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Training Presentation.pptx
- 1. 1 Pension and other Terminal Benefits in State Owned Enterprieses Name: Muhammad Ijaz Aslam WAPDA Administrative Staff College
- 2. 2 • Introduction • Significance of Study • Problem Statement • Objective of the Study • Delimitations of Study • Literature Review • Research Design & Methodology Contents
- 3. 3 Previous Studies 1. Public sector employees’ turnover and pension plan (Dan Goldhaber et al., 2016). 2. Pension structure and employee retention (Stephen Taylor, 2016). 3. Pension plan and employee motivation Pension
- 4. 4 Pension is an old age benefit for 1. Private Employees • Employees Old-Age Benefit Act 1976 2. WAPDA Employees • Pension Rules 1977 Pension
- 5. 5 Employees Old-Age Benefit Act 1976 1. Old-Age Pension 2. Old-Age Grant 3. Survivors’ Pension 4. Invalidity Pension Pension
- 6. 6 Pension Rules 1977 1. Regular employees 2. Work charged and Contract employees later on declared regular 3. Temporary employees of Provincial Govt. who had been transferred to WAPDA employee under special permission Pension
- 7. 7 Qualifying Service 1. The service must be under Authority and paid from Authority’s Fund 2. All leaves other than EOL 3. Period of suspension followed by reinstatement Pension
- 8. 8 Types of Pension 1. Retiring pension 2. Superannuation pension 3. Invalid pension 4. Family pension 5. Compensation pension Pension
- 9. 9 Emoluments reckoned for pension 1. Basic Pay 2. Personal Pay 3. Technical Pay 4. Special Pay of all types and nature 5. Senior Post Allowance Pension
- 10. 10 Information for calculating Pension 1. Date of Birth 2. Date of Appointment 3. Date of Retirement 4. Qualifying Service 5. Emoluments Pension
- 11. 11 Pension Formula (Retiring/Superannuation/Invalid) 1. Gross Pension Last Pay ∗ Length of service 30 ∗ 70 100 2. Net Pension Gross pension ∗ 65 100 Pension
- 12. 12 Pension Formula (Retiring/Superannuation/Invalid) 3. Commuted Value of PensionGross Pension ∗ 35 100 ∗ 12 ∗ Next Birthday rate Pension
- 13. 13 Pension Formula (Family) 1. Gross Pension Last Pay ∗ Length of service 30 ∗ 70 100 2. Net Pension Gross pension ∗ 75 100 Pension
- 14. 14 Pension Formula (Family) 3. Value of Gratuity Gross Pension ∗ 25 100 ∗ 12 ∗ Next Birthday rate Pension
- 15. 15 Authorities Empowered to Grant Pension Pension Category of Officer Competent Authority BPS 21 and above PM BPS 17 – 20 PAO BPS 1 – 16 HOD
- 16. 16 Family Members for Pension 1. Wife in case of male Govt. servant 2.Husband in the case of a female Government servant 3. Legitimate Children of employee 4. Widow and children of a deceased son of the Government servant Pension
- 17. 17 Shares of Family Pension 1. Widow of the deceased or husband of the deceased 2. Eldest son till the age of 21 years 3. Eldest unmarried daughter till her marriage 4. Father and 5.Mother Pension
- 18. 18 Documentation for Pension 1. Pension Application 2. Copy of the order sanctioning the retirement 3. History of service of the individual 4. LPC 5. Two sets of left thumb impression and two specimen signatures of applicant 6. Three sets of CNIC and Passport size photos 7. No demand certificate 8. Applicant’s bank account no. & branch name Pension
- 19. 19 • Gratuity is paid after completing qualifying service of 5 years but less than 10 years. • one month emoluments for each completed year of qualifying service will be paid. Gratuity
- 20. 20 Admissibility of Pension/Gratuity Period of Qualifying Service Pension/Gratuity Less than 5 Years No pension/gratuity More than 5 but less than 10 years Gratuity equal to one month’s pay for each completed year 10 years or more Service pension
- 21. 21 GP Fund 1. Subscription on monthly basis from salary of regular govt. employee 2. Rates of subscription and profit on deposit are determined by GoP 3. General Provident Fund vs Contributory Provident Fund General Provident (GP) Fund
- 22. 22 GP Fund 1. Advance from fund • Refundable • Short-term advance • Long term advance • Non-refundable 2. Interest Bearing GP Fund vs Interest Free GP Fund General Provident (GP) Fund
- 23. 23 GLI 1. Contribution to the Group Insurance Fund is made from the salary of Govt. servant 2. The amount of Sum Assured is paid to the family of an employee in case of his death. Group Life Insurance (GLI)