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

BEST STAFF BENEFIT FUND :
1150
The BEST Staff Benefit Fund was created in 1947-48 as required under Section 460 HH
of MMC Act 1888. It is built up from fines collected from Undertaking's staff, donations
from passengers and sales proceeds of unclaimed lost property recovered from the vehicles
of the Undertaking. The payment in respect of Traffic Fines, Court Fees etc. are made
through 'Staff Benefit Fund' by debiting account Code No.1921, initially. However, the
amounts so spent for Traffic fines, Court Fees etc. are recovered from the concerned
employees and the same are credited to the Staff Benefit Fund.
Payments in respect of rewards to the finders of lost property are made from this
fund. The amount of financial assistance to the members of the staff and widows of the ex-
employees are also provided from this fund with the prior approval of the G.M. A Current
Account was opened with Bank of India, Electric House Branch in March 1974 which was
subsequently converted into Savings Bank Account in April 1983 in order to earn interest
for the funds. We keep sufficient balance in the said account to meet the requirement of
payments and the surplus amount is invested in Fixed Deposits so as to earn interest over a
period of time.
EMPLOYEES WELFARE FUND :
The fund is created as per provision of Chapter IX of the Service Regulation, which
reads as under :-
“A Special account styled as " B.E.S.& T. Undertaking Employees' Welfare Fund
Account" shall be maintained with the State Bank of India or any bank from the
Undertakings list of approved banks in the joint names of the General Manager, the Deputy
General Manager, the Chief Accounts Officer, the Secretary and/or any other