Provident fund, Bonus, insurance
Provident Fund is governed by the Provident Act, 1925 and it means that a fund in which the subscriptions of the employees are deposited against their accounts including interest accruing thereon.
भविष्य निधि भविष्य निधि अधिनियम, १९२५ द्वारा शासित है और इसका अर्थ है कि एक वैसा निधि जिसमें कर्मचारियों के अंशदान को उनके खातों में जमा किया जाता है, जिसमें उस पर अर्जित ब्याज भी शामिल है। भविष्य निधि एक अनिवार्य, सरकार द्वारा प्रबंधित सेवानिवृत्ति बचत योजना है !
In Railway there are two categories of funds, viz.-
(a) State Railway Provident Fund 'Contributory'
(b) State Railway Provident Fund 'Non-contributory'.
* State Railway Provident Fund 'Contributory is applicable to all railway employees those were appointed prior to 16.11.57 and not opted for Pension scheme and also those who are in service as on 1.1.1986 and have opted out of pension scheme.
* State Railway Provident Fund 'Non-contributory'.
(i)Non-pensionable Railway employees who were in service on 15.11.1957 and who elect to come on pension scheme.
(ii)Persons entering railway service on or after 16.11.1957 except those whose terms of
appointment provided to the contrary; and
(iii)CPF beneficiaries in service on 1.1.1986 should be demand to have come over to
pension scheme on that date, unless they specifically opt out to continue under CPF scheme.
* All railway employees except those who are re-employed after final retirement, shall
subscribe to the fund, in accordance with the rules, from the first of the month following that
in which they complete one year's continuous service, or from the date of confirmation
whichever is earlier.
With effect from 1.3.1992, the amount of subscriber's emoluments for that month in
the case of SRF (Non-contributory) Staff and 10% i.e. one tenth o the subscriber's emoluments in the case of SRPF (Contributory) Staff.
* Government Contribution :
In the Provident Fund account of staff governed by State Railway Provident Fund
'Contributory ', at the end of each half year, that is on 31st March and 30th September, acontribution will be made from revenue which shall be equal to subscription paid by the
subscriber, shall be credited, on his being confirmed with retrospective effect. Such
contribution is known as government contribution, or Bonus.
* Voluntary Contribution (VPF):
All compulsory subscribers may subscribe voluntary to the State Railway Provident Fund
at time during the financial year at fixed rates in whole rupees subject to the condition that
the rates so fixed shall not exceed the emoluments after making necessary deductions due to Government. This amount of such subscription will be in addition to the normal subscription payable in the case of compulsory subscribers. This subscription may be reduced once at any time during the course of the year, enhanced twice during the course of the year or reduced and enhanced as said.
* Interest:
An interest shall be paid to the credit of the account of a subscriber at the rate as may
be determined for each year according to the method of calculation prescribed from time by
the President, it shall be credited with effect from 31st March of each year in the following
* manner:
a) On the amount at the credit of a subscriber on the 31st March of the preceding year, less an amount withdrawn during the current year interest for twelve months;
b) On sums withdrawn during the current year, interest from the is April of the
current year up to the last day of the month preceding the month of withdrawal;
c) On sums withdrawn during the current year (ninety- percent withdrawal) interest
from 1st April of the current year up to date of tender of payment;
d) On sums credited to the subscriber's account after 31st March of preceding year-
interest from the date of deposit up to the 31st March of the current year; and
e) Interest on the Arrears or Provident Fund Subscription Credited to the P.F.
* interest on fund balance beyond a period of 6 month may be authorised by FA & CAO up to a period of one year and the General Manager up to a period.
* Incentive Bonus:
Under the incentive scheme, any subscriber to State Railway Provident Fund who has not
withdrawn any amount from his provident fund account during the preceding three years
shall be entire balance (including voluntary PF) at his credit on the last day of the year. The
balance on which bonus is to be calculated is the balance on the last day of the last year of the three year period after crediting interest for the said last year. In case of those governed by
* Deposit Link Insurance Scheme:
This scheme was introduced to provide social security to the families of Railway
employees while death in service (if death occurred after 8.1.1975) which provide an
insurance cover to the subscriber without payment of any premium. This scheme is applicable to all Railway employees irrespective of fact whether SRPF optee or pension optee.
On the death of a subscriber to SRPF, the person entitled to receive the amount standing
to the credit of the average balance in the account during the three years immediately
preceding the death of such subscriber subject to a maximum of Rs.60,000.
Provided that the subscriber has put in at least 5 years' service at the time of his/her death.
The average balance shall be worked out on the basis of the balance at the credit of the
subscriber at the end of each of the 36 months preceding the month in which the death occurs.
[R.B's No.(W)WEL-23 dated 18.4.1990]
i)The benefit can be given to member of the family only by R.B's No.(E) 76 WE 1-14 of
31-3-77
ii) The amount of Deposit Link Insurance Benefit is also payable to the nominated major
son without insisting on the provision of para 943
(ii) R-1 after duly satisfying about the bona fides of claimant.
iii) Additional benefit under DLI scheme, does not enjoy immunity from court
attachment.
iv) DLI should be treated as insurance money so far income tax is concerned and is not to
be treated at par with SC to PF. It means it is not taxable.
v) Government dues can be recovered from Government contribution hence Govt. dues
can be recovered from this additional benefit.
[R.B's No.E(W)75 WEI-1 dt.21.7.1976]
vi) Payment of DLI to the family of missing subscriber shall be made only after a lapse of
7 years. In case under facts and circumstances there is sufficient proof of death, the payment may not be delayed.
[R.B's No.E(W)97/WE-1-13 of 1.4.98]
vii) Suicide shall be considered and treated as death the benefit of DLI shall be accorded
to the successor of the deceased.
[R.B's No.E(W)97WE-I-13 of 1.4.98]
* Special Contribution to Provident Fund (SC to PF):
This amount is paid at the discretion of Government as a reward for good, efficient and faithful service to permanent non- pensionable Railway employees and it cannot be claimed
as a right. Hence it is not admissible to the railway employees who have been dismissed or removed by reason of any misconduct. When retirement is due permanent physical or mental incapacity or abolition of appointment if other suitable appointment cannot be found for him,then the controlling office may order the payment of Special Contribution to PF without recording the certificate of good, efficient and faithful service.
* In the event of death of Railway employee, it is payable to widow/widows/widower or
dependent children, parents, brothers and sisters. In case of minor or lunatic for whom a natural guardian is not available and Guardian under the Guardian and Wards Act, 1890 or a manager under the Indian Lunacy Act. 1912, has been appointed, the payment shall be made to a person, authorised by law to receive the payment on behalf of minor or lunatic. The person who has produced guardianship certificate has to execute an indemnity bond signed by two sureties agreeing to indemnify the Railway against any subsequent which might arise.
The Special Contribution of PF is calculated at half a month's salary for each completed
year of service subject to a maximum of 16 1/2 month’s pay.
I f the service falls short of 15 years it shall be paid on the above rates subject to a
maximum of six month’s pay.
If the subscriber dies while in service, the controlling officer may, in addition to
contribution by Govt., direct a special contribution to be made to the subscriber's PF account in the manner prescribed above as if the subscriber had, on the date of his/her death service on retirement on account of permanent incapacity provided that the special contribution so credited shall not be less than the following.
a) If subscriber had not The amount by which completed one years. Government contribution service along with interest at his credit falls short of two months' pay.
b)Completed one year The amount by which
but not 5 year's Govt. contribution service. along with interest at his credit falls short
of six months' pay.
c)Completed 5 years Twelve months' pay
or more.
* Payment of P.F. dues and Special Contribution to P.F. :
1. Own and Government Contribution -
Normally the amount standing at the credit of subscriber is payable in accordance with
nomination executed. Where no nomination subsists the amount should be paid :-
a) In equal share to surviving wife/wives and children to the deceased sons who are
members of the family of deceased subscriber.
b) Sons and sons of deceased sons who have attained legal majority and married
daughters a married daughter of the deceased sons whose husbands are alive are
not entitled for any share. One share of the pre-deceased son would be paid in
equal shares to his wife and children.
c) In case where the only survivors are the major sons or married daughters then
both of them would be paid in equal shares subject to production of legal
documents.
d) In case posthumous child is brought to the notice, his share would be retained and if child is born alive, the payment would be arranged to him as in case of minor child,
otherwise his share would be distributed equally to others,
e) In the absence of valid nomination if no member of the family survives then the
amount due could be paid to a person:
Read this also for more information
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* Different-railway-Allowances
*Allowance-under-establishment-rule Part 1
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