Welfare fund

(1) The State Government shall constitute a Fund called the Labour Welfare Fund and, notwithstanding anything contained in any other law for the time being in force or in any contract or instrument, all unpaid accumulations shall be paid to the Board which shall keep a separate account therefor until claims thereto have been decided in the manner provided in section 9, and the other sums specified in sub-section (2) shall be paid into the Fund. (2) The Fund shall consist of— (a) all fines realized from the employees; (b) unpaid accumulations transferred to the Fund under section 9; (c) grants and subsidies to the Board made by the State Government; (d) any voluntary donations; (e) any fund transferred under sub-section (5) of section 10; (f) any sum borrowed under section 11; (g) any contribution of employers and employees; (3) The sums specified in sub-section (2) shall be collected by such agencies and in such manner and the accounts of the Fund shall be maintained and audited in such manner as may be prescribed. (4) The employer shall be required to pay interest at the rate of twelve per cent per annum on the amount of unpaid accumulations in case he fails to deposit the same within a period of one year from the prescribed date. The rate of interest thereafter shall be twenty per cent per annum.