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Rights & Duties

 

         Once you are a member, you should always take care of your benefits by playing roles and duties continuously.  Besides, when your memship is terminated, you have a final duty to check whether you receive money from the fund correctly in order to protect your right.

  
What to do when you’re a member

   
        Every month

               Employer will deduct a certain amount of money from your salary. You have the responsibility to check the correctness of the amount of the contribution by checking from payroll slip. This slip should also be kept for checking with the biannual report.

                      
If any mistake is found, you should notify fund committee immediately.

   
        Every 6 month

                Within January and July of every year, the asset management company will send a report showing the amount of employer’s and employee’s contribution to all members. (Biannual report)

                You as a member should pay close attention to :

                      1. Employee’s contribution : Check the correctness of the amount of 6-month contribution.
                      2. Employer’s contribution : Check the correctness of the amount of 6-month contribution according to the fund rules.
                      3. Number of Units : Check whether the unit increases as the contribution increases.
                      4. Unit value : An increase in unit value means the fund performance has been better. On the other hand, a decrease in value means the fund performance has been deteriorated.

                       
  If you have any questions, you should consult the fund committee.

 
             Every year

                  1. Members should attend the annual meeting to acknowledge the fund performance. In the meeting, members will also be informed of the investment direction of the fund in the next year. Any questions from members are also invited.
                  2. Members should vote for a candidate of the fund committee representing employees during the election period. This fund committee will act as a representative and work in the best interest of the fund and members.

                        
  Vote for the good and smart person to be a fund committee.


 When you’re no longer a member of the fund

           Termination of membership can be either a result of employee’s retirement from job, resignation or transfer to another fund. Members should pay attention to the types of payment because they can vary in each fund. Normally, asset management company will pay in the form of cheque.

            1.  Member should notify the fund committee of termination of membership. In some case, the fund committee who works in the human resource department already has member’s record.
            2.  Fund committee send membership termination to the asset management company.
            3.  Asset management company sends money directly to member or through fund committee

 Period of payment

           Members will be paid within 30 days after membership termination with the predetermined method of payment. If you are not paid within 30 days, you should contact the fund committee or the asset management company. The law prohibits any creditors to receive money or hold cheque in the name of the member.

Check the amount of money received

             You will receive all of your contribution and its incurred benefits.
             You will receive a certain amount of employer’s contribution and its incurred benefits according to the fund rule.

Tranfer of membership to another fund

           When members send a notice to transfer to another fund, members will get the payment in two ways.

             The present company will send a cheque to the fund committee, who will later send it to the member and finally to the new asset management company.
             The present asset management company send a cheque directly to the new company.

Caution

           If you resign from the fund before retirement, you may not entitle to some part of the employer’s contribution. Please check with the fund governing rule! Moreover, the amount received from employer’s contribution and all incurred benefits will be taxable.

 


Main Page                                                                                                                                                                     Last update : April 3, 2006

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