With the prior approval of the State Government, the Board may, form the following schemes for the welfare of the building workers and their families and to provide financial assistance to the beneficiaries, namely,—
(i) a scheme to provide immediate assistance to a beneficiary in case of an accident;
(ii) a scheme to provide the payment of pension to the beneficiaries, who have completed the age of sixty years;
Sections 15 and 62 Section 24 Sections 22 and 62 131
(iii) a scheme to provide loans and advances to a beneficiary for construction of a house, not exceeding such amount and on such terms and conditions, as it may deem fit;
(iv) a scheme for the payment of such amount in connection with premium for Group Insurance Scheme or any other insurance schemes for the beneficiaries, as it may deem fit;
(v) a scheme to provide such financial assistance for the education of children of the beneficiaries, as it may deem fit;
(vi) a scheme to meet such medical expenses for treatment of major ailment of a beneficiary or his dependants;
(vii) a scheme to make payment of maternity benefit to the female beneficiaries;
(viii) such other schemes, as it may deem fit for the provision and improvement of other welfare measures and facilities to the beneficiaries and their families;