HAL Executives, For Social Security status, Will Contribute For Pension
To improve the Social Security status of executives, on their retirement, Ministry of Defence, Hindustan Aeronautics Limited[HAL] Has Introduced a Defined Contribution Pension Scheme Which Is Based on the guidelines issued by the Department of Public Enterprises (DPE) and approved by the Ministry of Defence.
Hindustan Aeronautics Limited (HAL) is introducing a Defined Contribution Pension Scheme for its executives who retired from January 1, 2007 onwards.
In line with this, Mr. V.M. Chamola, Director (HR), Dr. A.K Mishra, Director (Finance) and Mr Ashok Tandon, Executive Director (Company Secretary) HAL jointly signed the ‘Trust Deed’ to form the “HAL Executives Defined Contribution Pension Trust” in presence of Dr. R.K. Tyagi, Chairman, HAL and Trustees of the Pension Fund, in Bangalore today.
“Implementing the pension scheme will boost the financial security of the retired executives and infuses confidence to the serving HAL officer fraternity, said Dr. R.K. Tyagi, Chairman HAL, during the “Trust Deed” signing event.
This scheme would benefit around 2000 executives already retired from January 1, 2007 and 9,800 serving executives of the Company.
HAL would contribute 7% of the Basic Pay plus Dearness Allowance drawn by each executive from January 1, 2007 onwards to fund the Scheme.