Question

The fund maintained by compulsorily deducting from the wages of the worker members is known as

• A. Provident Fund
• B. Gratuity Fund
• C. Welfare Fund
• D. Thrift Fund:

Answer 1

Answer:

D. Thrift Fund:

Thrift Fund:

• This fund is maintained by compulsorily deducted from the wages of the worker members.
• Every Worker member of the Primary Society are required to contribute 6 to 10% of their wages to this fund and the amount of such fund is credited to his Thrift Deposit Account.
• The accumulated Thrift deposit will be utilised to purchase shares to the members till the maximum holding is reached as per the Byelaws.
• Further contributions will be transferred to his Recurring Deposit Account or giving Insurance premium in favour of the member
• Thrift fund formed by Handloom Co-operative for Capital formation