Section 122 in West Bengal Co-operative Societies Rules, 2011
122. Employees' Provident Fund.
(1) A Co-operative society establishing Employees' Contributory Provident Fund under section 83 shall make regulations for its management, particularly with regard to(i)authority to administer the fund:(ii)amount of employees contribution to be deducted from the employee's salary;(iii)mode of nomination for payment of the amount of the fund in case of the employee's death;(iv)The purpose for which, extent to which, and the period after which advance may be made from such fund, and the number of monthly instalments in which the advance is to be repaid;(v)Final payment of the amount standing in the fund on the employee's retirement, resignation or otherwise;(vi)Maintenance of accounts of such fund.(2)An employee's contribution to the fund in a month shall be eight and one-third per centof his basic [pay] [Substituted by Serial No. (25) of the Notification No. 3857-Co-op/H/2R-09/2012, dated 26th December, 2012, w.e.f. 1.2.2013, for the word salary.].(3)The co-operative society may make such contribution every year to the Employees' Contributory Provident Fund, as may be approved by the Board, but such contribution shall not be less than the annual contribution made by the employee concerned.(4)Such Provident Fund shall not be used in the business of the society, but shall be invested or deposited in one or more of the following ways(a)in Government Savings Bank;(b)in any of the securities mentioned in section 20 of the Indian Trusts Act, 1882 (Act No. 2 of 1882), other than those specified in clause (e) of that section; or(c)in any co-operative bank or any other bank approved by the General Body.
