super annuation. more
I hope the local /Regional EPF officials also must have suggested the formalities by now. Many places such as in Rourkela- Sandarach District, Odisha- 769008, many complained about non-Cooperation of EPF officials in settling the EPF complaints, for many years - such as one with PF ACCOUNT NUMBER-OR/7363/101 which was transferred from Kolar Gold Fields -Karnataka bearing number KN/15092/78 since 2006-07. more
Not clear from your post whether you have retired or just moved on to a new organization. If you have retired then the process is straightforward. Your organization would have deposited your deductions into a Group Superannuation Scheme with any of the authorised organizations (like LIC, SBI, ICICI Prudental etc.). Your organization will provide you a group superannuation claims form for disbursement/withdrawl and will file it with the them. Please ask your HR for this form, and also ask them for the contact person of the Scheme provider. This is fairly straightforward and you shouldnt have issues. If you have not retired, then you have the option of getting this transferred to your new organization/s Superannuation Scheme. Check with your organizations person who deals with retirals benefits. You payroll person should be able to help in coordinating this. If however you want to withdraw this amount in full, there will be a restrictions and conditions depending on the terms of the scheme. But in most cases there will be a major tax liability. Take the advice of a tax consultant, before you withdraw the full amount. more
You have to approach your employer. Normally at retirement an employee is allowed to withdraw 33% of Superannuation amount. The balance amount is used for buying an Annuity for you from LIC which provides regular income. You can choose the type of annuity you want. more
Your ex employer may be having Superannuation Fund Trust. Payment of superannuation may be depends on your Trust rule and option you have choose at the time of your resignation. Normally superannuation fund is paid on reaching superannuation age i.e. retirement date 58 or 60 year as the case may be. In some cases, depends upon your superannuation fund trust rule, you may get your fund at the time of resignation, if you have choose the same at the time of resignation. Approach Superannuation Fund Trust of your ex employer. more