The
Seamen's Provident Fund Scheme, the first social security scheme for
Indian Merchant Navy Seamen, which was brought under statute by enactment
of the Seamen's Provident Fund Act,1966 (4 of 1966) was introduced retrospectively
with effect from 1st July,1964, to provide for the institution of a
provident fund for seamen as old age retirement and their family members
in the event of death of seamen members.
The
Seamen's Provident Fund is vested in and administered by the Board of
Trustees consisting of the Chairman and three representatives each of
the Government Employers and Employees. The Director General of Shipping
is an ex-offcio Chairman of the Board of Trustees. The Commissioner,
Seamen's Provident Fund, who is Chief Executive Officer of the Organisation
also functions as the Secretary to the Board.
This
is a contributory provident fund and the employers are required to deposit
the provident fund contributions in respect of the seamen employed by
them with their matching contribution with the Seamen's Provident Fund
Organisation after the termination of each voyage. The prevailing rate
of contribution is 12% of the wages, leave wages, seniority supplement
and 10% of supplement payable to the seaman. All monies belonging the
Fund are invested in the Securities as per the pattern prescribed by
the Ministry of Finance.
The
accumulations in the Fund are paid to the seamen members on retirement
from seafaring profession on attaining the age of superannuation or
on account of permanent incapacity for work due to bodily or mental
infirmity.
The
needy seamen members are also allowed nonrefundable withdrawals for
the longer period of un-employment, sickness, purchase of dwelling house,
marriage ( for self and/or member of the familiy ), or higher education
of the children.
As
on 31st March,1999, the Organisation covered 33708 accounts and the
total amount of provident fund accumulations is Rs.3,047,745,305.59
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