Facilities expanded for CPF loan: Sheikh Mehmood

BSP management approves top-up loan system

Bhilai, Jun 10: Ispat Shramik Manch (ISM) Working President Sheikh Mehmood informed that their struggle for expansion of CPF loan facilities have turned successful. Considering the union’s demand, the management has agreed to provide CPF top-up loan facility. Samyukt Khadaan Mazdoor Sangh had also supported ISM in this struggle.
Former CPF Trustee Sheikh Mehmood further informed that after the last CPF loan system reform, they were continuously struggling with the SKMS Union for further expansion of facilities. The unions discussed this issue several times with BSP management and finally the management agreed to introduce a system wherein the employees will be able to seek new loan without making final settlement of the existing loan.
Samyukt Khadaan Mazdoor Sangh President and CPF Trustee Kamaljeet Singh Maan said that during the meeting of CPF Trust held in February-March 2019, they had strongly raised this issue after which the management had approved the proposal in-principle. But there were many problems and hindrances in its implementation. SKMS and ISM had promised the BSP employees during last election of representative union for getting this facility implemented. Consequent to sustained efforts, this facility has been finally introduced. Maan thanked the Bhilai Steel Plant Management for approving this facility in the interests of employees.
Detailing about the new facility, Mehmood informed that the employees and officers of Bhilai Steel Plant can take loans from their provident fund. But according to existing rules, they were not able to seek another loan till final settlement and closure of previous loan. With the introduction of new facility, the employees will be able to seek new loan without closure of older CPF loan. For example, if an employee had taken loan of Rs 10 lakh and has deposited Rs 6 lakh and is yet to repay the loan of Rs 4 lakh. Now, without depositing this amount, the employee can take the new CPF loan. The unpaid CPF loan amount will be reduced from the new CPF loan amount.

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