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17. Pension.– There shall be a Pension Fund
created by the contributions of the Board and
accruals there from in respect of every permanent
employee to enable the employee to draw pension from
the date of retirement, by arrangement with Life
Insurance Corporation under their Group Annuity
Scheme.
(2) The Pension Fund of each employee shall be
managed by the Life Insurance Corporation of India .
(3) Every permanent employee of the Board shall
exercise his option whether he intends to joint the
pension fund or not.
(4) The Board shall make a contribution of 6 % of
the basic pay of the employee every month to the
Fund.
(5) In the case of every employee, who continues to
be member of the Kerala Wakf Board Employees
Contributory Provident Fund , the employer’s
contribution and accruals thereof in full shall be
transferred to the corpus of Pension Fund of the
Employees.
(6) On retirement of a member, the corpus of the
Fund shall be utilized to provide the following :-
(a) Commuted value , equivalent to 3rd of the corpus
will be paid to him at his option.
(b) The balance of the corpus shall be utilized to
provide pension according to anyone of the options
offered by L.I.C. under the Group Annuity Scheme,
namely :-
(i) Life Pension ceasing at Death.
(ii) Life Pension with returns of capital and Group
Terminal Bonus on Death.
(iii) Joint life pension payable to the last
survivor of the employee and spouse with return of
capital on death of the last survivor.
(iv) Join life pension payable to the last survivor
of the employee as spouse with return of capital on
death of last survivor -
(v) Any other option allowed by L.I.C. and opted by
the employee.
(7) The minimum pension payable per month shall not
be less than one third of the last pay drawn by the
employee who has put in not less than thirty years
service. In the case of those with less than thirty
years of service the minimum pension shall be
determined by the formula, Last pay multiplied by
X/90 were 10 is the number of years of service. In
cases where the pension derived form the L.I.C.
Scheme is less than the minimum determined, the
Board shall pay from its own fund the balance to
make up the said minimum pension every month for
life.
(8) If any employee chooses not to join the L.I.C.
Group Super Annuity Scheme, he may be paid a pension
equal to one third of his last pay subject to a
maximum of Rs.2,000 per mensem, provided he has put
in thirty years of service and in cases where the
service put in is less than thirty years the pension
payable shall be determined by the formula Last pay
multiplied by the factor X/90 where X is the number
of years of service, subject to a maximum pension
determined by the formula Rs.2000 X/30.
18. Family Pension.–(1) In the case of
employees receiving pension through the Life
Insurance Corporation Group Annuity Scheme, the
employee has the option to choose the one that
provides for family pension.
(2) However, in case, where Board supplements Life
Insurance Corporation pension from the Board’s fund,
the Board shall pay one half of the supplemented
portion of the monthly contribution by the Board, as
family pension to the nominee of the employee.
(3) In the case of those who receive pension from
the Board’s own funds, the Board shall pay one half
of the pension as family pension to the Nominee of
the employee.
(4) It shall be open to the employees to join the
Group Insurance Scheme along with the Group Pension
Scheme, provided the contribution required for the
purpose shall be borne by them.
(5) The pension and family pension of employees, who
retired to prior to the date of publication of these
regulations, may be revised in accordance with these
regulations, with effect from that date, without any
claim for arrears.
19. Gratuity for Employees.–The permanent
employees shall be entitled to receive gratuity in
accordance with the terms of the Payment of Gratuity
Act, 1972.
20. General Provident Fund.–(1) All employees
shall be eligible to join the Kerala Wakf Board
General Provident Fund.
(2) The Rules and Forms prescribed under the General
Provident Fund (Kerala) Rules, 1966 shall apply,
mutatis mutandis, to Kerala Wakf Boad General
Provident Fund maintained by the Board.
(3) The accounts of the Kerala Wakf Board General
Provident Fund shall be audited every year by such
auditor as may be appointed by the Board. |
