Request anyone affected by the lay-off or/and having the information on the below to please respond.
This query is to seek information on the withdrawal of the Superannuation Fund (SAF).
For employees leaving the service after more than 10 years, the rules for withdrawal are that the departing employee can withdraw only 33.33% as commutation and the remaining 66.67% is treated as annuity.
My queries are-
(a) When does the annuity start getting paid ? Is it after 58 years of age or from the current financial year onwards?
(b) Which option of payment (monthly/quarterly/annual) should one opt to consume the annuity amount fast ? Or do the payments (now) include only the interests and the final base amount will be paid at a later date (after 58 years) or both (payments+ base amount) will be paid only post retirement ?