The Supplemental Benefit Program (SBP) is a distinctive insurance-linkedemployee welfare and benefit scheme wherein the employee’s retirement plan is supplemented with an insurance scheme with hightax benefits and the premium for the same is paid by the respective employer organization.
The Supplemental benefit plan in other words is retirement benefit plan in which arrangement is made by the company or authority so as to enable the individual or his dependents receive a regular income in event of retirement, death, disability of the individual.
The contributions are made by the company without any impact on the current taxation of the individual. The individual’s compensation plan is then adjusted in order to reflect this arrangement and the investment by the company is recovered. It is a highly beneficial plan for the company as well it helps it to create a bequest to the credit of the organization in name of the individual.
[Also Read: Supplemental Retirement Plan]
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