11-05-2012, 02:30 PM
Indian Oil Corporation Limited Superannuation Benefit Fund scheme
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Introduction
1.1 A voluntary and contributory Superannuation Benefit Fund Scheme
has been introduced in the Corporation as a welfare measure for
providing social security. Specified benefits under the scheme accrue
to members on fulfillment of laid-down conditions, in the following
events:
i. Retirement on attaining the age of superannuation.
ii. Death/permanent total disablement.
iii. Separation, after rendering a prescribed minimum service.
(The benefit in such a case is payable after the notional age
of superannuation)
1.2 The scheme is being operated through a Trust. The Trustees
manage the funds and, upon a member’s qualifying under the
scheme, purchase annuity from the LIC to secure entitled recurring
benefit.
Corporation’s Contribution
The Contributory Scheme envisages only a token contribution of
Rs.100/- per annum by IOC. The scheme is based on voluntary
contributions by the employees with no monetary cost to the
Corporation except the above token yearly contribution. (However,
the Corporation has agreed to provide administrative support, such
as deductions from salary, etc., and also to provide advice and
guidance in operating the Fund)
1.4 The scheme was introduced with effect from November 1987 in
respect of officers of the Corporation, (including such officers of AOD
who had joined AOD on or after 14.10.1981 and such non-officer
promoted to the officers’ cadre on or after 14.10.1981). The scheme
for non-officers was introduced with effect from the under-mentioned
dates in accordance with the agreements signed with the recognised
Workers’ Union of respective Units/ Region/Offices:
Sl.No Unit/Office Date of
signing of
agreement
Effective
Date
REFINERIES DIVISION
1 Guwahati Refinery 16.12.87 01.12.87
2 Gujarat Refinery 26.12.87 01.12.87
3 Refineries HQ/Corporate
Office/R&D Centre
28.12.87 01.12.87
4 Calcutta Office 08.01.88 01.01.88
5 Mumbai Office 28.01.88* 01.01.88
6 Barauni Refinery 31.12.88 01.12.88
7 Haldia Refinery 29.09.89 01.09.89
8 Mathura Refinery 30.04.91 01.04.91
9 AOD 22.04.96 01.11.95
signing of
agreement
Effective
Date
PIPELINES DIVISION
1 GSPL/KAPL 16.12.87 01.12.87
2 Pipelines Hqrs 24.12.87 01.12.87
3 BKPL/MJPL 29.12.87 01.12.87
4 SMPL 05.07.89 01.07.89
5 HMRBPL 26.08.89 01.08.89
MARKETING DIVISION
1 Northern Region 23.11.87 01.11.87
2 Southern Region 23.11.87 01.11.87
3 Western Region & Marketing
Eastern Region 15.07.92 01.07.92
IOBL
1 Eastern Region - 01.04.89
2 Western Region - 01.05.90
Applicability
The Scheme applies prospectively to all officers and non-officers of
the Corporation (as mentioned at 1.4 above) in the regular scales of
pay in the Corporation, including the new entrants from the date of
the introduction of the scheme or from the date of joining, whichever
is later. However, the scheme is not applicable to the following :
Contract Appointees
Employees on deputation from other organisations to IOC.
Trainees and Apprentices (excepting those departmentally
selected from amongst employees on regular pay-roll.)
Eligibility
Minimum qualifying service for a member to become entitled for the
benefit under the scheme in the following events/contingencies is as
respectively mentioned against each: