Contribution
Govt.
5%
Not exceed Rs. 3000
Not receipt of pension
Not sixty years old
Employer
5%
Not exceed Rs. 3000
Not fifty-five years(woman)
(2) Where an insured person does not receive any wages from the employer for any period, the Institution shall, subject to regulations, determine the amount of wages with reference to which the contributions shall be computed.
3) The employer shall not deduct from the wages of an insured person or otherwise recover from him any portion of contribution.
(4) Where the mode of payment of remuneration, whether in cash or in kind, makes it difficult to determine the amount of wages for computing the contribution, the Institution may subject to regulation, determine such wages.
Shall submit to the
Institution such
returns.
Every employer shall keep
records.
At such times.
Containing such
particulars relating to his
employees.
As may be provided
in regulation
s.
The Institution shall register the
information
Every insured person may also communicate his name and other
prescribed particulars
Employer, communicate the names and other
prescribed particulars of the establishment and
of employees
Get
Provided that the cancellation of the registration of an establishment or industry shall not effect its liabilities incurred before the date of such cancellation.
12. Officials of Institution to check employer's books
Require an employer to furnish such information considered necessary
At any reasonable time, enter in establishment, require such books and other documents relating to the employment and wages.
Examine with respect to any matter relevant to the purposes aforesaid, the employer.
If employee has been issued by the
Institution a registration card
Changing employment from one establishment,
to another establishment
Default in payment of contributions by
the employer
Such insured person shall have enjoy the same
rights as if no such default had occurred.
Has informed the Institution about such change of
employment
15. Refund of contributions paid erroneously
An employer shall be
entitled to
Provided that no excess amount of any contribution shall be refunded unless an application for such refund is made within
six months of the date on which the contribution was paid.
Any contribution paid to the Institution
erroneously excessive amount.
Refund
16. EXTINGUISHMENT OF CLAIMS TO CONTRIBUTIONS
Claims of the institution for unpaid contributions shall be extinguish in the
manner provided in
Employees' Old-Age Benefits
Fund
Incur out of the Fund
such expenditure as may be necessary
Moneys shall
deposited such banks as may be
approved by the Board
The assets of the
Institution shall be utilized
solely for the
purposes of this Act
Sources: Contributions, other payments by the
employers, income from investment of
money of the Institution, donations
and bequests
All contributions paid and other
moneys received by
Institution shall be paid into the
Fund
Institution may, from time to time, invest any moneys
which are immediately required for expenses
under this Act, and may reinvest or realize such
investment
The Institution may, with the previous sanction of the
Federal Government and on such terms as it may specify,
raise loans and take measures for discharging
such loans
Institution shall draw up annually a budget showing anticipated receipts and expenditure during the following year and shall submit it to the Board for approval of the Federal Govt.
The Institution shall maintain accounts of its income and expenditure in such form and manner as may be prescribed
The books of account shall be balanced on 30th June each year and audited by auditors approved by the Federal Govt. in such manner as prescribed
Auditors shall at reasonable time have access to
books and other documents of
institution, may call for such explanation and information as they may required.
The auditors shall forward to the
Federal Government their report together
with an audited copy of the accounts
of the Institution.
Institution shall submit to Federal Government
An annual report of its work
And activities
Institution shall
At intervals of not more than
five years
Have an actuarial valuation made in
the prescribed manner
Of its assets and liabilities
Provided that the Federal
Government may direct a valuation
to be made at such other times
as it may consider necessary