Administration Manual - B.E.S.T. Undertaking.

this regard are briefed in the Instruction no. 8- STK/1033/161/96 dated
20/2/96)-- (Rs.541/- ceiling).
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General Rules of Pension Scheme:
1) No contribution from the employee.
2) Contribution payable to the pension fund by the
employer shall be limited to Rs.6500/- only on which
PF is deducted . i.e. maximum amount of contribution
to Pension Scheme will be Rs.541/- i.e. 8.33% of
Rs.6500/-
3) 12% of PF contribution is recovered from employee’s
salary and credited to PF account with the PF trustees.
4) 12% employer’s contribution towards PF account has
been bifurcated as under:
a) 8.33% of salary or Rs.541/- whichever is lower goes
in Pension Scheme.
b) 1.67% balance share or amount remaining over &
above Rs. 541/- to PF Account.
OVERTIME
The minimum period of earning the Overtime is minimum one
hour working overtime at a stretch after completion of normal duty hours.
Overtime payment of 1 st payment staff:
Supervisors in grade A/GVII, all staff in grade A/GV to AGI (excluding
Writers & Shop recorders) who are required to work in excess of normal
duty hours are paid OT @ 1 ½ times of basic, Overtime hours payable in
the above cases are computed on the basis of 6 hours a day, except in
cases of staff in grade A/G I to A/G IV where OT is computed on the
basis of 7 hours a day as shown below: