SAIL’s 55,000 ex-employee to get pension as company introduces Pension Scheme

New Delhi: Good news for over 55,000 employees of Central sector steel behemoth Steel Authority of India Ltd.(SAIL) those have retired from the service as the company Tuesday introduced its pension scheme for the benefits of its eligible ex-employees and employees.

At a meeting at SAIL corporate head office here, the Trust Deed was signed by the trustees nominated by the workers union, officiers association and SAIL management creating the SAIL Pension Trust.

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

The Scheme will extend coverage to more than 55,000 ex-employees for availing of this pension benefits. In the initial phase, the eligible employees who have superannuated upto 31.3.2016, will be extended the pensionary benefit in the form of annuities.