3. 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)

4. (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.

5. 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.

6. 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

7. Provided that the cancellation of the registration of an
establishment or industry shall not effect its liabilities incurred
before the date of such cancellation.

8. 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.

10. 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

11. 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

12. 16. EXTINGUISHMENT OF CLAIMS TO
CONTRIBUTIONS
Claims of the institution for
unpaid contributions shall be
extinguish in the manner
provided in

14. 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

15. 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

16. 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

17. 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.

18. Institution shall submit to Federal Government
An annual report of its work
And activities

19. 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