SAIL issues pension scheme for its employees

New Delhi: The corporate office of Steel Authority of India (SAIL) has issued a SAIL Pension Scheme for its employees. The scheme covers all executives, including Management Trainees, who have been on the rolls of the company since or after January 1, 2007. This also includes those appointed at the board level. As for the non-executives, the pension scheme will cover non-executives, including trainees, recruited for eventual employment on the rolls of the company on or after January 1, 2012.

For the benefit of eligible ex-employees, a camp will be set up at Hill View, Sector – 4 from February 4. The details under the SAIL Pension Scheme can be seen in the ex-employees website, "http://www.sampark.sailrsp.co.in or sampark@sailrsp.co.in."

Ex-employees eligible for SAIL pension will be considered for drawing pensionary benefits in phases, starting from 01-01-2012 for non-executives and from 01-01-2007 for executives. In the first phase, ex-employees separated on or before 31-03-2013 shall be covered.

Ex-employees / beneficiaries, whose total corpus in the account under the scheme is less than Rs 2 Lakh on the date of purchase of annuity, can avail the option of withdrawal of corpus in lump-sum. In case of withdrawal, they have to submit the application available on Sampark website in the prescribed format in Personnel- Welfare & Canteen Section, Administration Building, SAIL, Rourkela Steel Plant or in the site camp as mentioned above.