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SAIL introduces pension scheme for SAIL ex-employees and employees

SAIL introduces pension scheme for SAIL ex-employees and employees

India Blooms News Service | @indiablooms | 30 Apr 2019, 01:43 pm

New Delhi, Apr 30 (IBNS): In line with the guidelines issued by the Department of Public Enterprises (DPE), Government of India and with the approval of the Ministry of Steel, Steel Authority of India Ltd. (SAIL) has introduced its pension scheme for the benefit of its eligible ex-employees and employees.

As per the approved SAIL Pension Scheme, all executive employees who were on rolls of the company on or after 1st January, 2007 as well as non-executive employees on rolls of the Company on or after 1st January, 2012, shall be covered in this scheme.

In a meeting held on 30th April, 2019 at the SAIL Corporate Office, New Delhi, the Trust Deed was signed by the Trustees nominated by Workers’ Unions, Officers’ Associations and SAIL Management, thereby formalizing the creation of SAIL Pension Trust.

The scheme will extend coverage to more than 55,000 ex-employees for availing of this pension benefits.

In the initial phase, the eligible employees who have superannuated up to 31.3.2016, will be extended the pensionary benefit in the form of annuities.