Incensum Employees Fund   Welcome to the Incensum Employees Fund. This section provides information about the Incensum Market Pay-back scheme, methodology of fund receipts and details of its disposal.   The Incensum Model:  Proposed Pay-back Collection & Funds disposal schemes. (Please read the article on the Incensum model and the FAQ on that topic)   Collection of Funds: The Incensum Employees Fund is essentially a bank account, owned and managed by the Incensum Employees Welfare Society.  The Incensum Employees Welfare Society is a charitable society registered under the Charitable Societies Registration Act of India.   After we ship an order, we will prompt our buyers to choose to participate in the Incensum Employees Fund.  This is an actual opportunity for our trading partners to make a real difference to the lives of the Incensum employees.  We assume most of our trading partners will co-operate in this effort.   To join this programme, our trading partners(importers only) will need to pay 10% of their purchase value (FOB price) back to the Incensum Employees Fund.   Even though the actual payment is 10% of the purchase price, the effective payment is only 2%.   Wholesale customers pay the rest of the 8% (2% of their purchase value). The rate of 10% is calculated and explained in the article the Incensum Model.   This payment could be a direct deposit by a bank transfer to the Incensum Employees Fund bank account.  We may soon implement an on-line payment facility by which buyers can pay through this site via a credit card.   How to collect the 2% market pay-back at the wholesale stage from the stores?   The best way to do this is by adding the 2% to the wholesale price in the same invoice. It may add 2% to the V.A.T/G.S.T content, which is negligible, compared to the wholesale price of the product and to the actual margins available for stores.   Another more appropriate method is to receive payment by issuing a separate receipt voucher.  This process is more cumbersome though; we suggest you take the advice of your auditors/accounts department how best to get this done.   Disposal of Funds: The Incensum Employees Welfare Society, which manages the IEF bank account make decisions on the disposal of the funds accumulated in the Incensum Employees Fund.  Incensum employees run the society with a democratically elected leadership.  Employees who have completed at least 6 months of employment at Incensum production facility are eligible for membership in the society.   There are certain ground rules though.  10 percentage of all funds are reserved for a life insurance scheme for all our employees, an emergency fund and a pension fund.   Our bankers provide free counseling to the Incensum Employees Welfare Society in these matters.   The rest of the funds are categorized into 2 parts.  One part (approximately 65%) will provide a monthly bonus to our employees proportional to the monthly productivity of each employee.   The smaller part (approximately 35%) is reserved for a biannual festival bonus for the PONGAL festival (January-February) and for the festival of lights-Diwali (October-November)       Funds accumulated to date:   Order # Order Date Ordering Customer Order Value Pay back Date IEF Deposit 0107 - IL  May 28, 2007 Kippodim Ltd, Israel. $9,720.00 July 15, 2007 $970.20 0207 - IL September 30, 2007 Kippodim Ltd, Israel. $12,954.00 October 18, 2007 $1,224.00     Page Last Updated : 18th October, 2007.