Contribution payment defaults permit recovery of damages at prescribed rates, with damages rounded to the nearest rupee. Damages for an employer's default in payment of Insurance Fund contributions or charges payable under the Code, rules or the Scheme may be recovered by ... Summary
Contribution payment defaults permit recovery of damages at prescribed rates, with damages rounded to the nearest rupee.
Damages for an employer's default in payment of Insurance Fund contributions or charges payable under the Code, rules or the Scheme may be recovered by the Commissioner or a Central Government-authorised officer. The applicable rate is that specified in the Employees' Provident Funds Scheme, 2026. Damages are calculated to the nearest rupee: fractions of fifty paise or more are rounded up, and fractions below fifty paise are ignored.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.