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

c) Withdrawal within one year before retirement
The Trustees may on an application from a member in the
prescribed form, sanction from the amount standing to the credit of
the member in the Fund a withdrawal of an amount upto 90% at
any time after the attainment of 54 years retirement or
superannuating whichever is later.
Employees’ Provident Fund Scheme 1952 provides U/S 68NNN option for
withdrawal at the age of 55 years for investment in Varishtha Pension Bima
Yojana.
K. SPECIAL PROVIDENT FUND CONTRIBUTION (GRATUITY)
In addition to the statutory contribution to the Provident Fund under the
E.P.F.Act, 1952, the Undertaking pays Special Provident Fund (Gratuity) as per
the Provident Fund Rules and Regulations framed for the B.E.S.T. Provident
Fund Institution. The quantum of gratuity payment is one month’s basic pay
and D.A. minus Rs. 3,300/- for each year’s service. The minimum service for
qualifying for gratuity is 3 years and maximum gratuity payable is for 4 years.
The payment of gratuity is governed by an agreement between the Management
and the Representative Union.
The gratuity payment is not covered by the Employees Provident Fund Act.
However, the Act provides that concerns wherein the total benefits of gratuity
and Provident Fund together are equally or more beneficial than the provisions
of the E.P.F. Act and Scheme, shall be entitled to seek exemption, subject to
other conditions prescribed.
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