Kerala - Thiruvananthapuram   

Welfare fund for industrialists

THIRUVANANTHAPURAM: The Kerala State Small Industries Association (KSSIA) has set up a social security fund for its members and their families.

Association State president A.P.M. Abdul Rahim said the fund was set up to help small industrialists and their families in times of need. “Many of these entrepreneurs have set up their own units and generated employment opportunities. Yet, there has been no effort on the part of the government to reach out to these entrepreneurs or provide a safety net to help them tide over a crisis. The social security fund is aimed at ensuring them cope with accidents or debilitating diseases and to help the families of deceased entrepreneurs.”

Only members of the KSSIA will be eligible for the benefits of the welfare fund. The membership fee is Rs.10,000. Small industrialists up to the age of 55 and existing KSSIA members up to the age of 65 can apply for membership. Those above 65 can join as honorary members. The retirement age has been fixed as 70.

According to the scheme, nominated family members of a welfare fund member will get Rs.15 lakh as assistance in the event of his death. The amount will be collected from the surviving members. Members will also get Rs.2 lakh as assistance for treatment of diseases or accident injuries. The assistance will be decided by a panel of doctors after scrutinising hospital records.

A member retiring at the age of 70 will also be entitled to an assistance of Rs.1 lakh.

Mr. Rahim said the fund would also consider a bonus for retirees subject to the availability of financial aid, including grant from the State or Central governments.

Minister for Industries Elamaram Karim will inaugurate the KSSIA Social Security Fund at a function to be held here on Monday.

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