Provident fund & pension

(1) A co-operative society having such number is class of employee as may be prescribed shall establish a P.F. which may he G.P.F. with pension or C.P.F. for the benefit of employees. In case of C.P.F. all contributions made by the employees and the equal amount by the society will be credited in accordance with the provident fund act while in case of G.P.F. only employees contribution will be credited. (2) Provident fund established by a co-operative society under sub-section (1) shall not- (a) be used in the business of the society; (b) form part of the assets of the society; (c) be liable to attachment or be subject to any other process of any court or other authority ; and (d) be subject to a charge or liable to be set off towards payment of any debt or outstanding demand owing to a co-operative society under section 41. However if a co-operative society introduces a pension scheme with the approval of Govt. for its employees, societies contribution to P.F. will not be required. (3) Where however a contributory provident fund scheme was in operation before the commencement of this Act the same will not be altered without the consent of concerned employees of the scheme if a pension scheme is introduced with the stipulation that C.P.F. beneficiary employees will have to forego/refund the society contribution if they want to avail of pension scheme.