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Smartmoney
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Can You Recover Your Dues?
Has your company shut shop? And are you out in the cold with not even the comforting scraps of your legitimate dues? In theory, you can seek legal redress. In practice, the odds are stacked against you. But that doesn’t mean you go down without a fight. Some smart moves and you may even recover your dues. Here’s what to do. If the company has been referred to the BIFR, don’t waste time filing a case—all claims for recovery will be stayed under the law. If a recovery package is worked out, employees’ dues will be automatically paid off.

In a non-BIFR case or if the company is still alive and has assets, it’s best to file a case in the Winding Up Court. Such cases are settled in eight months to two years.

If you’re in a non-management job, file in the local labour court. Four to six years for a verdict makes it a lengthy process, but the costs are minimal.

Importantly, in all cases, withholding provident fund (PF) dues is a non-bailable offence, which improves your chances of recovery. So keep track of the PF account.


Fuel-Efficient Cards
Infotech professional R. Aditya used to pay a 2.5 per cent transaction charge on his fuel spends: that’s about Rs 750 a year. Now he doesn’t pay any transaction charge, saving that Rs 750. Plus, he earns the equivalent of Rs 480 a year as reward points on his fuel transactions. And, the groceries he buys at the store at the HPCL outlet he frequents, get billed as fuel transactions—it earns him the equivalent of an additional Rs 480 a year as reward points.

How does he do it? He switched from his StanChart card to the ICICI Bank-HPCL co-branded card.

Ditch your plain-vanilla credit card for one customised to your needs—a co-branded card. Savings on fuel transaction charges could pay the annual fees on your card, and the reward points? Free fuel worth Rs 1,000 a year.


Defer Not
Market-linked pension plans expand the range of investment options for your retirement needs. Not cheap, but significant advantages of tax-breaks, savings discipline and multiple risk-return options are on offer. Here’s how your investment grows at various rates in deferred annuity schemes.

The Fast Track

Investment: Rs 20,000 a year in a deferred annuity scheme
Accumulation after 30 years*
at 8% p.a. at 12% p.a. at 15% p.a.
Rs 24.46 lakh Rs 54 lakh Rs 1 crore
* These are indicative returns. Annuity issuers levy administrative and management charges, which will lower the accumulation.


For more details on these articles, read Intelligent Investor or log on to www.iinvestor.com and also get personalised information and analysis from our experts who answer queries on small savings, insurance, loans, taxation, mutual funds and shares.

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