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Union of India - Section

Section 8 in The Employee's Deposit-Linked Insurance Scheme, 1976

8.

Mode of payment of contribution.
(1)The contribution by the employer shall be remitted by him together with administrative charges at such rate as the Central Government may fix from time to time under sub-section 4 of Section 6C of the Act, to the Insurance Fund within fifteen days of the close of every month by a separate bank draft or cheque or by remittance in cash in such manner as may be specified in this behalf by the Commissioner. The cost of remittance if any, shall be borne by the employer.
(2).It shall be the responsibility of the employer to pay the contribution payable by himself in respect of the employees directly employed by him and also in respect of the employees employed by or through a contractor.
(3)The Central Government shall credit its contribution to the Insurance Fund as soon as possible after the close of every financial year.
(4)The Commissioner shall deposit the bank draft or cheque received from the employers in the State Bank of India or any Bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970).[8-A. Recovery of damages for default in payment of any contribution: - [Inserted by G.S.R. 522, dated 16.8.1991 (w.e.f. 1.9.1991). ][(1) Where an employer makes default in the payment of any contribution to the Insurance Fund, or in the payment of any charges payable under any other provision of the Act or of the Scheme, the Central Provident Fund Commissioner or such officer as may be authorized by the Central Government, by notification in the Official Gazette, in this behalf, may recover from the employer by way of penalty, damages at the rates given below: -
Sl.No. Period of default Rate of damages (percentage of arrears per annum)
(1) (2) (3)
(a) Less than two months Five
(b) Two months and above but less than four months Ten
(c) Four months and above but less than six months Fifteen
(d) Six months and above Twenty Five.]
(2)[ The damages shall be calculated to the nearest rupee, 50 paise or more to be counted as the nearest higher rupee and fraction of a rupee less than 50 paise to be ignored.