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Good News Today: SAIL introduces Pension Scheme for current and ex-employees

PW Bureau

All executive SAIL employees who were on rolls of the Company on or after January 1, 2007, and non-executive employees on rolls on or after January 1, 2012, shall be covered in this pension scheme

New Delhi: Here is a super Tuesday good news for more than 72,000 current and 55000 ex-employees of SAIL. They will now be getting pension. Yes! 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.

SAIL Pension for all, Executives and Non-executives

As per the approved SAIL Pension Scheme, all executive employees who were on rolls of the Company on or after January 1, 2007, as well as non-executive employees on rolls of the Company on or after January 1, 2012, shall be covered in this scheme. In a meeting held on 30 th 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.

More than 1.25 Lac beneficiaries

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.