LOAN LIQUIDATION FUND
The Society operates a fund called ‘Loan Liquidation Fund’ for the benefit of the Members. The object of the fund is to provide financial relief to the family of a deceased Member and to a permanently disabled Member of the Society through writing off his/her outstanding loan amount on the date of cessation of Membership with the Society.
MONTHLY RETIREMENT BENEFIT
Under this Scheme, Society extends a Monthly Financial Benefit (like Pension) to its ex- members.
INTEREST FREE ADVANCE FOR HOSPITALISED TREATMENT
Under this Scheme, Society extends a benefit called “Interest Free Advance for Hospitalised Treatmenf to its Ex-Members and Spouses covered under Mediclaim Policy for Retired Employees of Steel Authority of India Limited. Subject to production of necessary documents and security that may be required by the Board, a Member shall be entitled for an interest free advance from the Society or the purpose of hospitalised treatment for Self and / or Spouse.
FELICITATION FOR LONG ASSOCIATION
Under this Scheme, on completion of 20 years Membership with the Society, a Member is felicitated with a precious gift. The expenditure on this account is borne by the Members’ Welfare Fund of the Society.
FAREWELL PRESENTATION
As per this Scheme, at the time of cessation of Membership Society presents a beautiful silver-made memento to the Member.
MEMBERS’ WELFARE FUND
1. The Society operates Scheme called Members’ Welfare Scheme’ and for this purpose it will constituted fund called “Members’ Welfare Fund” and with the approval of the General Body contribute suitably in this fund from the net profit of the Society.
2. The Society utilises this fund to meet any one or more of the following objects –
a. Felicitation to Members for Long Association.
b. Farewell presentation at the time of cessation of Membership owing to retirement.
c. Presentation of Gifts/Mementoes.
d. Interest free advance for hospitalised treatment to Ex-members and their spouses.
e. Subsidy to Loan Liquidation Fund as and when required.
f. any other welfare activities.
3. The Society may use the entire un-utilised portion of this fund in its business.
MEMBERS’ CO-OPERATIVE EDUCATION FUND
1. The Society has constituted a fund titled ‘Members’ Co-operative Education Fund’ and with the approval of the General Body contributes suitably, as and when required, from the net profit of the Society.
2. This fund is utilised for the purpose of organising co-operative education and training programmes for the Members, Delegates, Directors and Employees of the Society.
3. The entire un-utilised portion of this fund may be invested in the business of the Society.
SOCIAL CHARITY FUND
1. The Society has constituted “Social Charity Fund” and with the permission of the General Body.
shall contribute suitably as and when required, from the net profit of the Society.
2. The Society contributes from this fund towards total literacy, health, drinking water and other social welfare and relief activities.
3. The Society may use the entire un-utilised portion of this fund in its business.
STAFF WELFARE FUND
1. The Society operates a Scheme called “Staff Welfare Scheme” and for this purpose it constituted a fund titled “Staff Welfare Fund”. The Society out of its net profit in any year, with the approval of the General Body, contributes suitably in this fund.
2. The Society utilises this fund to meet any one or more of the following objects –
a. Higher education of employees’ wards.
b. Hospitalised Medical Treatment of Employees and their dependents.
c. Medical and other financial benefits to retired employees.
d. any other assistance.
HOLIDAY HOME MAINTENANCE FUND
The Society maintains fund called “Holiday Home Maintenance Fund” and with the approval of the General Body contributes suitably in this fund from the net profit of the Society. This fund is utilised for the purpose of –
a. running and maintaining of Holiday Homes of the Society.
b. repairing/renovation of the Holiday Homes.