NALCO Benevolent Fund Scheme .........................................................................................

2
8.6.1.0 Objectives:......................................................................................................... 2
8.6.2.0 Scope:..................................................................................................................... 2
8.6.3.0 Membership: ......................................................................................................... 2
8.6.4.0 Income of the Fund: ............................................................................................. 3
8.6.5.0 Benefit: .............................................................................................................. 3
8.6.6.0 Dissolution: ........................................................................................................... 3
OPTION TO BE A MEMBER OF NALCO BENEVOLENT FUND SCHEME ....... 4
 NALCO Benevolent Fund Scheme
Ref. No. 8.6 Date 11-12-1987
Title NALCO Benevolent Fund Scheme.
Approved By Board of Directors Meeting held on 20-11-87
Effective Date 20/11/1987
Replaces/Modification/ M1-13.11.2001/ M2-11.11.2011
Clarification

8.6.1.0 Objectives:

8.6.1.1 To provide financial assistance to families of the members of the scheme who
die while in employment in the Company.

8.6.1.2 To provide any other benefit as may be included in the scheme from time to
time for the benefit of the member.

8.6.2.0 Scope:

8.6.2.1 The NALCO Benevolent Scheme hereafter called “the Scheme” covers all
employees on permanent employment of the Company (other than causal or
daily rated, temporary, contractual and deputationist employees) who enroll as
members of the scheme.

8.6.2.2 The Trainees inducted against the regular stipendary training scheme for
employment in the regular establishment of the Company, are deemed to be
employees for the purpose of the Scheme.

8.6.3.0 Membership:

8.6.3.1 The membership of the scheme is voluntary.

8.6.3.2 An employee may become member of the scheme by making an application in

the form at Annexure 8.6.1. The membership application shall authorise the
Company to recover contribution form the salary of the employee under the
scheme.

8.6.3.3 Membership is irrevocable so long as the employee continues in the service of

the Company. (The company for the purpose of the scheme is National
Aluminium Company , Bhubaneswar, and all transactions for the purpose will be
coordinated by a responsible officer to be nominated by the Chairman-cum
Managing Director of the Company).
8.6.3.4 The membership will cease immediately on termination of the employment of
the member form the Company for any reason whatsoever. During the period
of suspension of a member, recovery will be suspended, his membership
continuing with the scheme. The employees on rolls of the Company who wish
to be members shall apply within 90 days from the date of the scheme comes
into force, where a person joins the Company after the Scheme comes into
force, he shall have to apply for the membership immediately on joining the
Company along with joining time formalities.
8.6.4.0 Income of the Fund:
8.6.4.1 The source of income of the fund will be the contribution by members
@ Rs.30/- per member per death, in the event of death of a member while in
the service of the company and matching contribution by the Company i.e. the
National Aluminium Company Limited @ Rs.30/- per member per death as on
the last date of the preceding month of death.
8.6.4.2. All payment due under the scheme shall be made by the Company.
8.6.5.0 Benefit:
8.6.5.1 In case of death of any member of the scheme, the fund will sanction a
benevolent grant to the nominee of the deceased member, calculated @ Rs.60/-
per member of the scheme as on the last date of the preceding month. The sum
of Rs.60/- will include members contribution of Rs.30/- per death and a
matching contribution of the Company. Where there is no surviving nominee or
an employee has failed to nominate the beneficiary, the benevolent grant will be
disbursed to a family member in order of preference indicated below.
a) Spouse of deceased member; or
b) Dependent children of the deceased member in equal proportion; or
c) Parents of deceased member in equal share; or
d) Minor Brothers and Sisters of deceased member in equal share.
8.6.5.2 The Company shall disburse the benevolent grant to the nominee within a
period of 90 days after death of a member.
8.6.6.0 Dissolution:
8.6.6.1 The Scheme can not be discontinued except with the prior sanction of the
Chairman-cum-Managing Director of the Company.
8.6.6.2 The scheme can be modified/amended with the approval of the Chairman-cum-
Managing Director of the Company. In the event of any doubt or dispute under
the scheme, the decision of the Chairman-cum-Managing Director of the
Company shall be final and binding.
 From 8.6.1
Annexure `A’

OPTION TO BE A MEMBER OF NALCO BENEVOLENT FUND SCHEME

I---------------------------------------- P.NO.-------------------------Son/Daughter of
Shri/Smt ------------------------------------------------------ at present working in the office of
National Aluminium Company Limited hereby give irrevocable option to become
member of the NALCO Benevolent Fund Scheme with immediate effect.

I hereby authorise National Aluminium Company Limited to deduct Rs.30/- or any

other amount so decided by the “the Scheme” at any time later per death from my salary
in case of death of any member employee while in service of the Company.

I hereby nominate Shri/Smt---------------------------------------------

Address --------------------------------------------------------------------
Relationship ---------------------------- as beneficiary to receive the benefit in the event of
my death while in the employment of the Company.

Witness:

Signature----------------------------------- Signature-----------------------------------------

Name--------------------------------------- Name---------------------------------------------

P.No.--------------------------------------- P.NO.--------------------------------------------

Deptt.--------------------------------------- Deptt.--------------------------------------------

Unit----------------------------------------- Unit----------------------------------------------

Date---------------------------------------- Date---------------------------------------------