Proposed Scheme for Social Security of Retirees
This Scheme may be called SSSR for employees of large private sector companies which are required to spend certain amount on Corporate Social Responsibility. Draft Rules are given below:-
1. A person retiring from the Company shall be eligible.
2. Company will accept a deposit from the eligible person up to a maximum amount of 30 lakh Rupees for a period up to his life time. The maximum amount shall be 10% of Tax Exemption Limit and shall be increased from time to time.
3. Deposit will carry interest rate of 10%. Interest will be taxable in the hands of the depositor.
4. Interest amount will be credited in the Bank account of eligible employee every quarter electronically.
5. No tax will be deducted at source by the Company.
6. Company will invest such deposits in Government Bonds/Securities from time to time.
7. Difference in interest earned on bonds and Interest paid by the company shall be treated as CSR expenditure.
8. Interest earned by Companies on Govt. Bonds/Securities will not be taxable in the hands of Company.
9. After the death of depositor the interest will be paid to the spouse.
10. Deposits shall be returned to depositor's legal heir after the death of spouse.
11. Companies shall publish a list of Retirees and interest paid to them in Annual Report.
I request all the members of this circle to kindly review the proposed scheme and give their valuable suggestions before we request government to consider the same. more
1. A person retiring from the Company shall be eligible.
2. Company will accept a deposit from the eligible person up to a maximum amount of 30 lakh Rupees for a period up to his life time. The maximum amount shall be 10% of Tax Exemption Limit and shall be increased from time to time.
3. Deposit will carry interest rate of 10%. Interest will be taxable in the hands of the depositor.
4. Interest amount will be credited in the Bank account of eligible employee every quarter electronically.
5. No tax will be deducted at source by the Company.
6. Company will invest such deposits in Government Bonds/Securities from time to time.
7. Difference in interest earned on bonds and Interest paid by the company shall be treated as CSR expenditure.
8. Interest earned by Companies on Govt. Bonds/Securities will not be taxable in the hands of Company.
9. After the death of depositor the interest will be paid to the spouse.
10. Deposits shall be returned to depositor's legal heir after the death of spouse.
11. Companies shall publish a list of Retirees and interest paid to them in Annual Report.
I request all the members of this circle to kindly review the proposed scheme and give their valuable suggestions before we request government to consider the same. more
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Shri Mohit Pande, Thank you. I bring some other equally important points to your notice, which can be brought to the notice of the Finance Ministry. Over two decades have passed since the electronic trading and dematerialization system can into existence in this country. And even with the paperless drive from the Hon’ble Prime Minister himself, it is a shame that huge stocks are still held in paper form and it is really a pain to get them dematerialized, believe me. This can be simplified, which I can explain with the help of an example. Stock Exchanges need money for their maintenance, and yet no investor trader bears any such cost directly. It is borne by the companies, whose stocks get listed on the stock exchanges. Investor Traders only pay the transaction charges, if and when they invest or trade on the exchange. But to hold stocks of these very listed companies in CSDL or NSDL, investor needs to pay monthly or yearly Demat maintenance charges. Why? Instead, the said maintenance charges also should be borne by the companies, whose shares are going to be held by CSDL or NSDL in dematerialized form, and the investor pays the transaction charges, if and when one buys or sells the stock from one’s Demat account. This shall solve the major problem and there shall be no need to hold the stocks in paper forms at all. Moreover, as Demat is connected to the bank account, the PAN and Aadhar also get connected, and no one shall be in a position to cheat. This shall stop the further need for paper for dividend warrants, etc as the dividend shall get directly into one’s bank account. Then there are senior citizens retired from private sector, who have no pension, but do look for any help from the government because they have planned their retirement by proper investments in stocks. But the same investment is unreachable for them and there is no one to resolve the issue. SEBI when contacted, refuses to look into such ‘small’ problems. Therefore, there needs to be some single window to help the senior citizens, for getting their grievances properly addressed. There are also senior citizens, who are required to spend their life time saving in getting their daughters married. Thereafter, the parents stay with one or the other daughter. This raises a major problem for getting an address proof for their residence because married daughter’s address is not acceptable to be the address for the parents, but married son’s address is. These are some practical difficulties, which many senior citizens are facing, and can only be resolved by the government policies and their time bound implementation. Thanks and regards. more
Oct 18
The condition of non payment of pension by the company should also be included. This type of declaration should be made compulsory. more
Oct 17
Sir, If it is materialized so many senior citizens would be benefited at least local circle is there to do such a service regards deekshitulu On Mon, Oct 17, 2016 at 2:10 PM, MOHIT PANDE wrote: > more
Oct 17
Shri Mangesh Anaokar, Thank you. What you have mentioned about unclaimed dividend amount and SEBI is a serious issue and needs immediate attention of Finance Minister. more
Oct 17
