SAIL has introduced a pension system for its former employees. In today’s article, we are going to share important details about the Sail Pension program that has been put in place by the concerned authorities. In this article, we are going to share important details like the eligibility criteria, the required documents and also the registration process completed by the relevant authorities to carry out the process of registering their employees in the Sail Retirement Plan for the year 2020.
About the sailing pension system
The Sailing Authority has organized a pension scheme issued under the guidelines of the Government of India’s Department of Public Enterprises. The pension scheme was introduced with the approval of the Ministry of Steel and SAIL. The implementation of this pension scheme will provide pensions to the former employees of the concerned agencies belonging to the Department of Steel and Sailing in the Government of India.
Details Of Sail Pension Scheme
|Sail Pension Scheme
|Ministry of Steel & SAIL Board
The following beneficiaries are intended to fall under the SAIL pension scheme:-
- Executives (including management trainees) employed by the Company on or after 01/01/2007 (including those appointed at board level)
- Non-executives (including trainees hired for eventual employment) in the Company’s roles on or after 01/01/2012.
- Newcomer –
- after 01.01.2007 (managers incl. board members)
- after 1/1/2012 (non-executives) also covered from the date of their joining SAIL
Pension Contribution under Sail Pension Scheme
For Executives: Effective from 1.1.2007
|1st Jan 2007 To 31st Mar 2015
|9% of Basic Pay + DA
|1st Apr 2015 To 31st Mar 2018
|3% of Basic Pay + DA
For Non-Executives : Effective from 1.1.2012
|1st Jan 2012 To 31st Mar 2015
|6% of Basic Pay + DA
|1st Apr 2015 To 31st Mar 2018
|2% of Basic Pay + DA
The following applications are eligible to apply for the SAIL pension scheme:-
- The applicant must have at least 15 years of service and a pension from the company.
- Death/PTD/medical disability resulting in termination of service – regardless of length of service provided
The following documents are required to register for pension insurance:
- PAN card
- Former employee/candidate Aadhaar card
- Canceled cashier’s check with former employee/nominee’s name printed on it
- Proof of deposit of the voluntary contribution, if any.
- Death certificate of ex-employee/employee in case of deceased ex-employee/employee
Download the Sail Pension Scheme Application Form or apply online
To enroll in the SAIL pension scheme, you need to follow these simple steps:
- Visit the official website link provided here
- You can now get the Sail Pension Scheme option on the home page of the website
- enter details-
- SAIL personnel number
- Bank account number
- mobile phone, mobile phone
- Aadhaar number
- Upload photos of you and your spouse to complete the registration process.
- Submit the printed Retirement Application Form along with the required documents for the commencement of retirement.
- The members/beneficiaries can view the details of the corporate contribution in their retirement account, retirement plans, rates provided by the ASPs, retirement calculator, plan/policy, details of their facility/unit’s Nodal Officers, etc. via the portal after logging in with the PAN and date of birth of the former employee concerned.