A presentation of Summer Project completed for requirement of MBA

Degree at PTU, Jalandhar

Presented By:

Bed Prakash DhirheyMBA Sem. IV

(HR & Marketing)Roll No. 10208380066

“A STUDY OF RETIREMENT BENEFITS OF NTPC LTD KORBA”

RETIREMENT BENEFITS

RETIREMENT

Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours, it also known as superannuation.

Definition of Superannuation:

An organizational program created by a company for the benefit of its employee, also referred to as a “company pension plan”

BENEFITS

Various types of facilities given to a person who has got his retirement after long service for an organization or any firms those facilities are known as retirement benefits. It includes Pension, Gratuity, Leave Payments, Medical facilities etc.

Retirement on Superannuation

TYPES OF RETIREMENT

Voluntary RetirementCompulsory Retirement

IMPORTANCE OF RETIREMENTRising Life expectancy

Optimum asset allocation

Medical Expenses and Health Care

for a long term

INTRODUCTION OF COMPANY NTPC LTD KORBA

Registered Office:NTPC BHAWAN, SCOPE COMPLEX

7, INSTITUTIONAL AREA, LODHI ROADNEW DELHI-110003

Web site: www.ntpc.co.in

SUBSIDIARIES SHARES LISTED ATNTPC Electric Supply Company Ltd.

National Stock Exchange of India Ltd.

NTPC Hydro Ltd. Bombay Stock Exchange Limited

NTPC Vidyut Vyapar Nigam Ltd.Kanti Bijlee Utpadan Nigam Ltd.Bhartiya Rail Bijlee Company Ltd.

VISION AND MISSION

“To be the world’s largest and best power producer, powering India’s growth.”

“Develop and provide reliable power, related products and services at competitive prices, integrating multiple energy sources with innovative and eco-friendly technologies and contribute to society.”

VISION

MISSION

Shri Arup Roy Choudhury

 Chairman & Managing Director

1975

• NTPC WAS SETUP IN 1975 WITH

100% OWNERSHIP

BY THE GOVT. OF

INDIA IN THE LAST 30 YEARS;

NTPC HAS GROWTH INTO THE LARGEST POWER

UTILITY IN INDIA.

1997

• IN 1997, GOVT. OF

INDIA GRANTED

NTPC STATUS OF “NAVRATNA” BEING ONE

OF THE NINE JEWELS OF

INDIA, INHANCING THE POWER

TO THE BOARD OF

DIRECTORS

2004

• BECOME A LISTED

COMPANY WITH

MAJORITY GOVT.

OWNERSHIP OF

89.5%.THIRD LARGEST BY

MARKET CAPATILIZATI

ON OF LISTED

COMPANY.

2005• THE COMPANY

RECHRISTENED AS NTPC

LTD TO CHANGE ITS BUSINESS

PORTFOLIO AND

TRANSFORM ITSELF FROM A THERMAL

POWER UTILITY TO

AN INTEGRATED

POWER UTILITY

2010

• IN MAY 2010, GOVT. OF

INDIA GRANTED

NTPC STATUS OF

“MAHARATNA” BEING ONE OF THE FIVE JEWELS OF

INDIA, INHANCING THE POWER

TO THE BOARD OF

DIRECTORS

EVOLUTION OF NTPC

ADDRESS: P.O. Vikas Bhawan, Jamanipali-495 450,Dist. Korba, ChattisgarhApproved capacity: 2600 MW Installed Capacity: 2600 MWCoal Source: Kusmundha Block, Gevra Mines Water Source: Hasdeo RiverBeneficiary States: Madhya Pradesh,Chattisgarh, Maharashtra, Gujarat, Goa, Daman, Diu & Nagar HaveliApproved Investment: Rs. 2448.49 CroreUnit Sizes: Stage - I: 3x 200 MW, Stage -II: 3x 500 MW, Stage -III: 1x500 MWUnits Commissioned: Unit -I 200 MW March 1983, Unit -II 200 MW October 1983 Unit -III 200 MW March 1984, Unit -IV 500 MW May 1987 Unit -V 500 MW March 1988, Unit -VI 500 MW March 1989 Unit -VII 500 MW December 2010

GENERAL MANAGER- Mr. S. K. ROYDGM- GC SURDEV

Sr. MANAGER- NANDINI ANUJ

SECL MGR CHPCoal Transportation

& Handling

Boiler

ESP

Turbine GeneratorMilling

CUSTOMERS

Generation & Transmission

Chimney

Manual Transport

Auto Loading from SILO

Customers

Switch Yard

Gen Tx.

Ash Utilization

Ash

Steam

Steam Electricity

PowerPlant Process Flow Chart

RESEARCH OBJECTIVES

a. To find out the awareness among employees of NTPC Ltd. Korba regarding their retirement policies and procedures.

b. To find out the employees of NTPC Ltd. Korba, are satisfied or not with their retirement benefits.

c. To know the retirement benefits provided by the NTPC Ltd. Korba.

RESEARCH MATHODOLOGY

This is an exploratory research in which objective is to find out the Retirement Scheme in NTPC Ltd Korba. The research is done by the Survey method by doing a survey on the employees. The Stratified Random Sampling is used to select the respondents from the whole population. The survey is done by the method of questionnaire.

The research has been done in five steps: Literature survey Formation of the questionnaire/ interview questions Data collection Data analysis Conclusion

Methodology: The methodology that was adopted to collect the primary data for research purpose can be divided in to two stages: Questionnaire Analysis:

Sample Size: 60 Employees

Research Tools: The research tools used for the research are:Questionnaire and Structured Interviews Questionnaire:The Questionnaires used in the research is of subjective in nature. The questionnaire which was designed for the Employees has 11 questions. The questionnaires carry the respondent’s department and his/her division. The sample size taken of the company’s employees has left up to 5 years for their retirement.

PRIMARY DATA

ANALYSIS AND INTERPRETATION

Employee Awareness

AWARENOT AWARE

Rating Total Respondents

% of Respondents

AWARE 58 96.67

NOT AWARE 02 03.33

Are you aware of the following retirement benefits of NTPC? Gratuity Fund

Rating Total Respondents

% of Respondents

YES 07 11.57

NO 53 88.33

Sales

YESNO

Were you ever a member of any pension policy from outside NTPC?

Strongly Disagree

Disagree Neither Agree Nor Disagree

Agree Strongly Agree

05

101520253035404550

Adequacy of Pension after Retirement

Adequacy of Pension after Retirement

Rating Total Respondents

% of Respondents

Strongly Disagree 28 46.67

Disagree 12 20

Neither Agree Nor Disagree

08 13.33

Agree 11 18.33

Strongly Agree 01 01.67

I think my pension will be adequate for me after my retirement

FINDINGS

1. Majority of Employees i.e. 81.68% are aware about the retirement benefits given by the NTPC Ltd.

2. 32.64% Employees don’t know the basic criteria for Retirement Benefits of NTPC Ltd.

3. Only 11.57% Employees have taken another pension policy outside of NTPC Ltd.4. Maximum Employees are satisfied with other retirement benefit(Retirement

Identity Card, Farewell gift, Travelling allowance, Baggage charge and Packing charge) given by NTPC Ltd at the time of their retirement, i.e. 88.99%

5. Most of the respondent’s i.e. 55% Agree including 15% Strongly Agree that they are aware of various procedures for applying for gratuity in Voluntary Retirement Scheme and Superannuation; rest, 10% Strongly Disagree, 16.16% Disagree, and 18.33% Neither Agree Nor Disagree

6. Most of the respondent’s i.e. 66.67% strongly Disagree including 20% Disagree that their pension will be adequate for after retirement life; rest, 18.33% agree, 1.67% strongly agree, and 13.33% Neither Agree nor Disagree

7. Most of the respondent’s i.e. 58.34% Agree including 18.33% Strongly Agree and one of them said “Human needs is like a infinitive” so that limitation of leave payment is acceptable for them.; rest, 25% Strongly Disagree, 13.33% Disagree, and 3.33% Neither Agree Nor Disagree.

8. Only 3.33% employees said that the process of retirement benefits used has difficult and retirement benefits are not given on time as when they become due.

9. 28.33% Employees are disagreeing that Medi-Claim insurance is adequate for retired employee and his /her spouse rest 45% are agree including 15% strongly agree and 21.67% are not sure that they are agree or disagree.

10. Most of the respondent’s i.e. 70% Agree including 30% Strongly Agree that their service is motivated by the retirement benefits of NTPC Ltd.; rest, 1.66% Strongly Disagree, 6.67% Disagree, and 21.67% Neither Agree Nor Disagree.

SUGGESTION

1. The accumulation of leave days should be increased.2. Informal discussion between employers and employees should be

conduct.3. Pension should be provided on the basis of their salary.4. Bus facility should be provided to the retired local person from NTPC to

CHAMPA.5. The process for getting pension should be made easy so that employees

can get without much difficulty.6. The leaving time of NTPC houses after retirement should be increased

from 4 months to 6 months.7. Pension to employees should be provided on timely.8. Adequate training must be conducted to make informed the employees

about the various benefits.

CONCLUSION

The hypothesis that we have assumed is true that good retirement scheme brought by the HR department of NTPC Ltd for its employee’s.

Maximum employees are aware to the procedure and criteria of retirement benefits.

A retirement benefits must satisfy the retired employee and it’s satisfied the majority of NTPC’s employees.

THAN

K YO

U