Record Employee Pension Fund Details- A summary of the activity

Through this activity, you can create / modify / delete pension fund records for an employee.

Only employees who are managers are covered under the pension fund scheme. By default, employees become members of the fund when they are promoted as managers. Employer contributes 15% of the employee’s salary towards the fund.

For employees who work overseas on secondment, their pension contribution is dispatched to India.

There is also a provision to record details of nominees of the pensioner.

The following important information about pension fund pertinent to the employee are recorded:

• Pension fund name

• Employee pension fund number

• Date of joining pension fund (Date on which the employee becomes a manager)

• Nominee Details

Pension Fund Number: This number uniquely identifies the pensioner. This remains unchanged during entire period of pension for that pensioner.

Effective Date: You can specify this date from which the record becomes valid for processing, at the time of creation or update. When a new record is subsequently added, the effective period of the preceding record ends, whereas that of the new record begins.

Nominee Details: There is also a provision to record details of nominees of the pensioner. In addition to spouse name and date of birth, you can record the following nominee information.

• Name and, date of birth

• Relationship with the pensioner

• Percentage of share in the fund

• Financial dependency on the pensioner

• Location address

• Guardian name, if the nominee is a minor.

Modification Option: When you modify the pension fund details previously recorded, the system provides two options for saving the changed record. You can update or correct the existing record. When you update the existing record, another record is created. A history of changes is maintained by the system, which helps you to refer to previous records at any time in future. However, when you correct a record, the same record is overwritten.

Getting familiar with the pages inside

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Prerequisites

Employee personal  information must be available.

Pension fund must have been created.

What can you do in this activity  

Use this page to maintain master information on pension fund for employees.