Section 7(1) in The Jammu and Kashmir Employees Provident Funds and Miscellaneous Provisions Act, 1961
(1)The contribution which shall be paid by the employer to the Fund shall be [8.33%] [Substituted by Act XVI of 1974, Section 2.] of the basic wages, dearness allowance and retaining allowance (if any) for the time being payable to each of the employees, and the employees' contribution shall be equal to the contribution payable by the employer in respect of him and may, if any employee so desires and if the scheme makes provision therefor, be an amount not exceeding [ten and one-third per cent,] [Substituted by Act XVI of 1974, Section 2.] of his basic wages, dearness allowance and retaining allowance (if any):Provided that where the amount of any contribution payable under this Act involves a fraction of a rupee, the scheme may provide for the rounding off of such fraction to the nearest rupee, half a rupee or quarter of a rupee.Explanation 1. - For the purposes of this sub-section, "dearness allowance" shall be deemed to include also the cash value of any food concession allowed to the employee.Explanation 2. - For the purposes of this sub-section, "retaining allowance" means an allowance payable for the time being to an employee of any factory or other establishment during any period in which the establishment is not working, for retaining his services.
