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The Scheme was launched at Thiruvananthapuram on December 18, 2002 by the then General Secretary of the Union Com A N Balasubramanian, as per the decision taken at the 21st, Conference held at Chennai from 5th, to 8th January 2002.
The Rules and Regulations for the Scheme was formulated by the Central Committee held at Goa on 29th, and 30th June 2002. The seeds for such a glorious Scheme were sown in the soil of Kerala very much earlier and crystallised with comrades from Delhi providing acturial inputs.
Members joining the Scheme contributed Rs. 50/= per month for a period of 15 years and the n ominee of the member was entitled to a lumpsum relief of Rs. 30, 000/= in the event of death of that member for any reason whatsoever. In case that member had paid monthly subscription for 12 consecutive months the said nominee was also entitled to receive a sum of Rs. 500/= per mo nth as pension for a maximum period of 15 years or till the date of super annuation date of the deceased member, whichever was earlier.
The Central Committee held at Delhi on November 29th, & 30th, 2006 decided to increase the monthly subscription to Rs. 100/= with effect from January 1, 2007 and the lumpsum relief to Rs. 40,000/=. On completion of 12 months of payment of the increased subscription of Rs. 100/= the lumpsum relief to the nominee of the deceased member stood enhanced to Rs. 50,000/= along with the increased monthly pension of Rs. 750/= for the period as specified above. However Part Time Employees were made eligible for the enhanced benefits with effect from January 1, 2007 as already defined, keeping their monthly subscription @ Rs.50/= only.
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