Contributions and matters which may be provided for in schemes

Contributions and matters which may be provided for in schemes.--

1. (1) The contribution which shall be paid by the employer to the Fund shall be 8.33% 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 10 and one-third per cent, 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.
2. (2) Subject to the provisions contained in sub-section (1), any scheme may provide for all or any of the matters specified in Schedule II.
3. (3) Where under the provisions of any scheme, any board of trustees is constituted for administering the Fund, such board of trustees shall be a body corporate under the name specified in the scheme, having perpetual succession and a common seal and shall by the said name sue and be sued.