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

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498<br />

Employees’ Pension Scheme is made applicable w.e.f. 16 th Nov. 1995<br />

by Central Government to all who are covered under Employees’ Provident<br />

Fund and Miscellaneous Provision Act,1952. Since BEST <strong>Undertaking</strong> comes<br />

under the purview of this provision the Employees’ Pension Scheme comes<br />

into force.<br />

Contribution<br />

Employer’s share of PF contribution @ 8.33% or Rs. 541/- is diverted<br />

to pension fund every month. For calculation of 8.33% maximum salary<br />

taken into account is Rs. 6500/-.<br />

Membership<br />

i) Who has been a member of the Employees’ Family Pension<br />

Scheme 1971.<br />

ii) Who on or after 16 th Nov. 1995 becomes a member of the<br />

Employees’ Provident Fund Scheme 1952.<br />

Types of Pension<br />

i) Monthly member’s pension : A member retiring at the age of<br />

superannuation i.e. 58 years and has rendered eligible minimum<br />

service of 10 years shall be entitled for retirement pension. The pension<br />

entitlement shall be worked out on the following formula –<br />

Pensionable salary X pensionable<br />

service<br />

Member’s Monthly pension = _________________________________<br />

70

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