Inconsumercomplaints.com » Miscellaneous » Review / complaint: ABC Fertilisers - Super Annuation - Retirement Benefits - Not released by Past Employer of Repute | News #40537

ABC Fertilisers
Super Annuation - Retirement Benefits - Not released by Past Employer of Repute

Employees Superannuation Scheme-

Another Indian Corporate Conundrum!

The fate of a guaranteed retirement plan through Employees Insurance linked Plan, available to the employee on leaving service after meeting eligibility criteria or attaining the age of superannuation …..

I have a very peculiar problem. I will give all details, without suppressing or distorting anything, except names involved.

I worked with ABC, for 20 continuous years since 1973. I had an excellent career and track record, with this joint sector Company, from the Greenfield stage, in their Marketing Division, and had the distinction of getting all my promotions, being the first among equals during my entire service with them. I never had any blemish in my career history nor records to the contrary. I left by resigning consequent to getting a better assignment with DEF and left ABC in the year 1993.

I resigned and left ABC in 1993, mainly due to two main reasons:

1. The company was not growing in any manner, even after the joint sector firm's controlling interests were taken over from the State Government by a Private Indian Corporate Group of repute. The employee morale was getting poor due to the culture difference between a ABC and the new group's core business which were into something entirely different. The new promoters interests was also not clear, as they had no competency in the new field, and were more interested in other things other than nurturing and growing the acquired company.

2. The new Managing Director of ABC consequent to take over by the new group, though a good professional and Technocrat was a peculiar character, otherwise. This new MD had a tiff with my brother, in the past, who was working under him in his earlier assignment before joining ABC, which was one of the reasons, for my resigning at the first available opportunity. Luckily the sibling connection, was not known to my new MD during my tenure under him.

In September, 1993 I submitted my resignation, from ABC which was duly approved and after serving the due notice period I was relieved and a send off was obtained, which was chaired by none other than the same MD, after which the following happened.

1. I joined DEF and worked for the next 7 years, where also I had an excellent track record.

2. Within a very short span after I left ABC the MD mentioned in detail above came to know about my connectivity with his erstwhile foe, that is; my brother and made remarks in my file that all my dues accrued for the service of 20 years should be withheld. As correspondences and Registered letters, did not result in any solution, through the legal process, I obtained my dues like PF, Gratuity etc., while still working with DEF.

3. But the EMPLOYEES SUPERANNUATION, from ABC I am yet to get, as the rules relating to it is another ball game, and for which my various correspondences with the subsequent Managing Directors of ABC did not get any response till date.

4. I availed VRS from the second company in the year where also there was a separate superannuation scheme for which I was eligible to participate and drawing presently the benefits of it without any problem.

5. In my relieving order from ABC, it is clearly mentioned, since I have resigned, before attaining the age of superannuation Quote: FOR THE purpose of obtaining superannuation benefit it should be treated as Premature Retirement " Unquote.

6. Unless the Trustees of the Super Annuation Fund of ABC Company do not clear my request, to the Insurance Corporation, nothing else can be done, except again through court of law. This will take its own sweet time and costs which I cannot bear now, as I and family survive on the meager Superannuation benefits I draw from DEF. My major source of retirement benefits is blocked with ABC, where I have put in 20 solid years of service.

Can somebody suggest:

1. How I can proceed to get my retiral benefits from ABC as I have earned it, and it cannot be left to the whimsical behavior of people WHO have no concern for such things. This was something which I should get on my leaving the service, and which had been factored in as the cost to me and to the company while with ABC.

2. What is to be done as similar cases should be a plenty under Indian Corporate scenario, wherein the Trustees of the Retirement Corpus is under the Management control of the Corporate and the Insurance Corporation do not have any role, till it is transferred to it, where after, from my own experience, it is 100% a secure source of Retirement benefit. This I myself can vouch as I am drawing it from DEF where I served, my second part of my corporate life, where it was only a short span of 7 years, to draw Retirement benefits as against 20 solid years with ABC


Company: ABC Fertilisers

Country: India

Category: Miscellaneous

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