Contributory Fund

1. General. Confirmed employees shall contribute to Contributory Fund as laid down in Financial Statutes and shall be eligible for its benefits thereof.
2. Eligibility. All confirmed employees of HITEC University (excluding those working on visiting basis) are eligible for the membership of the Contributory Fund.
3. Termination of Membership. Membership of Contributory Fund will be terminated if:
   1. An employee resigns from the service;
   2. He/she is dismissed from service;
   3. His/her contract expires;
   4. He/she dies.
4. Members’ Contribution
   1. All members shall be required to contribute 5% of their salaries to the Fund each month.
   2. Member’s subscription will be deducted by the Treasurer Branch from their monthly salaries.
   3. Any changes in the contribution will be effective from the month of July of the year.
5. University Contribution. The University will contribute to the fund, for each contributing member, an amount equal to the total member’s contribution each month.
6. Maintenance of Contributory Fund Account. The account shall be maintained as under:-
   1. A separate Bank Account will be opened with a scheduled Bank for the Fund Contribution.
   2. All amounts recovered from the members along with the University contribution will be placed in the Contributory Fund Account.
   3. The amount will be placed in most profitable manner periodically.
   4. No sum shall be withdrawn from the account except for the payment to the member or the nominee of the member.
   5. Bank Charges etc accrued will be paid from the account of Contributory Fund and the profit will be paid proportionately.
   6. Statement of account may be provided to the members at the end of the year if required.
   7. An option for investment in Islamic Banking will be available for the members.
7. Entitlement
   1. Members need to complete a minimum period of three years of service, to get the benefit of University contribution towards Contributory Fund.
   2. On completion of three years of service the member will be entitled to his/her full contribution with the accrued profit on it , plus equal amount contributed by the University.
   3. On completion of three years of service the member will be entitled to his/her full contribution with the accrued profit on it , plus equal amount contributed by the University.
   4. Any member under 3 years of service shall be entitled to the amount contributed by him/her and the profit accrued on it.
   5. Any member terminated from the service or the contract is expired, at any time, shall be entitled to the amount contributed by the member only.
   6. In case of renewal of contract of a member his/her membership shall continue as normal.
   7. When the member’s subscription is terminated due to any reason and he/she owes any money to the University, that amount shall be deducted before the final payment is made to the member.
8. Advances. Advances against contributory Fund shall be sanctioned by the Vice Chancellor on special grounds subject to following:-
   1. The advance shall not exceed 80% of the contribution of the member.
   2. The amount received as advance will be recovered with interest in not more than 24 equal installments.
9. Nomination Forms. 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. The employee can change such nominations any time or replace by the fresh one.
10. 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.