Section 7 in The Cochin Port Trust Employees (House Building Advance) Family Benefit Fund Regulations, 1998
7. Payment in the event of death while in service.
- In the case of an employee dying while in service, the amount due from/her i.e., the principal and interest to shall be reimbursed to the Port Trust Board by meeting the same from the fund, provided the subscription to the Fund has been commenced and continued till the month of his death. However, in cases where the recovery of the employee's subscription could not be effected regularly from the employee's salary due to application of the provisions of the Payment of Wages Act due to the prolonged illness of the employee duly certified by the Port Trust's Chief Medical Officer or due to any other reason excepting in cases where such lapses were committed wilfully, the arrears of subscription shall be adjusted from any interest payable to the employee by the Trust. The balance amount, if any, should be discharged by the nominee. The Board, when it deems appropriate shall enhance the limit of Rs. 75,000 to a higher amount or shall remove the limit when it is convinced to the financial viability of the scheme.
