SAIL introduces pension scheme for current and former employees

State-run steel maker SAIL today said that it has introduced a pension scheme for its current as well as former employees. In a statement, Steel Authority of India Ltd (SAIL) said that "in line with the guidelines issued by the Department of Public Enterprises (DPE), and with the approval of the Ministry of Steel, it has introduced its pension scheme for the benefit of its eligible ex-employees and employees."

According to the statement, "as per the approved SAIL Pension Scheme, all executive employees who were on rolls of the company on or after 1st January, 2007 as well as non-executive employees on rolls of the company on or after 1st January, 2012, shall be covered in this scheme."

The decision to this effect was taken at a meeting held today at the SAIL Corporate Office in New Delhi, and the Trust Deed was signed by the Trustees nominated by Workers’ Unions, Officers’ Associations and SAIL Management, thereby formalizing the creation of SAIL Pension Trust.

The pension scheme will extend coverage to more than 55,000 ex-employees for availing of this benefits. 

In the initial phase, the eligible employees who have superannuated up to March 31, 2016, will be extended the pensionary benefit in the form of annuities, the statement added.

Notably, Steel Authority of India Limited (SAIL) is the largest steel-making company in India and one of the seven Maharatna’s of the country’s Central Public Sector Enterprises.