Major retirement benefits are listed as follows:
An employee gets various retirement benefits explained below with examples:
Mr. Arjun is working in Essem Ltd. At the time of retirement he was having 84 days’ leave standing to the credit in his account. He encashed the leave and got Rs. 2,52,000 on account of leave encashment.
Mr. Srinivas is working in Essem Ltd. At the time of retirement from his service, apart from other payments he received Rs. 8,40,000 as gratuity.
Mr. Keval is working in Essem Ltd. In January, 2013, he retired from his service and received Rs. 8,400 per month as pension.
Mr. Vikas is working in Essem Ltd. In December, 2012, he retired from his service and received Rs. 18,400 per month as pension. On 30-4-2013,he decided to commute 50% of his pension. He received Rs. 8,40,000 on account of commuted pension. From May, 2013 and onwards he received the balance 50% of his monthly pension of Rs.9,200.
Payment received on voluntary retirement/separation
Mr. Sahilis working in Essem Ltd. In June, 2013, the company declared a voluntary retirement scheme and Mr. Sahil opted for the scheme and received Rs. 18,40,000 as compensation on account of voluntary retirement.
Payments from provident fund
Mr. Ramesh is working in Essem Ltd. In June, 2013, he retired from the job. At the time of his retirement, apart from other payments he received Rs. 2,52,000 on account of withdrawal from provident fund.
Apart from above items, retirement benefits also cover the following:
Payments from approved superannuation fund
Payments from new pension scheme