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Dismissal
If a member is dismissed from the service of an employer as a result of grave misconduct, dishonesty or fraud, that member shall be paid a lump sum equal to the amount of the contributions that the member had paid into the Fund up to the point of employment termination.
Cases of dismissal are covered under Section 32 of the LASF Act, which stipulates that regardless of the number of years spent in service, be it 3, 7, 10, 20 or more, a dismissal case only attracts a refund of the contributions, without any interest.
This also applies to members who are allowed to resign or retire in order to avoid such dismissal. Further more, any resignation tendered by a member during an inquiry into his/her conduct and before the result of such an inquiry is announced shall be deemed to be a resignation in order to avoid dismissal.
Resignation, Disharge and other cases
If a member leaves the service of the employer on own accord, or is not eligible to receive any benefit under all the other qualifying conditions (Sections 26, 27 and 28 of the LASF Act), and provided that the provisions of a dismissal case do not apply to him/her, that member shall be granted a lump sum benefit calculated under either a) or b) below, depeiding on the number of years served.
a) If such a member has had less than seven years’ continuous service, a payment equal to the amount of the contributions paid by him together with two per centum of such amount in respect of each complete year by which his continuous service exceeds three years;
b) If such a member has had seven years or more continuous service, a payment equal to twice the amount of the contributions paid by him together with interest thereon at the rate of four per centum per annum, compounded annually.
Required documents
Upon dismissal, discharge or resignation, the member will be required to present the following documents to the Fund in order to access the benefits:
a) Introductory letter from the employer, signed by either of the signatories registered and recognized by the Fund
b) Official dismissal letter from the employer or letter accepting the resignation
c) Certified copy of the member’s NRC
d) LASF Forms S/1 - S/5, duly filled in and certified by both the employer
and member
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