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#1
February 4th, 2020, 05:42 PM
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 Oil India Ltd Pension Scheme   |
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#2
February 4th, 2020, 06:01 PM
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| Re: Oil India Ltd Pension Scheme
Oil India Limited (OIL) is the second largest hydrocarbon exploration and production Indian public sector company with its operational headquarters in Duliajan, Assam Oil India Ltd Pension Scheme Employees Pension Scheme, 1995 (EPS-95) was introduced in OIL under EPF and MP Act 1952. Applicable to all establishments to which the Employees’ Provident Fund and Miscellaneous Provisions Act 1952 apply. Is extended to employees of OIL through an exempted trust fund managed in house. Scheme under EPS 95-Oil India Employees’ Pension Scheme (OIEPS): On 14th October, 1981, OIL was nationalized under the following Act (referred to as ‘the Acquisition Act”): The Burmah Oil Co. [Acquisition of Shares of Oil India Limited and of the undertaking in India of Assam Oil Company Limited and the Burmah Oil Co. Ltd. (India Trading) Limited] Act, 1981. The Acquisition Act stipulated as under: Pension benefits (40% of average pensionable salary of last 10 months) for employees existing then in OIL must be continued as if there was no nationalization. The rights and interests of the beneficiaries were not to be in any way prejudiced or diminished. There are 1095 members as on 31.03.2012. Will cease to exist after retirement of the last eligible i.e. joined on or before 13.10.1981 person. Scheme under the Acquisition Act- Oil India Pension Scheme: Post retirement medical benefits is extended to retired employees and their spouse. The benefits are similar to that extended to serving employees. The retired employees have to subscribe by paying a nominal contribution for availing the benefits Company profile: Type Public Sector Undertaking Industry Oil and gas Founded 18 February 1959 Headquarters Duliajan, Assam, India Key people Mr Utpal. Bora (Chairman & MD) Products Petroleum, natural gas, and other petrochemicals Owner Government of India (66%) |
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