A presentation of Summer Project completed for requirement of MBA Degree at PTU, Jalandhar“A STUDY OF RETIREMENT BENEFITS OF NTPC LTD KORBA” Presented By: Bed Prakash Dhirhey MBA Sem. IV (HR & Marketing) Roll No. 10208380066
RETIREMENT BENEFITSRETIREMENTRetirement is the point where a person stops employment completely. A personmay also semi-retire by reducing work hours, it also known as superannuation.Definition of Superannuation:An organizational program created by a company for the benefit of its employee,also referred to as a “company pension plan”BENEFITSVarious types of facilities given to a person who has got his retirement after longservice for an organization or any firms those facilities are known as retirementbenefits. It includes Pension, Gratuity, Leave Payments, Medical facilities etc.
TYPES OF RETIREMENT Retirement on Superannuation Voluntary Retirement Compulsory Retirement IMPORTANCE OF RETIREMENT Rising Life expectancy Optimum asset allocation Medical Expenses and Health Care for a long term
Registered Office: NTPC BHAWAN, SCOPE COMPLEX 7, INSTITUTIONAL AREA, LODHI ROAD NEW DELHI-110003 Web site: www.ntpc.co.in SUBSIDIARIES SHARES LISTED ATNTPC Electric Supply Company Ltd. National Stock Exchange of India Ltd.NTPC Hydro Ltd. Bombay Stock Exchange LimitedNTPC Vidyut Vyapar Nigam Ltd.Kanti Bijlee Utpadan Nigam Ltd.Bhartiya Rail Bijlee Company Ltd.
VISION AND MISSION Shri Arup Roy Choudhury Chairman & Managing Director VISION“To be the world’s largest and best power producer, powering India’s growth.” MISSION“Develop and provide reliable power, related products and services atcompetitive prices, integrating multiple energy sources with innovative andeco-friendly technologies and contribute to society.”
EVOLUTION OF NTPC 1975 1997 2004 2005 2010 • NTPC WAS • IN 1997, GOVT. • BECOME A • THE COMPANY • IN MAY 2010, SETUP IN 1975 OF INDIA LISTED RECHRISTENED GOVT. OF INDIA WITH 100% GRANTED NTPC COMPANY WITH AS NTPC LTD TO GRANTED NTPCOWNERSHIP BY STATUS OF MAJORITY CHANGE ITS STATUS OF THE GOVT. OF “NAVRATNA” GOVT. BUSINESS “MAHARATNA” INDIA IN THE BEING ONE OF OWNERSHIP OF PORTFOLIO AND BEING ONE OFLAST 30 YEARS; THE NINE 89.5%.THIRD TRANSFORM THE FIVE NTPC HAS JEWELS OF LARGEST BY ITSELF FROM A JEWELS OF GROWTH INTO INDIA, MARKET THERMAL INDIA, THE LARGEST INHANCING THE CAPATILIZATION POWER UTILITY INHANCING THEPOWER UTILITY POWER TO THE OF LISTED TO AN POWER TO THE IN INDIA. BOARD OF COMPANY. INTEGRATED BOARD OF DIRECTORS POWER UTILITY DIRECTORS
ADDRESS: P.O. Vikas Bhawan, Jamanipali-495 450,Dist. Korba, ChattisgarhApproved capacity: 2600 MW Installed Capacity: 2600 MWCoal Source: Kusmundha Block, Gevra Mines Water Source: Hasdeo RiverBeneficiary States: Madhya Pradesh,Chattisgarh, Maharashtra, Gujarat, Goa, Daman, Diu & Nagar HaveliApproved Investment: Rs. 2448.49 CroreUnit Sizes: Stage - I: 3x 200 MW, Stage -II: 3x 500 MW, Stage -III: 1x500 MWUnits Commissioned: Unit -I 200 MW March 1983, Unit -II 200 MW October 1983 Unit -III 200 MW March 1984, Unit -IV 500 MW May 1987 Unit -V 500 MW March 1988, Unit -VI 500 MW March 1989 Unit -VII 500 MW December 2010 GENERAL MANAGER- Mr. S. K. ROY DGM- GC SURDEV Sr. MANAGER- NANDINI ANUJ
Power Plant Process Flow ChartCoal Transportation & Handling SECL MGR CHP Gen Tx. C Milling U Steam S Boiler Turbine Generator T O Steam Electricity MGeneration & E RTransmission Switch Yard S Ash Chimney ESP Ash Manual Transport Utilization Customers Auto Loading from SILO
RESEARCH OBJECTIVESa. To find out the awareness among employees of NTPC Ltd. Korba regarding their retirement policies and procedures.b. To find out the employees of NTPC Ltd. Korba, are satisfied or not with their retirement benefits.c. To know the retirement benefits provided by the NTPC Ltd. Korba.
RESEARCH MATHODOLOGYThis is an exploratory research in which objective is to find out the RetirementScheme in NTPC Ltd Korba. The research is done by the Survey method bydoing a survey on the employees. The Stratified Random Sampling is used toselect the respondents from the whole population. The survey is done by themethod of questionnaire.The research has been done in five steps: Literature survey Formation of the questionnaire/ interview questions Data collection Data analysis Conclusion
PRIMARY DATAMethodology: The methodology that was adopted to collect the primary data forresearch purpose can be divided in to two stages: Questionnaire Analysis:Sample Size: 60 EmployeesResearch Tools: The research tools used for the research are:Questionnaire and Structured InterviewsQuestionnaire:The Questionnaires used in the research is of subjective in nature. The questionnairewhich was designed for the Employees has 11 questions.The questionnaires carry the respondent’s department and his/her division.The sample size taken of the company’s employees has left up to 5 years for theirretirement.
ANALYSIS AND INTERPRETATIONAre you aware of the following retirement benefits of NTPC? Gratuity Fund Rating Total Respondents % of Respondents AWARE 58 96.67 NOT AWARE 02 03.33 Employee Awareness AWARE NOT AWARE
Were you ever a member of any pension policy from outside NTPC? Rating Total Respondents % of Respondents YES 07 11.57 NO 53 88.33 Sales YES NO
I think my pension will be adequate for me after my retirement Rating Total Respondents % of Respondents Strongly Disagree 28 46.67 Disagree 12 20 Neither Agree Nor 08 13.33 Disagree Agree 11 18.33 Strongly Agree 01 01.67 Adequacy of Pension after Retirement 50 45 40 35 30 25 Adequacy of Pension after 20 Retirement 15 10 5 0 Strongly Disagree Neither Agree Agree Strongly Disagree Nor Disagree Agree
FINDINGS1. Majority of Employees i.e. 81.68% are aware about the retirement benefits given by the NTPC Ltd.2. 32.64% Employees don’t know the basic criteria for Retirement Benefits of NTPC Ltd.3. Only 11.57% Employees have taken another pension policy outside of NTPC Ltd.4. Maximum Employees are satisfied with other retirement benefit(Retirement Identity Card, Farewell gift, Travelling allowance, Baggage charge and Packing charge) given by NTPC Ltd at the time of their retirement, i.e. 88.99%5. Most of the respondent’s i.e. 55% Agree including 15% Strongly Agree that they are aware of various procedures for applying for gratuity in Voluntary Retirement Scheme and Superannuation; rest, 10% Strongly Disagree, 16.16% Disagree, and 18.33% Neither Agree Nor Disagree6. Most of the respondent’s i.e. 66.67% strongly Disagree including 20% Disagree that their pension will be adequate for after retirement life; rest, 18.33% agree, 1.67% strongly agree, and 13.33% Neither Agree nor Disagree
7. Most of the respondent’s i.e. 58.34% Agree including 18.33% Strongly Agree and one of them said “Human needs is like a infinitive” so that limitation of leave payment is acceptable for them.; rest, 25% Strongly Disagree, 13.33% Disagree, and 3.33% Neither Agree Nor Disagree.8. Only 3.33% employees said that the process of retirement benefits used has difficult and retirement benefits are not given on time as when they become due.9. 28.33% Employees are disagreeing that Medi-Claim insurance is adequate for retired employee and his /her spouse rest 45% are agree including 15% strongly agree and 21.67% are not sure that they are agree or disagree.10. Most of the respondent’s i.e. 70% Agree including 30% Strongly Agree that their service is motivated by the retirement benefits of NTPC Ltd.; rest, 1.66% Strongly Disagree, 6.67% Disagree, and 21.67% Neither Agree Nor Disagree.
SUGGESTION1. The accumulation of leave days should be increased.2. Informal discussion between employers and employees should be conduct.3. Pension should be provided on the basis of their salary.4. Bus facility should be provided to the retired local person from NTPC to CHAMPA.5. The process for getting pension should be made easy so that employees can get without much difficulty.6. The leaving time of NTPC houses after retirement should be increased from 4 months to 6 months.7. Pension to employees should be provided on timely.8. Adequate training must be conducted to make informed the employees about the various benefits.
CONCLUSIONThe hypothesis that we have assumed is true that good retirement schemebrought by the HR department of NTPC Ltd for its employee’s.Maximum employees are aware to the procedure and criteria of retirementbenefits.A retirement benefits must satisfy the retired employee and it’s satisfiedthe majority of NTPC’s employees.