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

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maintains records of the details of payment of P.F. dues in respect of the deceased
members and the settlement of dispute arising between the legal heirs of the
deceased employees.
Like-wise Provident Fund, Special Provident Fund ( Gratuity ) is paid to the
employees of the Undertaking even prior to the enactment of payment of Gratuity
Act, 1972. The Provident Fund Department maintains the records of nomination
made for Gratuity payment also. The bills for payment of Gratuity are, therefore
routed through P.F. Department. Since, the department has the record of
nomination made by the employee, all the bills for payment to be made in respect
of the deceased employees are also routed through P.F. Department.
The Provident Fund Department alongwith P.F., looks after all work
pertaining to Employees Pension Scheme, 1995, Employees Group Insurance
Scheme in lieu of Employees Deposit Link Insurance Scheme, financing of L.I.C.
Policies through P.F., Postal Recurring Deposit Scheme of Central Govt., through
payroll Deduction Scheme.
The employees of the Undertaking enjoy better facilities out of the
Undertaking's own 90% P.F. dues which are paid to the employees on the last working day
of their retirement. The rest of the amount of P.F. dues is paid to the separated employees
within the shortest possible time, compared to the time taken in the other organization. The
employees of the Undertaking also enjoy the facilities of refundable loan sanctioned by the
P.F. Trust, which is not available to the employees of any other organizations. The amount
sanctioned as the refundable loan is 1/3 of employee’s own subscription or three times of
monthly salary; whichever is less at the rate 1% above the declared rate of PF.
The employees of the Undertaking also enjoy the facility of withdrawing
Provident Fund Non-Refundable Advance such as Housing, Marriage, Education, sickness
and 90% P.F. withdrawal within one year before retirement, as per the provisions of the EPF
Act, 1952
A. MANAGEMENT OF THE FUND