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

The Undertaking contributes 8.33% or Rs. 541/- whichever is less to
the pension fund and remaining to the provident fund of concern
employee, account out of total 12% contribution of the Undertaking
every month.
Interest is credited to each individual account of every member in
respect of both the member’s subscription and Undertaking’s
contribution to his account every year.
Every member is required to nominate any person or persons to whom
the amount standing at his credit, inclusive of Special Provident Fund
Contribution, is to be paid in the event of his death while in service or
before his claim on the Fund has been fully discharged. The
nomination must conform with rules in this regard provided for under
the Employee’s Provident Fund Act also.
A nomination may be revoked and therefore member may effect a fresh
nomination.
On separation from the Undertaking a member is required to be paid
the whole of his own subscription and the Undertaking’s contribution
to the extent indicated below:
Withdrawals, as per rule No. 20 of Provident Fund Rules and also as
provided under the Employee’s Provident Fund Act, Rules in this
regard and indicated earlier and later hereafter are permissible.
Rule No. 20 of the Provident Fund Rules provide that when leave is
granted to a member preparatory to the termination of his service with
the Undertaking the Trustees may at their discretion permit payment
to such a member of an amount not exceeding 90% of the balance
standing to his credit in the Fund one year preceding his departure on
such leave.
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