1. #1
    Unregistered

    Is there any provision of pension in private companies after retirement?

    I am working in a private company but my worry is this in present scenario its very difficult to get Government job. Please tell me if there is any procedure of pension for employees in private companies also?

  2. #2
    teena Array
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    Re: Is there any provision of pension in private companies after retirement?

    There is no pension scheme for employees in private companies.Pension scheme will be available for those who work in government sector and also in few banks.For government employees there will be benefits and also pension scheme.So their salary will be less when compared to private employees whereas private employees get more salary

  3. #3
    prabhu Array
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    Smile Re: Is there any provision of pension in private companies after retirement?

    haI,



    _Nope it is not Practiced by the Private Concerns Nowadays,


    _They just provide Final Settlement,


    _The Money drawn during Service will be Totally Debited at Final Settlement.




    Thanks

  4. #4
    Puru Thaman Array
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    Smile Re: Is there any provision of pension in private companies after retirement?

    Hi,




    :~:No Pension Schemes For Employees in Private Concern:~:


    :~:Only Final Settlement Money will be Credited for the Retired Employee:~:


    :~:The Final Settlement Money will Cover the Money Deducted During the Service of the Employee:~:


    :~:But the Medical & Insurance Claims will be Same as in the Government Concern:~:




    _)(_Thanks_)(_

  5. #5
    rakesh1990 Array
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    Re: Is there any provision of pension in private companies after retirement?

    Hello,
    Talking about pension in private sector can be or cant be possible.
    1)To get Pension in private sector is very difficult but it is not impossible but those Pension plans that are limited to certain employees in the private companies.
    2)Some of the private Companies are looking at NPS as another avenue for managing the pension monies of their employees.
    3)Better you take full inquiry with the company asking about the pension plan.
    Hope this will be helpful to you. thank u.

  6. #6
    looser Array
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    Re: Is there any provision of pension in private companies after retirement?

    HI FRIEND,

    AT PRESENT THERE IS NO SENARIO OF PROVIDING THE PENSION TO THE PRIVATE EMPLOYEES.

    MOST OF THE COMPANIES DONOT PROVIDE THE HEALTH INSURANCE AND OTHER BENEFITS TOO.

    BUT THERE ARE SOME COMPANIES THAT PROVIDE THE HEALTH POLICIES AND INSURANCE.

    ALL THE PRIVATE COMPANIES WOULD DO THE FINAL SETTLEMENT TO THEIR EMPLOYEES AND RETURN THE AMOUNT THAT WAS DEDUCTED DURING THEIR SERVICE.


    BUT MY FRIEND GOVERNMENT HAS NOW OPENED UP ITS NEW PENSION SCHEME TO ALL THE PERSONS BETWEEN THE AGES OF 18 AND 55.

    THE GOVT PROMISES THAT IT WOULD RETURN OVER 14% AND OFFERS THE LOWEST FUND MANAGEMENT CHARGES IN THE WORLD.

    IT IS PARTICULARLY FOR THE PERSONS WHO ARE EMPLOYED AND DO BELONG TO PRIVATE FIRM AND HAVE NO EXISTING PENSION PLANS.

    ANYONE BETWEEN 18 TO 55 CAN START INVESTING EVEN WITH 500 RUPEES AS FIRST INSTALLMENT.

    THE MINIMUM ANNUAL PREMIUM HOWEVER MUST TOTAL OF 6,000/-

    I WOULD SUGGEST YOU A LINK PLEASE GO THROUGH THE LINK AND YOU CAN GET MORE INFORMATION REGARDING THAT.


    http://ibnlive.in.com/news/govts-new...s/91601-7.html

  7. #7
    imman Array
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    Wink Re: Is there any provision of pension in private companies after retirement?

    ()()() HI ()()()



    ()_() You can't avail pension being in private company ()_()

    ()_()
    None of the company offers pension scheme ()_()

    ()_()
    However you can have a bulk amount at the time you leave the company ()_()

    ()_()
    You can also have insurance settlement whichever by claiming it at the time of leaving ()_()




    ()()() Thank you ()()()

  8. #8
    rockindeepak Array
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    Re: Is there any provision of pension in private companies after retirement?

    Hello

    I havent heard of any such initiative so far in private companies.

    My friend that is why people want govt. jobs. You can start investing from now for your future. You will definitely get some allowances before you retire other than that i dont think you will get anything more.

    Good luck!!

  9. #9
    YESHU Array
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    Re: Is there any provision of pension in private companies after retirement?

    No Pension Schemes For Employees in Private Concern Only Final Settlement Money will be Credited for the Retired Employeen The Final Settlement Money will Cover the Money Deducted During the Service of the Employee
    But the Medical & Insurance Claims will be Same as in the Government Concern


  10. #10
    bsr Array
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    Re: Is there any provision of pension in private companies after retirement?

    Hi sir/madam,
    No pension schemes available for private employees. Pension scheme is practiced only in government sector. It is the one of the benefit in government sector.

    But when compared to salaries and increments private organizations provides more. At the time of retirement private job holders get final settlement which is deducted from employees salary during the service period. Whatever the sector you are working is not important which gives you more benefits at present is valuable.

    All the best !!

  11. #11
    G.one Array
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    Re: Is there any provision of pension in private companies after retirement?


    • The private companies doesn't have any rule to provide the pension to their employees.
    • It is a mandatory rule for the government organisation to provide the pension.
    • However your final settlement is directly deposited in your bank account.
    • However there may be many facilities and benefits which are provided by the private company.
    • You can come to know about the various benefits in your joining letter.

  12. #12
    Sai Deep Array
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    Re: Is there any provision of pension in private companies after retirement?

    Hello,

    The provision for pension is only provide in the Govt. jobs.

    There is no such provision in private jobs.

    There wont be any pension in private jobs.

    You can avail several benefits and allowances from the private jobs.

    The salary in private jobs are much higher.

    Thank you

  13. #13
    Boss Array
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    Re: Is there any provision of pension in private companies after retirement?

    There is no pension theme for workers privately firms.Pension theme are going to be offered for people who add government sector and additionally in few banks.For government staff there'll be advantages and additionally pension theme.So their pay are going to be less compared to non-public staff whereas private staff get a lot of pay

    No Pension Schemes for workers privately Concern solely Final Settlement cash are going to be attributable for the Retired staff the ultimate Settlement cash can cowl the money subtracted throughout the Service of the worker
    however the Medical & Insurance Claims are going to be Same as within the Government Concern


    No pension schemes offered for personal staff. Pension theme is practiced solely in government sector. it's the one amongst the profit in government sector.

    however compared to salaries and increments non-public organizations provides a lot of. At the time of retirement non-public job holders get final settlement that is subtracted from staff pay throughout the service amount. regardless of the sector you're operating isn't vital which provides you a lot of advantages at this time is effective.

  14. #14
    Labournet Law Consultancy Array
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    Re: Is there any provision of pension in private companies after retirement?

    Yes an employee working in the private companies can also get pension after his retirement.

    The pension scheme is known as Employees Provident fund Pension scheme.

    It is mandatory to register under the EPF scheme if in a company there is more than 20 employees working and every

    employee has to be compulsorily enrolled under the EPF scheme who gets less than 6500 as basic + DA. Even if the employer

    and employee agree those employees getting more than 6500 as basic and DA can also enrole. Some of the leading MNC are

    providing the same irrespective of the salary earned by their employees.

    An employee will be eligible for pension after 55 years if he has contributed the EPF amount for more than 10 years.

  15. #15
    Devi.career Array
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    Re: Is there any provision of pension in private companies after retirement?

    Hello Friend ,
    Private companies dont entertain any pension scheme as in government sector .first thing in private sector salary is usually less and if they cut for pension from that then in hand salary will drop to minimum level,secpndly to maintain an employees life long salary credited its a cumbersome job for which extra money and extra resource require so they dont want to waste money there.
    so they pay all money as salary except some 12% which they cut as PF and it will be returned once you leave the job.

    Thank You.

  16. #16
    Devi.career Array
    Join Date
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    491

    Re: Is there any provision of pension in private companies after retirement?

    Hello Friend ,
    Private companies dont entertain any pension scheme as in government sector .first thing in private sector salary is usually less and if they cut for pension from that then in hand salary will drop to minimum level,secondly to maintain an employees life long salary credited its a cumbersome job for which extra money and extra resource require so they dont want to waste money there.
    so they pay all money as salary except some 12% which they cut as PF and it will be returned once you leave the job.

    Thank You.

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