Sail Pension Scheme - Summary
Download the Sail Pension Scheme in PDF format here. This pension scheme has been introduced with the approval of the Ministry of Steel and the SAIL Board. Through this pension scheme, pensions will be provided to the ex-employees of the concerned authorities belonging to the Ministry of Steel and SAIL Board in the Government of India.
Understanding the Sail Pension Scheme
The Sail Pension Scheme is a beneficial program that aims to secure the financial future of former employees of SAIL or the Ministry of Steel. It is especially designed to support those who have contributed significantly to the organization.
Sail Pension Scheme (Eligibility)
- Minimum 15 years of service and superannuation from the Company.
- Death/PTD/Medical invalidation leading to cessation of Service – irrespective of duration of service rendered.
Sail Pension Scheme (Benefits)
- Only in the form of annuities from various annuity options from the approved Annuity Provider(s), on the notional date of superannuation.
- Commutation of the accumulated Corpus is not permissible.
- In case of Death/PTD/Medical Invalidation, benefits will accrue upon the separation of the employee from the Company.
- Payment to start from the date of purchase of annuity by employee/nominee.
- Annuity would depend upon the accumulated corpus of the employee (including both Employer and Employee contributions along with interest accrued) as per the Annuity Plan opted by him/her.
- It has been decided to empanel Annuity Providers as empanelled under NPS.
Sail Pension Plan – Download PDF
Make sure to download the Sail Pension Scheme in PDF format using the link given above. This will help you understand your benefits and eligibility better.