SUMMER TRAINING PROJECT REPORT ON POST RETIREMENT BENEFITS SCHEMES IN ONGC

ORGANIZATIONAL CHART

LIST OF INSTITUTIONS

GEOPIC

: GEO-Data Processing and Interpretation center (Dehradun).

KDMIPE : Keshav Deva Malviya Institute of petroleum Exploration

(Dehradun)

IDT IRS IEOT IMD INBIGS IOGPT

: Institute of Drilling Technology (Dehradun). : Institute of Reservoir studies (Ahmedabad). : Institute of Engineering and Ocean Technology. : Institute of Management Development (Dehradun). : Institute of Biotechnology and Geotectonic Studies. : Institute of Oil and Gas production Technology.

IPSHEM : Institute of Petroleum Safety Health and Environment

Management(Goa)

PRBS

ONGC SELF CONTRIBUTORY POST RETIREMENT AND DEATH IN SERVICE BENEFIT SCHEME

ELIGIBILITY

INTRODUCED W. E. F. 01/04/1990 FOR REGULAR EMPLOYEES ON OPTIONAL BASIS

COMPULSORY FOR ALL EXECUTIVES JOINING AFTER 01/04/1990

EXTENDED TO UNIONISED CATEGORY W.E.F. 16/11/1995

COMPULSORY FOR ALL REGULAR EMPLOYEES W. E.F. 16/11/1995

SCHEME COVERS REGULAR EMPLOYEES HAVING A CONTINUOUS MINIMUM SERVICE OF 10 YEARS IN ONGC EXCEPT IN CASE OF DEATH/ PERMANENT TOTAL DISABLEMENT.

PRBS Management
Managed by the Board of Trustees of Pension disbursed through IRDA approved insurers viz-LIC , SBI Life &ICICI Prudential Self contributory Scheme ONGC contributes Rs. 100/per annum or any amount at its complete discretion , as it may deem fit

PRBS Trust

However , all expenses towards administration of the are borne by ONGC.

FLOW CHAT OF PRBS CLAIM SETTLEMENT

Member / Beneficiary

Concerned Establishment

PRBS Section

Sends proposal/ corpus amount to insurer for purchase of annuities on 7th of the following month.

Pays 1/3rd commutation to members / beneficiary

Insurer Relates monthly pension

Member/Beneficiary

PENSION FORMULA
Contribution is calculated on the basis of salary , and then then pension is calculated in the following manner:

A. B. C.

Past Service (PS) Future Service (FS) Reckonable P.S. (R.P.S.) Reckonable F.S. (R.F.S.)

Period from date of joining ONGC to date of joining the scheme. Period from date of joining the scheme to the date of Superannuation (1 P.S. x 1.2/100) x P.S.

D. E. F.

PSP+ FSP , (but not exceeding Notionally Escalated Last Salary Drawn x50% ) # in case of death and total permanent disablement , Total pension is calculated as Notionally Escalated Last Salary Drawn x 50% *for members w.e.f. 1/4/1990 or 16/11/95 as applicable . Gross Pension x 33.33% Commutation of G.

Past Service Pension(PSP) Future Service Pension (FSP) Gross Pension#(GP)

(1+ F.S.x0.6/100) x F.S. +0.0002 x F.S. x F.S. x F.S. R.P.S. x (Salary as on 31/12/1991 or 16/11/1995*)x1.21% RFS x (Escalated Notional Last Salary Drawn ) x 1.60%

H. I.

pension (if opted) Net Pension

Commuted Value

Gross Pension Commutation Pension Commuted pension x 136 or

J.

Calculation of Annuity Purchase Price

purchase price for one rupee pension on the basis of LIC Annuity rate for life with guaranteed payment for 15 years whichever is less on the date of settlement Net pension x LIC Annuity rate for Annuity for life guaranteed for fifteen years (in old scheme this factor was constant at 92.379

Calculate the amount to be invested

Execution of the proposal as per apporoval by the Investment Committee

Call quotation through market

Process of investment
Approval by investment Committee Tabulate the quotations

Rank the investment proposals

ONGC GROUP OF COMPANIES