State-run steel maker SAIL said Tuesday it has introduced a pension scheme for its current as well as former employees.
In a statement, Steel Authority of India Ltd (SAIL) said that "in line with the guidelines issued by the Department of Public Enterprises (DPE), and with the approval of the Ministry of Steel, it has introduced its pension scheme for the benefit of its eligible ex-employees and employees."
Under the approved scheme, SAIL said, all executive employees who were on rolls of the company on or after January 1 2007, as well as non-executive employees on rolls on or after January 1, 2012, shall be covered in the scheme.
The trust deed was signed by the trustees nominated by Workers' Unions, Officers' Associations and SAIL Management, thereby formalising the creation of SAIL Pension Trust, it said.
"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 up to March 31, 2016, will be extended the pensionary benefit in the form of annuities," it added.