Superannuation / Deceased Benefit Fund (w.e.f. 1.7.1988)

Maximum Benefit : The maximum benefit payable under the Scheme to the superannuated employee will be 50% of the last salary drawn for a minimum period of 32 years in GAIL (India) Limited,

Minimum Benefit : The Minimum pension payable under the scheme to the superannuated employees will be 14% of the last salary rendering a minimum services of 7 years in GAIL (India) Limited .

  1. For employees separating from GAIL after attaining the age of  50 years
  1. Minimum no. of years of qualifying service in GAIL    -       Nil
  2. Minimum no. of years of contribution in GAIL          -         7 years
  3. Benefit in terms of the following:
  1. Minimum pension after atleast 7 years of contribution – 14% of Basic Pay + Spl. Pay + Spl Pay (on redesignation ) Personal Pay (on stagnation) + Spl. Personal Pay + Non Practicing Allowance (for Medical Officers) + DP + DA
  2. Pension for those rendering 7 to 32 completed years of service – 14% of Basic Pay+ Spl. Pay (on redesignation ) Personal Pay (on stagnation) + Spl. Personal Pay + Non Practicing Allowance (for Medical Officers) + DP + DA PLUS 1.44% for each completed year of service in excess of 7 years.
  3. Maximum Pension for more than 32 years of service – 50 % of Basic Pay + Spl. Pay + Spl. Pay (on redesignation ) + Personal Pay(on stagnation) + Spl. Personal Pay + Non Practicing Allowance (for Medical Officers) + DP + DA
  1.  For employees separating from GAIL before attaining the age of 50 years
    ® Minimum no of years of qualifying service in GAIL       - 15 years
    ® Benefit in terms of the following :
  1. If Minimum qualifying service in GAIL is less than 15 years – Refund of the contribution with 6% interest p.a.
  2. If Minimum qualifying service in GAIL is more than 15 years – Pension in terms of the following provisions :
    1. Minimum pension after atleast 7 years of contribution – 14% of Basic Pay + Spl. Pay + Spl. Pay ( on redesignation ) + Personal Pay  (on stagnation) + Spl. Personal Pay + Non Practicing Allowance (for Medical Officers) + DP + DA.
    2. Pension for those rendering 7 to 32 completed years of service – 14% of Basic Pay+ Spl. Pay (on redesignation ) Personal Pay (on stagnation) + Spl. Personal Pay + Non Practicing Allowance (for Medical Officers) + DP + DA PLUS 1.44% for each completed year of service in excess of 7 years.
    3. Maximum Pension for more than 32 years of service – 50 % of Basic Pay + Spl. Pay + Spl. Pay (on redesignation ) + Personal Pay(on stagnation) + Spl. Personal Pay + Non Practicing Allowance (for Medical Officers) + DP + DA

Note
If an employee has rendered atleast 10 years of qualifying service but less  that 15 years, he may contribute for remaining years of service (less than 15 years) in lump-sum for purposes of drawal of Pension at par with those who have rendered more than 15 years of qualifying service in GAIL.

  • Completed years of service means continuous service for one year. In respect of part year, for service of more than 9 months to be deemed as full-year; a service of 3 months or more but less than 9 months will be deemed as ½ year service; and a service of less than 3 months will not be taken into reckoning