..Superannuation.? What the heck it is.. I am more concerned about what do I get now..
Most of us had been made to think that way by BSNL. BSNL only pays the 18% of Basic + DA as superannuation benefits, instead of DPEs proposed 30%. In the final analysis, the 12% that BSNL doesn’t pay makes a huge difference.
What we have already Lost
A calculation of the benefits we have lost till 31.12.2013 because of BSNL refusing to give us the 30% Superannuation Benefits, which had been made mandatory for CPSUs according to the Department of Public Enterprises, 2nd Pay Revision Commission.
| Batch | Loss up to DEC/2013 (Lakhs) |
Calculation of Avg Loss in Retirement (interest rate 8.5%) (due to loss only up to DEC/2013) |
Avg Loss In Retirement (due to loss only up to DEC/2013) in Lakhs |
| 2009 | 1.5 | 1.5(1+0.085)33 | 22 |
| 2007 | 1.8 | 1.8(1+0.085)32 | 24.5 |
| 2005 | 4.5 | 4.5(1+0.085)30 | 52 |
| 2002 | 6.5 | 6.5(1+0.085)26 | 54 |
| 2001 | 7 | 7(1+0.085)26 | 58 |
You should know that according to Govt rules any Company in India should ensure Basic, DA and Superannuation benefits to all employees before giving additional perks like TA etc. But in BSNL a section of the Employees (DoT Absorbees) have been accorded full benefits (Basic, DA, TA, Pension..etc)
while another section’s (Direct Recruits) benefits are cut (only 18% superannuation benefits instead of 30%), citing financial burden to BSNL. So we Direct Recruits are supposed to be content with the Rs.3250/- EPF Pension that would be given to us after 30 years of service.
This means that the Cost to Company for a Direct Recruit in the present condition is much lower than that of his DoT Absorbee counterpart. So we are a kind of second class workers in BSNL, working for much lower wages for the same job as compared to our DoT Absorbee counterparts, because of BSNL not having implemented the DPE 2nd PRC in full. The money we have already lost till NOW would have easily yielded us monthly interest amount of Rs.6500/- by the time of retirement (twice the pension amount we are going to receive after 30 years of service).
Friends its time to take tough decisions. The time to act is NOW. Nothing can be done about what we have already lost. But if we don’t act now then we have no one but ourselves to blame for our fate.(From AIGETOA Kerala site)
