7. Calculation of contributions . - (1) The rate of increment referred to in clause (d) of paragraph 3 in respect of time-rated or piece-rated category of employee shall be twenty-six times of his daily rate of increment.
(2)Where an employee exercises his option under the provisions of sub--paragraph (2) of paragraph 4 and is unable to deposit in full the amounts referred to in that sub-paragraph on or before the date of his superannuation, the amount of his pension shall be reduced by an amount calculated on the basis specified in Schedule 1.(3)Where the amount of Pension Fund referred to in clauses (c) and (d) of paragraph 3 had not been deducted from the salary of the employee by an employer till the appointed day or had been deducted in part or in full but not remitted to the [Commissioner] on or before the appointed day, such amount shall be remitted to the [Commissioner] [Substituted by G.S.R. 218(E), dated 22.3.1999, for " authorised officer" . ] within a period of one hundred and twenty days from the appointed day and an interest of twelve per cent. per annum accrued on such amount as on the appointed day shall have also to be remitted by the employer to the [Commissioner] [Substituted by G.S.R. 218(E), dated 22.3.1999, for " authorised officer" . ].(4)Any amount to be paid into or out of the Pension Fund shall be calculated to the nearest rupee, fifty paise or more to be counted as the next higher rupee and fraction less than fifty paise to be ignored.(5)In case no contribution to the Pension Fund is payable in a week or fortnight or month, only because of rounding off under sub-paragraph (4), the week or fortnight or month, as the case may be, shall not be excluded from the period of pensionable service. In the case of weekly-paid employee, the number of weeks for which there is contribution to the Pension Fund shall be divided by four and in the case of fortnightly-paid employee, the number of fortnights shall be divided by two, to arrive at the number of months for which there is contribution to the Pension Fund. Fraction of a month so determined shall be rounded off by treating half or more as a complete month, ignoring fraction less than half.
