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Law pic

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  • 1. 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. (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.
  • 3. 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 regulations.
  • 4. The Institution shall register the information Every insured person may also communicate his name and other prescribed particulars Employer, commu nicate the names and other prescribed particulars of the establishment and of employees Get
  • 5. Provided that the cancellation of the registration of an establishment or industry shall not effect its liabilities incurred before the date of such cancellation.
  • 6. 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.
  • 7. 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
  • 8. 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
  • 9. 16. EXTINGUISHMENT OF CLAIMS TO CONTRIBUTIONS Claims of the institution for unpaid contributions shall be extinguish in the manner provided in
  • 10. 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
  • 11. 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
  • 12. 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
  • 13. 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.
  • 14. Institution shall submit to Federal Government An annual report of its work And activities
  • 15. 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