Our org was having approved supperannuation fund scheme. Last year we have discontinued the scheme after taking due approval from Income Tax authority. The due amount of each exitsing employee was refunded with interest and after liable tax deductions.
SInce the rule of scheme was if any employee leaves the company before completing 5 years, he will be not be eligible for supperannuation amount. Hence, trust is having unused money in this account. What employer can do with this money? Can they use it for welfare of employees or for their business purpose or any other option is available.
The money is lying with the trust formed to manage the fund and it is not motional after surrendring the scheme. legal opinion to use the money in any manner is needed. Kindly give views for use of money.
