STATE BANK OF PAKISTAN EMPLOYEES WELFARE TRUST
Employees’ Welfare Trust Membership Form
in pdf 21 KB)
terms of Clause-22 & other provisions of the State Bank
of Pakistan Employees Welfare Trust Deed dated the 3rd June,
2005, requiring formulation of Rules & Regulations to
enable the Trust to manage and carry on its affairs &
operations and to conduct meetings of the Board of Trustees,
the Board of Trustees of the State Bank of Pakistan Employees
Welfare Trust is pleased to make the following Rules and Regulations:
1. Effective Date:
These Rules & Regulations shall be effective immediately.
i). Membership of the Trust shall be compulsory for all employees
of the State Bank of Pakistan & its subsidiaries except
those who are in service on contract basis. The membership
shall be optional for employees retired under the ordinary
rules of the Bank or under special severance rules of the
bank on or before attaining the age of superannuation.
ii). In the case of a serving employee a sum of Rs.1,000/-
(Rupees One thousand only) shall be deducted as one time Entry
fee and a sum equal to one percentum of the monetized salary
each month as membership.
iii) In the case of a retired employee opting to become member,
Membership of the Trust may be allowed on payment of one time
Entry Free of Rs.1,000/- (Rupees one thousand only) and a
monthly contribution of one percentum of gross pension calculated
on last drawn salary. He will signify his consent and give
authorization or commitment to make contribution in ‘Form-I’
appended hereto. Monthly Pension/Benevolent Fund Payment Form
shall contain the following authorization:-
Authorization for deduction of Trust Membership Fee:
I do hereby authorize the__________________________ to deduct
Trust Membership Fee of Rs (Rupees__________________________________________)
for the month of _________________equal to one percentum of
Gross Pension calculated on the basis of last drawn salary.
If any member refuses to pay the contributions or if his/her
contributions are outstanding for more than three months a
notice in writing shall be issued and he will be informed
that he shall not be entitled to receive any benefit under
Provided that where in the case of outstanding contributions,
the Board of trustees comes to the decision that the contribution
had not been left outstanding willingly, or that the contributions
have been left outstanding due to circumstances which are
out of control of the members, the Board of Trustees may,
after providing for the payment of outstanding contributions,
grant him/her or any member of family or dependent the benefits
under this Trust.
i). A member of the Trust and his family members/dependants
and family members/dependants of an employee who died while
in service or who died after retirement shall be eligible
to get benefit of the Trust. The expression Family members/dependants
shall carry the same meaning as assigned to it in the service
Rules of the State Bank of Pakistan.
ii). In case of doubt as to whether or not a person is beneficiary
eligible to receive benefit under the Trust, the Board of
Trustees shall decide and if it is not in session, the Chairman
of the Board will be competent to decide followed by Board’s
iii). A beneficiary in distress and sincerely in need of material
or financial help of the Trust to meet expenses on medical
treatment, education, marriage of daughter, burial or other
natural calamities etc., may apply by ordinary post or e-mail
to the Secretary, State Bank of Pakistan Employees Welfare
Trust, I.I. Chundrigar Road with a copy endorsed or e-mail
to the Chairman, Board of Trustees (Governor, State Bank).
A request for assistance shall be considered expeditiously
provided similar facility was not already available to a beneficiary
under ordinary rules of the Bank or its subsidiary. Request
will be examined and decided in the light of facts ascertained
from all relevant quarters. Notwithstanding the foregoing,
the Chairman or a Trustee shall have the power to entertain
a request for Trust assistance even on the basis of informal
knowledge. Such a request will be got confirmed and dealt
iv). In deserving cases the Trust may consider allowing financial
assistance either in lump sum or on a monthly basis for a
v). A list of members and beneficiaries under the Trust shall
be kept showing the particulars mutatis mutandis as given
in Membership Form appended hereto (Appendix).
4. Delegation of Powers:
The Board of Trustees may delegate various powers including
pecuniary under the Trust Deed to the Chairman of the Trust,
Trustees, Secretary to the Board and other Trustees subject
to such terms and conditions and procedures as may be decided
5. Committees for various purposes:
The Chairman of the Trust may constitute various committees
of Trustees with suitable Terms of Reference to deal with
different kinds of cases of hardship, medical, educational
or recreational or cultural financial assistance, with issues
relating to use & disposal of money, property or other
rights of the Trust including negotiable instruments, &
other transferable instruments within the framework of terms
and conditions to be formulated by the concerned Committee
and approved by the Board of Trustees, with matters relating
to management, Budget and investment plan etc. The Chairman
may decide about the extent of powers including pecuniary
limits which a Committee may enjoy and the period for which
it will last. The Board of Trustees shall be apprised about
the affairs of various Committees periodically.
6. The Committees/Officials of the Trust
shall act swiftly in deciding cases of distress, hardship
or in finalizing other matters and may seek help in this regard
from different departments of the State Bank or its subsidiaries.
7. Board Meetings:
i). The Board of Trustees shall meet if & when dictates
of official work required but in any case not less than four
times a year at any place in Pakistan at the convenience of
ii). At least four Trustees including the Chairman of the
Board of Trustees shall constitute quorum of the meeting of
the Board of Trustees. Presence of the Chairman or his nominee,
in case of his absence, shall be necessary for the quorum.
iii). A notice of ten days containing Agenda for the meeting
of the Board of Trustees shall usually be given.
iv). A resolution in writing signed by all the members of
the Board of Trustees shall be as valid and effective as it
has been passed at a meeting duly called & constituted.
A Resolution by circulation will be permissible only in case
of a real emergent situation when delay would cause irreparable
damage and may be resorted to with the consent of the Chairman.
v). A resolution of the Board will be valid and effective
if it has been passed by a simple majority.
vi). All acts done at any meeting by any person acting as
a member shall notwithstanding that it may afterward be discovered
that there was some defect in the appointment of such member
acting as aforesaid or that they or any of them were disqualified,
be as valid as if every such person had been duly appointed
and was qualified to be a member.
vii) Minutes of the meeting or proceedings of all meetings
signed by the Chairman shall be recorded and kept by the Secretary
to the Board of Trustees in a Minutes Book to be kept for
the purpose. It shall be a concise statement of discussions
held and decisions taken and shall contain names of members
present at such meeting. Minutes will be presented before
the Board at its next meeting for confirmation.
8. Appointment of Staff Members
The Chairman of the Trust may make appointment of such number
of officials and employees as may be required to perform its
functions properly on such terms and conditions as may be
decided by the Board provided that such terms and conditions
shall in no case be equivalent or analogous to those enjoyed
by the regular officers of Bank/BSC.
9. Accounts of the Trust:
i). The Trust shall open its account with the SBP Banking
Services Corporation under intimation to the State Bank of
ii). A proper system of maintenance of Account Books and vouchers
& Schedule of Financial Powers of various Trust officials
will be prepared in the form of “Trust’s System
of Accounts”. For the purpose the Trust will engage
a Consultant from amongst the ‘A’ category Auditors
from SBP panel of Auditors.
iii). All cheques shall be signed jointly by the Secretary
of the Board along with the Deputy Governor/Managing Director,
SBP: Banking Services Corporation.
iv). The accounts of the Trust shall annually be closed on
30th June and will be audited by a firm of auditors approved
by the State Bank of Pakistan for conducting Bank’s
own annual audit.
Employees’ Welfare Trust Membership Form (Size
in PDF 21 KB)