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Contributory Fund Management

Human Resources Department

HUMAN RESOURCES

Contributory Fund

HITEC University's Contributory Fund scheme provides financial security and retirement benefits for confirmed employees. The fund operates through mutual contributions from both employees and the university, with benefits managed as per Financial Statutes to ensure long-term financial well-being of our valued employees.

FUND OVERVIEW

General Provisions & Eligibility

General Provisions

Confirmed employees shall contribute to Contributory Fund as laid down in Financial Statutes and shall be eligible for its benefits thereof.
Eligibility: All confirmed employees of HITEC University (excluding those working on visiting basis) are eligible for the membership of the Contributory Fund.

Termination of Membership

Membership of Contributory Fund will be terminated under the following circumstances:

  • An employee resigns from the service
  • Employee is dismissed from service
  • Employee's contract expires
  • Employee dies while in service
CONTRIBUTION STRUCTURE

Members' & University Contribution

1

Members' Contribution

All members are required to contribute a fixed percentage of their monthly salary to the Contributory Fund.

  • All members shall be required to contribute 5% of their salaries to the Fund each month
  • Member's subscription will be deducted by the Treasurer Branch from their monthly salaries
  • Any changes in the contribution will be effective from the month of July of the year
Monthly Contribution: 5% of Salary

Automatic deduction through payroll. Changes effective from July each year.

2

University Contribution

The University matches each member's contribution to support long-term financial security.

University Matching: 5% of Salary

The University will contribute to the fund, for each contributing member, an amount equal to the total member's contribution each month.

FUND MANAGEMENT

Maintenance of Contributory Fund Account

Fund Account Management

Separate Bank Account: A separate Bank Account will be opened with a scheduled Bank for the Fund Contribution
Deposits: All amounts recovered from the members along with the University contribution will be placed in the Contributory Fund Account
Investment: The amount will be placed in most profitable manner periodically
Withdrawals: No sum shall be withdrawn from the account except for the payment to the member or the nominee of the member
Bank Charges: Bank Charges etc accrued will be paid from the account of Contributory Fund and the profit will be paid proportionately
Account Statement: Statement of account may be provided to the members at the end of the year if required
Islamic Banking Option: An option for investment in Islamic Banking will be available for the members
BENEFITS & ENTITLEMENT

Fund Entitlement

3

Three Years Service Completion

Members who complete three years of service are entitled to full benefits.

  • Members need to complete a minimum period of three years of service to get the benefit of University contribution towards Contributory Fund
  • On completion of three years of service, member will be entitled to their full contribution with accrued profit on it
  • Plus equal amount contributed by the University
Full Benefits After 3 Years

Member contribution + University contribution + accrued profit on both amounts.

4

Less Than Three Years Service

Members with service less than three years receive partial benefits.

Limited Benefits

Any member under 3 years of service shall be entitled to the amount contributed by them and the profit accrued on it (University contribution not included).

5

Termination or Contract Expiry

In case of termination or contract expiry, limited benefits apply.

  • Any member terminated from the service or whose contract is expired, at any time, shall be entitled to the amount contributed by the member only
  • In case of renewal of contract of a member, their membership shall continue as normal
  • When member's subscription is terminated and they owe any money to the University, that amount shall be deducted before final payment is made
Member Contribution Only

No university contribution or profit included. Outstanding dues deducted from final payment.

FINANCIAL ASSISTANCE

Advances Against Contributory Fund

6

Advance Facility

Members can obtain advances against their contributory fund contribution on special grounds.

  • Advances against contributory Fund shall be sanctioned by the Vice Chancellor on special grounds
  • The advance shall not exceed 80% of the contribution of the member
  • The amount received as advance will be recovered with interest in not more than 24 equal installments
Maximum Advance: 80% of Member Contribution

Repayment with interest over maximum 24 months. Approval by Vice Chancellor required.

BENEFICIARY DESIGNATION

Nomination Forms

Nominee Designation

Nomination Form Submission: Every member shall submit a nomination form on the prescribed Proforma, indicating the person whom, in the event of death, the payment shall be made
Change of Nomination: The employee can change such nominations any time or replace by the fresh one

Continuity of Scheme

Continuation of the scheme depends upon the approval of Board. The Management has the right to modify these rules, any time with the approval of Board.

Contributory Fund Administration

For questions about contributory fund membership, contributions, entitlements, advances, or nomination forms, please contact the Finance Department:

finance@hitecuni.edu.pk
051-9047851-60 (Ext. 126)
Finance Department, Admin Block, HITEC University
Monday to Friday (8:30 AM - 4:30 PM)