Assam Tea Plantations Provident Fund Scheme,1955
9,84,000+ members of the Assam Tea Plantation Provident Fund and Pension Fund Scheme were receiving services as of March 31, 2017.
From the very first day of employment, any employees of a plantation or a tea factory who get a monthly pay of up to Rs. 15000/- and daily wages workers are eligible to join the system and be eligible for P.F. benefits.
The employees pay 12% of their salaries, which includes dearness benefits, food discounts, and money earned from picking tea leaves.
Equal contributions are made by the employer.
The employer must withhold the employee’s contributions and pay the money collected along with his own portion of the contribution into the Board’s Account within 30 days.
Employers are assessed lost interest at a rate of 15% per year for the period during which they were in default if they fail to deposit the specified amount of P.F. contribution within the required time frame.
Interest on the deposits made to the Members Provident Fund is credited each year at the rate set by the Board.
- To give Provident Fund Advances for reasons such as a marriage or death ceremony, medical treatment, higher or technical education, economic difficulty, advance on a home, etc.
- to receive 12% each in provident fund contributions from employers and employees.
- Upon retirement, termination, ceasing employment, etc., to settle a member’s provident fund account.
In 1968, the Pension Plan went into effect.With retirement and resignation of P.F. members, this pension is paid.According to a recent adjustment to the pension standards outlined in Paragraph 42 of the ATPPF & PF Plan 1968, a member is eligible for the full pensionary benefit if they retire at age 58 with a minimum of 10 years of service.
The pension benefits are provided according to the approved schedule in the event that membership is terminated after 50 years but prior to 58 years.
Family Pension Scheme , 1972
The Family Pension Plan became operational on April 1, 1972.
When a member passes away while still in duty, they will receive this pension.A family pension benefit of between Rs. 1000 and Rs. 1500 per month, depending on the amount of PF balance at credit at the time of the member’s death, as well as a lump sum payment of Rs. 2000 may be paid to the widow, widower, son, or daughter in the event of the member’s death while in service, provided they have completed one year of membership in the Provident Fund.The payee (spouse) will continue to receive the benefit until their death, remarriage, or reaching the age of 18 in the case of a son or 21 in the case of an unmarried daughter.Assuming that the payee was minor at the hour of death of the part, legitimate gatekeeper of the minor payee is permitted to draw how much family annuity cash in the interest of minor payee.
Deposit Linked Insurance scheme 1984
This plan came into force with impact from first February, 1984. This Plan is material to all PF individuals under the Assam Tea Manor Fortunate Asset Plan. In case of death of a worker individual from the PF Plan with a base PF equilibrium of Rs. 1000/ – at credit, the candidate is paid the affirmation benefit under the plan equivalent to how much equilibrium in the departed individuals PF account subject to Rs. 50,000/ – (least) and Rs. 1,00,000/ – (most extreme).
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