Employee fund credits are protected from assignment and attachment; employer assets carry a priority charge for payment. Section 151 prohibits assignment, charge or attachment of amounts credited to an employee or exempted employee under Chapters III-VII or an employer ... Summary
Employee fund credits are protected from assignment and attachment; employer assets carry a priority charge for payment.
Section 151 prohibits assignment, charge or attachment of amounts credited to an employee or exempted employee under Chapters III-VII or an employer maintained provident fund, ensures amounts payable on death vest in the nominee or family and remain free from debts and attachment, and declares such amounts a charge on the assets of the establishment to be paid with priority under applicable insolvency priority rules.
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