Every permanent employee, appointed before 1st January 2013,of the municipal/ district councils, Sugar Industry Labour Welfare Fund, Town and country planning Board and the Statutory Bodies Family Protection Fund should contribute to the Statutory Bodies Family Protection Fund at the rate specified in the regulations until he attains the age of 60 or optionally up to 65 years as provided in the PRB Report 2008 or until he ceases to be an officer.
On death of an associate, the Fund guarantees the payment of a monthly pension at the rate specified in the act to his surviving spouse and equally a pension to his children until the age of 18/21. The pension is payable irrespective of whether the associate dies in service or after leaving the service. The pension granted ceases on the death of the surviving spouse or remarriage.
The monthly rate of contribution is 2% of an associate’s monthly salary rounded to the next rupee.
Similarly, the employer should contribute 2% of an associate’s monthly salary rounded to the next rupee
An associate ceases to contribute to the Statutory Bodies Family Protection Fund on the occurrence of any of the following events: –
Opt to cease contribution on reaching 60 years of age (applicable to employees in post prior to 30 June 2008)
Retirement from the service
Resignation from the service
Dismissal from the service
Contribution during leave without pay. The Act requires that any associate should contribute for the period on leave without pay.
A refund of contribution is made to an associate where –
there are no beneficiaries
an option has been signed by those in prior to August 1988.