Employer contribution defaults attract monthly provident fund damages, capped at arrears and graded by the duration of default. Damages may be levied and recovered from an employer for default in paying Fund contributions, transferring statutory accumulations, or paying charges ... Summary
Employer contribution defaults attract monthly provident fund damages, capped at arrears and graded by the duration of default.
Damages may be levied and recovered from an employer for default in paying Fund contributions, transferring statutory accumulations, or paying charges under the Scheme. The competent provident fund authority may impose monthly damages according to the duration of default, subject to a ceiling of the arrears due. The damages regime also applies to defaults covered by paragraph 32-A of the Employees' Provident Funds Scheme, 1952.
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