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

PENSION
POST
To inculcate the habit of small savings BEST
Undertaking facilitates employees to save in postal R.D.
Scheme through pay sheet. For opening R.D. Accounts
forms are accepted by P.F. Department and forwarded to
E.D.P. Department for giving them an account number
and starting pay sheet deduction. The amount of R.D.
deducted through pay sheet is remitted to the post in
the next month.
P.F. Department forwards the final installment of
R.D. A/c deducted through pay sheet and deposits the
same to GPO in the next month. The recurring A/c
matures in the following month after the date of deposit
of the final installment. After maturity GPO calculates
the maturity proceeds and forwards the cheques of
maturity proceeds to the Undertaking, which is
deposited in Cash Department. A depot wise listing of
the employees for distribution of payment is received
from E.D.P. Accordingly the payment is made by STC
and Supdt. Cash at different depots.
We receive commission on the amount remitted to GPO @ 2.5% every
month. The payment of amount accumulated in GPO under R.D. of the
employees who have resigned, dismissed, and the nominees of the deceased
employees is made at GPO before maturity.
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