The original terms & conditions of your appointment letter mention your entitlement to Superannuation scheme. Employers claim tax rebate on such contributions.
As far as it is understood, no recovery can be made from such pension schemes. The employee has all the rights on it and is entitled to get the benefits.This is different from Gratuity.

Usually companies do not extend the Superannuation benefits to all employees- but only to a specific category of employees.

Under Employees’ Provident Funds and Miscellaneous Provisions Act 1952, the two main schemes, Employees’ Provident Fund and Employees Pension Scheme are mandatory. The group superannuation schemes are voluntary in nature. Typically Employers either set up trust funds to manage these schemes or buy policies from insurance firms.

Superannuation Fund is a retirement benefit given to employees by the Company. The superannuation fund is an arrangement by the employer to pay the employee an amount at the time of his leaving the organization after attaining the age of superannuation as provided in the standing orders of the organization.

The duration of service for entitlement of superannuation depends upon the Rules and Regulation of the employer.

So check the standing orders of the company, at the time of your joining and any modifications if applied. Standing orders of the company are available with concerned personnel of HR, and may be kept at HR page of employee portal, and are to be displayed at the entrance. Similarly rules of the scheme previous and modified can be obtained from HR. You may persist to get a printed copy.

The company usually pays 15-27% of basic wages as superannuation contribution. There is no contribution from employee. This contribution is invested by the Fund in various securities as per investment pattern prescribed. Interest on contributions is credited to the members account. Normally the rate of interest is equivalent to the PF interest rate. On attaining the retirement age, the member is eligible to take 25% of the balance available in his/her account as a tax free benefit. Some companies may allow up to 33%. The balance 75% is put in an annuity fund, and the agency (e.g. LIC) will pay the member a monthly/quarterly/periodic annuity returns depending on the option exercised by the member.

It is felt that LIC decides rates based on not just the superannuation fund value i.e. the amount paid to them for maintaining the superannuation fund of the company. If gratuity fund is also maintained with LIC then the gratuity fund value and superannuation fund value are combined to provide the interest rate on the fund. There are different slabs for different fund sizes and may vary every year.

This payment received regularly is taxable. In the case of resignation of the employee, the employee has the option to transfer his amount to the new employer. If the new employer does not have a Superannuation scheme, then the employee can withdraw the amount in the account, subject to deduction of tax and approval of IT department, or retain the amount in the Fund, till the superannuation age.

Kindly look into the attachments.

Dear Mr Kumar,

Thanks for your response.

Sorry for the delay in writing as I was searching the explanation of the term superannuation and its terms and condition in my employee hand book and in all other records we had earlier but unfortunately there was no where it was mentioned. 

At last I could find an email from our HR sent on: March 17, 2010 which states as below:

Dear all

 Retention bonus is released to employees once he/she completes every year of service with us. This is directly related to his / her performance. Employees who are rated as average or needs improvement are not eligible for the same.

The amount is released on quarterly basis for those who complete one year . For eg employees   who complete their one year service during the quarter Jan 10 to March 10 , the amount will be released along with the April 10 salary. Please note appraisal rating is considered.

 Gratuity and Superannuation is paid to employees as per the  Gratuity  Act 1972  and Superannuation Act.

 Gratuity : “On completion of five years service, the employees are entitled to payment of gratuity @15 days wages for every completed year of service”  This will be when an employee resigns and relieved by the company after completing five years service only, it is calculated on his last drawn basic.

Superannuation : Since we have started this only in 2007 , the eligibility of this is applicable only after 2012 ( five years is required)

 In case you have any further query pls meet/ contact me.

 Thanks & best regards

 XYZ

Head - HR

Even after that there was no policy was made and updated in our HR portal or to any other notice or circulation for the employees. On last week of completion of 5 years (April 2012), the COO of the company has informed the HR to publish a policy in the HR portal and mention the Superannuation Policy which is as below:

Superannuation Policy:

Superannuation is a retiral benefit.

Eligibility:

All permanent employees of xyz company are eligible. Contract Employees are not eligible

Time of payment:

The Superannuation amount is paid when a person retires from employment after reaching the retirement age (currently 60 years)

Eligible amount:

At the time of retirement, the amounts mentioned in the various Salary Annexures the employee may have received during the employment period are added up. If any Salary Annexures were in force for a period less or more than one year, then the pro-rata amounts are considered for such periods instead of the amount mentioned in the Salary

Annexure:

The total amount is paid in lumpsum at the time of retirement.

Now when any employee leaves the company even after completing 5 years in year 2012 itself, they are not paid this component stating that as per the policy, employee has not completed 60 years.

Also company has not paid Retention bonus and performance bonus since last 5 years to the employees. Earlier they said that company doesnt has money to pay at this moment, It will be given once company has sufficient fund and now they are least bothered to pay when they have enough fund. 

When any employee leave the company, to those employees also these bonus are not being paid even though it was the previous year bonus.

Anyone please suggest your views if the company do this. If not then what is the course of action to be taken against the company.

Regards

An Employee of a worst managed company...

If your next employer has in offing a Superannuation scheme you may apply for the transfer of the funds, as per provisions in the scheme.

The scheme must have been registered with local ITO.

Obtain full published version of the scheme.

As per extracts posted by you the payout is payable at age fixed as retirement age 60Y.

The statutory bonus as per Payment of Bonus Act should be paid by 30th NOv or employer can be penalized.

All amounts that were promised e.g. performance bonus, retention bonus,  but were not paid can become ground for breach of contract, fraud/cheating/making false promise  etc……….

You should possess documented proof of having fulfilled criteria for eligibility.        

Lodge a claim in writing under proper acknowledgment with a copy to you and obtain reply in writing.

Such issues are best taken up at union levels: employee’s unions, trade unions, works committee’s………………..

Do you have employee’s unions in your company and are you member of employee’s unions and trade unions?

IT/ITeS                        employee’s unions have been formed and trade unions are more than willing to embrace them.

https://www.itecentre.co.in/

https://ithiworld.wikispaces.com/News+Update

IT/BPO Voice of India | Facebook

UNITES Professionals

www.unitespro.org

https://www.wbitsa.org/

www.itpfindia.org/‎

https://itnitesunion.wordpress.com/author/itnitesunion/

Shiv Mahiti Ani Tantradyan Sena(Shiv IT SENA)

https://www.amrc.org.hk/node/1088         CBPOP

https://www.freepatentsonline.com/article/Indian-Journal-Industrial-Relations/185430721.html

https://bpo.knowledgehills.com/Directory/BPO-Jobs/CBPOP-Centre-for-BPO-Professionals.aspx

https://www.dnaindia.com/mumbai/report-shiv-sena-forms-first-union-in-information-technology-sector-1465435

Shiv Sena forms first union in information technology sector

Trade Unions like CITU,INTUC,AITUC,BMS………….are more than willing to embrace the IT employees.

United employees can rake up any issue with Govt. Employee’s is a big community and huge vote bank that NO party/Govt can ignore.

 The unions can help to form 'Works Committee' in company. It is an authority under ID Act.The Chairman is from employees/employer on rotation and committee has equal number of members from employees.

The Industrial Disputes Act, 1947: CHAPTER II: AUTHORITIES UNDER THIS ACT

3. Works Committee

The unions can negotiate service conditions and standing orders shall be certified only after parleys with employees representatives/unions.

For the present issues, exploitation that employees in IT/ITeS/BPO/KPO sector's face Pan India the employees unions affilliated with Trade Unions is immediate need of hour and is also  a perfect solution.

Or you can approach lawful authority e.g;

Inspector under Payment of Wages Act,      

Inspector under (Name of your  state) Shops and Commercial Establishments Act……               

O/o Labor Commissioner

Civil Court etc……………

Discuss the matter with local labor consultant/service lawyer………………

Your lawyer may opine that Limitation of 3Y shall apply in your case. 

well elaborated by Mr Kumar Doab