(1) From and out of the contribution payable by the employer in each month under Section 6 of the Act or under the rules of the Provident Fund of the establishment which is exempted either under clauses (a) and (b) of sub-Section (1) of Section 17 of the Act or whose employees are exempted under either paragraph 27 or Paragraph 27-A of the employees' Provident Funds Scheme, 1952, a part of contribution representing 8.33 per cent of the employees' pay shall be remitted by the employer to the Employees' Pension Fund within 15 days of the close of every month by a separate bank draft or cheque on account of the Employees' Pension Fund contribution in such manner as may be specified in this behalf by the Commissioner. The cost of the remittance, if any, shall be borne by the employer.
(2) The Central Government shall also contribute at the rate of 1.16 per cent of the pay of the members of the employees' Pension Scheme and credit the contribution to the employees' Pension Fund:
Provided that where the pay of the member exceeds rupees five thousand per month the contribution payable by the employer and the Central Government be limited to the amount payable on his pay of rupees five thousand only.
(3) Each contribution payable under sub-paragraph (1) and (2) shall be calculated to the nearest rupee, fifty paise or more to be counted as the next higher rupee and fraction of a rupee less than fifty paise to be ignored.
(4) The net assets of the Family Pension Scheme, 1971 shall vest in and stand transferred to the Employees' Pension Fund.
Contributions
