Retirement
Content
1. On completion of Service (Superannuation): Every employee shall superannuate from the services of the corporation on attaining the age of 60 years. No extension of service would be there beyond the age of 60 except in cases where disciplinary action is pending or contemplated, as already provided. The employee shall be presumed to be aware of the date of retirement of the service until and unless written is provided or information is provided by the Personnel Department. A letter of appreciation and a sort of notice of Superannuation is issued by the authority along with the handout of various benefits that would be made. This is done by his/her departmental head before three months of his superannuation.
2. On Voluntary Retirement: The Voluntary Retirement is one of the types of retirement from the service which generally take place before the completion of 60 years of service or normal retirement or superannuated employees in case of IOCL (AOD). The Voluntary retirement Scheme has been instituted which get effective for a particular period of time according to the direction or the rules set by the Indian Oil Corporation (AOD).
3. Expulsion: Expulsion of employees generally takes place when an employee is found in some unlawful activities which is against the Corporation or he is failed to discharge his duties and is expelled on following grounds:
If he is a persistent defaulter If he willfully deceives the Society by false statement (s) If he intentionally does any act likely to injure the credit of the Society. If he fails to pay his monthly dues for three successive months.
4. Premature retirement scheme on medical grounds: An employee believing he to be medically unfit may voluntarily seek Premature Retirement on Medical Grounds for which he shall submit in prescribed format to the ED/GM through his controlling officer. No employees shall be deemed incapable of discharging his duties on medical grounds unless so certified by a duly constituted Medical Board. is generally for those employees who incase of permanent total disablement from the service on medical grounds. Here the employees would be entitled to exercise option as to which of the two schemes (permanent retirement scheme on medical grounds or SBF scheme) he would govern. He would either select one from the two but not both.
RETIREMENT SCHEMES OF THE COMPANY
1) Superannuation
Benefit
Fund
Scheme:
A
voluntary
and
contributory
Superannuation Benefit Fund Scheme has been instituted in the Corporation, as a welfare measure, for providing social security. The Scheme was introduced with effect from November, 1987 in respect of officers of the Corporation. Specified benefits under the Scheme accrue to members on fulfilment of laid-down conditions upon:
1. Retirement on attaining the age of superannuation; or 2. Death /permanent total disablement; or 3. After rendering the prescribed minimum service prior to separation from the Corporation. (The benefit in such case is payable after the employee has attained the age of superannuation)
The scheme is being operated through a trust. The Trustees manage the funds and, upon a member¶s qualifying under the scheme, purchase annuity from LIC to secure entitled recurring benefit.
2) POST RETIREMENT MEDICAL ATTENDANCE FACILITY
The scheme of medical attendance facility during post- retirement period has been introduced with effect from 1.1.1985 for officers and 1.11.1988 for non-officers as amended from time to time. As a purely welfare measure, the scheme is aimed at providing medical attendance in their old age, to eligible separated employees of the Corporation.
For officers: Eligibility:
1. Those who retire from the service of the Corporation on reaching the age of superannuation, subject to rendering minimum service for 10 years. 2. Those who prematurely/ voluntarily retire from the service of the Corporation after attaining the age of 45 years, subject to rendering minimum service for 10 years in IOC 3. Those who resigned from the service prior to 23.7.03, with specific consent of the Corporation, after attaining the age 50 years subject to rendering minimum service for 20 years.
For Non-Officers:
a) Those who retire from the service of the Corporation on reaching the age of superannuation, subject to rendering minimum service for 10 years in the Corporation b) Those who prematurely/ voluntarily retire from the service of the Corporation after attaining the age of 45 years, subject to rendering minimum service for 10 years in IOC.
c) Those who resigned from the service prior to 23.7.03, with specific consent of the Corporation, after attaining the age 50 years subject to rendering minimum service for 20 years. d) Those whose services are terminated for reasons other than on grounds of disciplinary action, subject to attaining the age of 50 years and rendering continuous service for a minimum period of 20 years in the Corporation. e) In case of death the surviving spouse, dependent parents(s) and children shall be eligible.
2. On Voluntary Retirement: The Voluntary Retirement is one of the types of retirement from the service which generally take place before the completion of 60 years of service or normal retirement or superannuated employees in case of IOCL (AOD). The Voluntary retirement Scheme has been instituted which get effective for a particular period of time according to the direction or the rules set by the Indian Oil Corporation (AOD).
3. Expulsion: Expulsion of employees generally takes place when an employee is found in some unlawful activities which is against the Corporation or he is failed to discharge his duties and is expelled on following grounds:
If he is a persistent defaulter If he willfully deceives the Society by false statement (s) If he intentionally does any act likely to injure the credit of the Society. If he fails to pay his monthly dues for three successive months.
4. Premature retirement scheme on medical grounds: An employee believing he to be medically unfit may voluntarily seek Premature Retirement on Medical Grounds for which he shall submit in prescribed format to the ED/GM through his controlling officer. No employees shall be deemed incapable of discharging his duties on medical grounds unless so certified by a duly constituted Medical Board. is generally for those employees who incase of permanent total disablement from the service on medical grounds. Here the employees would be entitled to exercise option as to which of the two schemes (permanent retirement scheme on medical grounds or SBF scheme) he would govern. He would either select one from the two but not both.
RETIREMENT SCHEMES OF THE COMPANY
1) Superannuation
Benefit
Fund
Scheme:
A
voluntary
and
contributory
Superannuation Benefit Fund Scheme has been instituted in the Corporation, as a welfare measure, for providing social security. The Scheme was introduced with effect from November, 1987 in respect of officers of the Corporation. Specified benefits under the Scheme accrue to members on fulfilment of laid-down conditions upon:
1. Retirement on attaining the age of superannuation; or 2. Death /permanent total disablement; or 3. After rendering the prescribed minimum service prior to separation from the Corporation. (The benefit in such case is payable after the employee has attained the age of superannuation)
The scheme is being operated through a trust. The Trustees manage the funds and, upon a member¶s qualifying under the scheme, purchase annuity from LIC to secure entitled recurring benefit.
2) POST RETIREMENT MEDICAL ATTENDANCE FACILITY
The scheme of medical attendance facility during post- retirement period has been introduced with effect from 1.1.1985 for officers and 1.11.1988 for non-officers as amended from time to time. As a purely welfare measure, the scheme is aimed at providing medical attendance in their old age, to eligible separated employees of the Corporation.
For officers: Eligibility:
1. Those who retire from the service of the Corporation on reaching the age of superannuation, subject to rendering minimum service for 10 years. 2. Those who prematurely/ voluntarily retire from the service of the Corporation after attaining the age of 45 years, subject to rendering minimum service for 10 years in IOC 3. Those who resigned from the service prior to 23.7.03, with specific consent of the Corporation, after attaining the age 50 years subject to rendering minimum service for 20 years.
For Non-Officers:
a) Those who retire from the service of the Corporation on reaching the age of superannuation, subject to rendering minimum service for 10 years in the Corporation b) Those who prematurely/ voluntarily retire from the service of the Corporation after attaining the age of 45 years, subject to rendering minimum service for 10 years in IOC.
c) Those who resigned from the service prior to 23.7.03, with specific consent of the Corporation, after attaining the age 50 years subject to rendering minimum service for 20 years. d) Those whose services are terminated for reasons other than on grounds of disciplinary action, subject to attaining the age of 50 years and rendering continuous service for a minimum period of 20 years in the Corporation. e) In case of death the surviving spouse, dependent parents(s) and children shall be eligible.
