INDIAN ALUMINIUM COMPANY, LIMITED JUNIOR EMPLOYEES PROVIDENT FUND
PF RULES FOR LOANS AND ADVANCES
ADVANCES FROM FUND FOR ILLNESS-Rule 34(a) (Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvances from the fund for the treatment of the member or any person of his family / Eligible in case such illness:
a Leads to hospitalization for one month or more or major surgical operation in a hospital;
b Means suffering from tuberculosis, leporsy, cancer, paralysis, mental derangement or heart ailment. / 6 month’s basic salaries/wages +D.A. or member’s own share of contribution in the Fund with interest whichever is less. / a A certificate from the Medical Practitioner for hospitalization or operation, as the case may be and;
b The Company certifies that the facility and benefits under ESI are not actually available or a certificate from ESI that a member has ceased for being eligible to cash benefits under ESI Scheme.
ADVANCES FOR FUNERALS OR CEREMONIES –Rule 34(b)-(Refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvances from the fund for funerals or ceremonies / Permissible in cases of expenses for funerals or ceremonies that are binding upon the member to perform / 3 month’s basic salaries/wages or member’s own share of contribution in the Fund with interest whichever is less, which is thereafter repayable in not more than 24 equal monthly installments.
A second withdrawal is permissible after repayment of the amount that had already been availed. / Invitation Card, Marriage Registration Certificate
ADVANCES FOR PURCHASING A LAND OR FOR PURCHASING/CONSTRUCTING A BUILDING OR A FLAT –Rule 34(e) –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvances for purchase of a site for construction of house
Advance for construction of house
Advance for purchase of a dwelling flat/house / 5 Years of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-)
* The purchase should be in favour of member or member &spouse.
5 Years of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-)
* The purchase should be in favour of member or member &spouse.
5 Years of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-)
* The purchase should be in favour of member or member &spouse. / 24 months wages (Basic & DA)
Or Member’s own share of contribution + Company’s share of Contribution with interest thereon or actual cost of acquisition of the site, whichever is the least.
36 months wages (Basic & DA)
Or Member’s own share of contribution + Company’s share of Contribution with interest thereon or total cost of construction, whichever is the least.
36 months wages (Basic & DA)
Or Member’s own share of contribution + Company’s share of Contribution with interest thereon or total cost of construction, whichever is the least. / a Copies of Deeds/Agreements of the seller(s);
b Non-encumbrance certificate;
c Receipts for payment of any installment by the member to the seller(s);
d Copy of the allotment letter from an agency, if any and applicable for purchasing a dwelling house or a flat ;
e Approved plan of the site or the dwelling house or flat ;
f Estimated cost of construction, if applicable;
g Tax bills or receipts of the site or the dwelling house or flat for which an advance is required;
h Copy of the executed agreement or deed between the member and the seller(s).
ADVANCES FOR ADDITION OR ALTERATIONS OF A BUILDING OR A FLAT –Rule 34(e7 & e7B) –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvances for additions, alterations or improvements to the dwelling house or flat / a 5 years from the date of construction or purchase of the dwelling house or flat.
b The dwelling house or flat is owned by the member or jointly by the member and the spouse.
And again
a> 10 years after availing the first withdrawal for additions, alterations or improvements. / Amount eligible for withdrawal is the least of the following:
a 12 month’s basic wages (Basic & DA) or
b member’s own share of contribution in the Fund with interest thereon
Same as above / a Copy of the Title Deed of the dwelling house or flat;
b Tax Receipts From Municipality/ Gram Panchayat in the name of the member or jointly by the member and the spouse;
c The estimated cost of additions, alterations or improvements of the dwelling house or flat as the case may be from a registered engineer/architect.
ADVANCES FOR REPAYMENT OF LOAN –Rule 34(eA) –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvances for repayment of loan / a> 10 years of membership of the Fund
b> Member should have taken loan from Govt. Body in the name of the member or spouse of the member or jointly by the member and the spouse
(Minimum balance in member’s a/c should be Rs. 1000/-)
/ 36 months wages (Basic & DA)
Or Member’s own share of contribution + Company’s share of Contribution with interest thereon or the outstanding principal and interest amount of the loan whichever is the least. The payment underneath this rule will be made directly to such agency. / A certificate from the lending authority furnishing the details of loan and outstanding amount.
ADVANCES FROM THE FUND IN SPECIAL CASES –Rule 34(f) –(Non-refundable/Refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvance due to lockup or close down or for non-receipt of wages
Advance owing to litigation made by a member
Advance due to lockup or close down for more than six months / Eligible:
1>For factory or office have been locked for 15 days for reasons not due to strike or;
2> For non-receipt of wages for 2 or more months for reasons not due to strike.
Eligible in case such litigation is filed against any discharge or dismissal or retrenchment so made by the Company
Eligible in case:
1> The member has been granted one or more non-refundable advances and is unemployed without any compensation for reasons not due to strike. / One or more non-refundable advances not exceeding the member’s share of contribution and interest thereon.
One or more non-refundable advances not exceeding 50% of the member’s share of contribution and interest thereon.
Interest free one or more refundable advance up to 100% of the total employer’s contribution. In case the lockup or closure persists for more than 5 years, the refundable advance may be converted into a non-refundable advance. / Certificate regarding closure or non-payment of compensation/wages from the Labour Department or the Company.
Copy of the petition/application that had been filed in a Court of Law.
Certificate regarding closure or non-payment of compensation/wages from the Labour Department or the Company.
ADVANCES FROM THE FUND FOR MARRIAGE OR EDUCATION –Rule 34(g) –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvances for marriage for self/son/daughter/brother/sister or for the post-matriculation education of son/daughter / Member has to complete seven years of membership and the minimum balance in the member’s account should be Rs 1,000/- or more. / 50% of member’s own share of contribution and not more than three advances is admissible for withdrawal under this rule. / Invitation Card, Marriage Registration Certificate, Registration Certificate of University/College/Institution for enrolment as a student and an estimated cost of the education course from the University/College/ Institution.
ADVANCES FROM THE FUND IN ABNORMAL CONDITIONS –Rule 34(h) –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvances in abnormal conditions, Natural calamities etc. / 1> State Govt. declaring that calamity has affected the general public
2> Certificate of damage from appropriate authority.
3> This loan has to be applied within four month’s of declaration by the State Government. / Rs 5,000/- or 50% of member’s own share of contribution whichever is less. / Certificate from the appropriate authority that the property has been damaged due to calamity.
ADVANCES FROM THE FUND TO MEMBER’S AFFECTED BY ELECTRICITY CUT –Rule 34(i) –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvance to members affected by cut in the supply of electricity / Advance may be granted only to a member whose total wages for any one month commencing from the month of January 1973 were 3/4th or less than 3/4th of wages for a month / Wages for a month or Rs 300/- or member’s own share of PF contribution, whichever is less and that only one advance is permissible. / Certificate from State Govt. regarding cut in the supply of electricity and from the Company of pay cut due to cut in supply of electric.
ADVANCES FROM THE FUND TO MEMBER’S WHO ARE PHYSICALLY HANDICAPPED –Rule 34(j) –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvance to physically handicapped member for purchase of an equipment required to minimize the hardship on account of handicap / Production of medical certificate from a competent medical practitioner to the effect that he is physically handicapped / Basic wages+ DA for six months
or own share of contribution with interest or cost of equipment which ever is least. Second withdrawal is permissible after 3 years. / Certificate from the Medical practitioner to the effect that the member is physically handicapped.
ADVANCES FROM THE FUND BEFORE RETIREMENT –Rule 39 –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvance from the Fund before retirement / Member has attained 55 years or is due to attain the date of retirement on superannuation within twelve months, whichever is later. / 90% of the amount standing to the credit of a member and the amount can be withdrawn once. / Not Required.
ADVANCES FROM THE FUND FOR INVESTMENT IN VARISHTHA PENSION BIMA YOJNA –Rule 39A –(Non-refundable)
Type of benefit
/ Eligibility / Eligible Amount / Documentary SupportAdvance from the Fund for investment in Varishtha Pension Bima Yojna with LIC / Before attaining the age of 55 years / 90% of the amount standing to the credit of a member shall be transferred to LIC and the amount can be withdrawn once. / Not Required.
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