8/19/2019 PSHRM Retirement Benefits Presentation

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Death  

Disability 

Retirement

Death  

Disability  

Retirement

Category of Risks / Needs

GroupLife

Group Acc.

MedicalExpense

Medical expenses

Capital Accumulation

Category of Risks / Needs

GroupLife

Group Acc.

MedicalExpense

Medical expenses

Capital Accumulation

Particulars Gratuity (DB) Pro(DC

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Contribut ion byemployer

Benefit toemployer

Allowed as deductibleexpense (upto8!!" of basic salary)

All

#$

Benefit toemployee

ot included in taxableincome

ottax

Particulars Gratuity (DB) Provi

Contributi on byemployee

Benefit toemployee

f any' included intaxable income

nclu

At time of profitcredit

Benefit toemployee

o taxability onemployees

o t(sub%

ratecred

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Particulars Gratuity (DB)

At time ofredempti on ,

payment ofaccumula tedbalances

Benefit toemploy ee

Payments from approved fundedsc+eme are fully exempt

Payments from approvedunfunded sc+eme are exemptupto &s -$$.

Payments from unapproved

unfunded sc+eme are exemptupto &s /0.

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F Gratuity Pension

F Gratuity Pension

ene!olentFunds

ene!olentFunds

ident Fund)

Pension (DB) 1P2 (DC)

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wed as deductibleexpense (upto of basic) sub%ectto a max &s

#$$'$$$

Allowed as deductible expense(upto-$" of basic)

Allowed as deduexpense (upto-$" of basic)

 included inble income

ot included in taxable income ncluded in taxaincome' tax credallowed onsame

dent Fund (DC) Pension (DB) 1P2 (DC)

ded in taxable income f any' included in taxableincome

3ax credit allsub%ect to cerestrictions

  xability on employeesect to a ceilin* on t+e

of income bein*ted)

o taxability on employees o taxabilityon employee

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ProvidentFund (DC)

Pension (DB) 1P2 (DC)

Accumulate dbalance payable

to an employeefrom a reco*ni4edprovidentfund is fullyexempt

5ont+y Pension is fully exempt

6ne time lump sumCommutation is also fullyexempt from approvedpension sc+eme

-0" lump sum exedisability' retirem

in excess of -0" oretirement are taannuity payment ilast ! yrs av* tax r

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tible

leit

owedrtain

s

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mpt on deat+'nt 7it+drawal

beforeable 5ont+lyalso taxable at

ate