Provident Fund. (1) The Provident Fund for the Clothing Industry (Free State and Northern Cape), (hereinafter referred to as the "Northern Chamber Fund"), originally established on the 1st pay day in September 1971 in terms of Government Notice No' R. 321 dated 1 March 1974, is hereby dissolved.
(a) The assets and the liabilities of the Fund on that date will be transferred to the Provident Fund for the Clothing Industry (Northern Areas), to be renamed to the Provident Fund for the Clothing Industry (Northern Chamber) on 1 April 2008, (hereinafter in referred to as the Northern Chamber Fund) and the Fashion Industry Protection Fund, each split between the two funds as recommended by an Actuary appointed for this purpose, and agreed to by the Administrative Committee, in consultation with their advisor;
(b) If the actual transfer of assets (and therefore liabilities) takes place on a date other than 1 April 2008, the liabilities shall be increased by interest as recommended by the actuary and approved by the Administrative Committee, and the full value of assets as at 1 April 2008, with further investment returns to the date of transfer, less any expenses, shall be transferred;
(c) The Fund (the Provident Fund for the Clothing Industry (Free State and Northern Cape)) shall then be known as the Former Fund, where appropriate;
(d) The Northern Xxxxxxxx Fund shall be read to be the Fund in the balance of these Rules, from 1 April 2008, where appropriate;
(e) The administration and management of, and contributions and benefits paid by the Northern Xxxxxxxx Fund will be governed by a collective agreement to be gazetted and an agreed set of Rules for that fund, the Rules ultimately being registered with the Registrar of Pension Funds in terms of the Pension Funds Act. However, the provisions of that Fund are briefly summarised in sub-clause (2);
(f) For each member of the Fund, the balance held in that member’s account in the Fund on 1 April 2008 will be transferred to an account established for that member in the Northern Xxxxxxxx Fund;
(g) The mechanism used for the dissolution of the Fund is the Transfer of Fund provision contained in sub-clause 30(2) in this Part of main agreement. The transfer of assets and liabilities between this provident fund and the Fashion Industry Protection Fund is a once-off transfer;
(h) A notice to the Registrar of Labour should be given in terms of a Section 14 transfer. The Registrar may gazette the notice of dissolution of the two funds; and
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Provident Fund. (a) While the employees who are presently covered under the Pension Scheme and those who will join the Pension Scheme in terms of option being made available under Settlement dated 27th April, 2010 shall continue to contribute 10% of the Pay towards Provident Fund, there shall be no matching contribution.
(b) Employees of State Bank of India will continue to be covered by Contributory Provident Fund Scheme as hitherto.
(c) Employees who are presently covered under Contributory Provident Fund Scheme who do not opt for Pension Scheme being made available under the Settlement dated 27th April, 2010 shall continue under the Contributory Provident Fund Scheme as hitherto.
(d) There shall be no Provident Fund to employees joining the services of banks on or after 1st April 2010. They shall be covered by a Defined Contributory Pension Scheme, where the employee will contribute 10% of Pay plus Dearness Allowance and the bank will make a matching contribution. The Scheme shall be governed by the provisions of the Contributory Pension Scheme as introduced for employees of Central Government with effect from 1st January 2004 and modified from time to time.
Provident Fund. Based on the applicable provident fund rules and regulations, you will be entitled to join the "LTIMindtree Officers and Supervisory Staff Provident Fund" from the Appointment Date. The details of the Provident Fund deductions are specified in Annexure A to the Agreement.
Provident Fund contributions for employees employed under the Newly Employed Employee Concession (NEEC) payable to the Council shall amount to the following:
5.3.1 YEAR ONE of employment
5.3.2 YEAR TWO of employment
5.3.3 YEAR THREE of employment
5.3.4 YEAR FOUR of employment
6. STANDARD DEATH AND FUNERAL SCHEME (STANDARD D.F.S.)
Provident Fund. A fund established in India under the Provident Fund Act of 1952 or the Employees’ Provident Funds and Miscellaneous Act of 1952 to provide current and former employees of Indian employers retirement benefits in consideration for services rendered, provided that fund:
1. Does not have a single beneficiary with a right to more than five percent of the fund’s assets;
2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in India;
3. The fund is generally exempt from tax in India on investment income under the laws of India due to its status as a Provident Fund; and
4. Contributions (other than certain permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed $50,000 annually, applying the rules set forth in Annex I for account aggregation and currency translation.
Provident Fund. The Contract Labour employed by the various Contractors in connection with the work of the Company are eligible for membership of Employees Provident Fund/ Employees‟ Pension Scheme. Contract Labour shall be eligible and required to become a member of the Provident Fund / EPS from the date of joining. The Contractor‟s worker shall subscribe to the fund a sum equivalent to 12 % of the wages including Dearness Allowance rounded to the nextto a Rupee. The Contractor shall also contribute a sum equal to the total of each such compulsory subscription every month plus allied charges like DLIS & administrative charges etc. The Contractor must submit a statement in duplicate to P&A Deptt. showing the details of worker's wages paid for the month/deductions made from the wages on account of PF and EPS separately and deposit such deductions along-with equal subscription by the contractorby 10th of the subsequent month along-with the proportionate administration/ inspection charges as per PF rules and shall submit Proof of the same in the prescribed formats.
Provident Fund. It is reiterated that -
(a) The employees who are presently covered under the Pension Scheme shall continue to contribute 10% of the Pay towards Provident Fund, but there shall be no matching contribution.
(b) Employees of State Bank of India will continue to be covered by Contributory Provident Fund Scheme as hitherto.
(c) Employees who are presently covered under Contributory Provident Fund Scheme and have not opted for Pension Scheme under the Settlement dated 27th April 2010 shall continue under the Contributory Provident Fund Scheme as hitherto.
Provident Fund. Where, owing to the stoppage of machinery, no work is available for an employee, deductions may be made by the employer from the wage of such employee for time lost in excess of two hours.
Provident Fund. The company shall contribute to the Provident Fund a monthly amount in accordance with the wage scale for each Officer and Cadet covered by this agreement while the officer/Cadet is engaged onboard. The Provident Fund shall be arranged in accordance with a special agreement between the parties. Statues for the Provident Fund will be established by the parties.
Provident Fund. ADMINISTRATION AND INTERPRETATION OF AGREEMENT .......................................
