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

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The management has introduced Interest Subsidy Scheme to the Member of
staff of the Undertaking on Housing loans obtained from the Nationalised and Co-op.
Banks and Financial Institutions by the employees of the Undertaking.
A member of staff who have completed 3 years continuous service and confirm
in the service of the undertaking is eligible for Interest Subsidy. The interest Staff
member should attach necessary Xerox copies of the documents duly certified by
Head of the Department and there after forward the same to AGM (Audit) and CAO
& FA for further necessary action.
The Undertaking’s liability to pay Interest Subsidy is restricted to a
maximum ceiling of Rs. 3 Lacks in the case of employees and Rs. 5 Lacks in the case
of officers for housing loan. Upto September ’05 14000 Staff Members have availed
the Interest Subsidy as per monthly reducing balance method.
Upto Rs. 2,00,000/- Interest is 7.5 % whichever is less
is borne by the undertaking and Balance Interest is borne by
employee.
From Rs. 2,00,000/- to Rs. 5,00,000/- 50 % of Interest charged as above minus 1
% or 6.5 % whichever is less is borne by the undertaking and Balance Interest is
borne by the member of staff.
The undertaking have made provision for the member of staff to change the
financial Institution or to change the location of dwelling on which a member of staff
is availing the Interest Subsidy.
ChAAI - 1
OA - 1 (Loan)
Supvr. - 1
Clerk - 6
SUPERVISOR:
1) To check the monthly payment of arrears & recovery of Interest subsidy under
code 086.
2) Checking of Vouchers/Bill for the payment of EMI to various
Banks/Financial Institutions/HDFC with EDP listing.
3) Calculation of six monthly Interest Subsidy of Banks/ Financial Institutions.
4) Attending Audit queries & make necessary adjustment in respect of payment
& recovery.