REC EMPLOYEES DEFINED CONTRIBUTION

SUPERANNUATION SCHEME
DPE GUIDELINES

ISSUED VIDE O.M DATED 26.11.2008

SUPERANNUATION BENEFITS PAYABLE @ 30% OF
BASIC .
SUPERANNUATION BENEFITS TO INCLUDE P.F ,
GRATUITY , PRMS AND PENSION.
MODIFICATION ISSUED VIDE O.M DATED 02.04.09
SUPERANNUATION BENFITS PAYABLE @ 30% OF
BASIC + DA.
REC SUPERANNUATION SCHEME
DATE OF NOTIFICATION - 28.03.2012
EFFECTIVE FROM - 01.01.2007

ELIGIBILITY
All employees between age 18yrs. & 45 yrs.
Age limit of 45 yrs. not required for
o Employees joining REC before 26.11.2008.
o Employees from other CPSEs provided service in
previous company + future service in REC till date
of superannuation is not less than 15yrs.
 CONTRIBUTIONS

EMPLOYER @9% of Basic + DA ( from 01.01.07)

BASIS - Balance after accounting for PF@ 12% ; Gratuity
@ 4.8% and PRMS @ 3.13 - 4.13 % .

EMPLOYEE @ 5% OF Basic +DA ( from 28.03.12)

BASIS - Wage negotiation with REC Employees Union
and discussions with Officers Association.
Provision for voluntary monthly contribution by employees
.
BENEFITS
On Normal Retirement :
Pension payable only if total service is 15 yrs. (Past
service in CPSE/s + Service in REC).
15yrs. Service not required in following cases:
Death;
Voluntary retirement under provisions of such schemes;
Premature retirement on Medical grounds on account of
permanent total disablement /being incapacitated for service.

Pension payable out of total contributions in employees

account i.e. Employer + Employee (including voluntary)
+ contributions transferred from previous CPSE.
BENEFITS
ON RESIGNATION BEFORE RETIREMENT
On joining CPSE , total accumulations transferred.
On joining non CPSE , only employee contribution with
interest payable.

ON CESSATION OF SERVICE BY WAY OF

DISCIPLINARY PROCEEDING:
only employee contributions with interest payable.

COMMUTATION OF PENSION
1/3RD allowed.
THANK YOU.