EPS 95 Latest News: Very Important Information for EPS 95 Pensioner got From EPFO by RTI

EPS 95 LATEST NEWS | EPF PENSION HIKE NEWS | MINIMUM PENSION 7500+DA NEWS

The employer shall be liable to pay simple interest at the rate of twelve per cent. per annum or at such higher rate as may be specified in the Scheme on any amount due from him under this Act from the date on which the amount has become so due till the date of its actual payment: Provided that higher rate of interest specified in the Scheme shall not exceed the lending rate of interest charged by any scheduled bank.

 

14B. Power to recover damages.—

Where an employer makes default in the payment of any contribution to the Fund 3 , the 2 Pension Fund or the Insurance Fund or in the transfer of accumulations accumulations required to be transferred by him under sub-section (2) of section 15 4or sub-section (5) of of section 17 or in the payment of any charges payable under any other provision of this Act or of 5 any Scheme or Insurance Scheme or under any of the conditions specified under section 17, 6 the Central Provident Fund Commissioner or such other officer as may be authorized by the Central Government, by notification in the Official Gazette, in this behalf] may recover 7 from the employer by way of penalty such damages, not exceeding the amount of arrears, as may be specified in the Scheme

8 Provided that before levying and recovering such damages, the employer shall be given a reasonable opportunity of being heard:

9[Provided further that the Central Board may reduce or waive the damages levied under this section in relation to an establishment which is a sick industrial company and in respect of which a scheme for rehabilitation has been sanctioned by the Board for Industrial and Financial Reconstruction established under section 4 of the Sick Industrial Companies Special Provisions Act, 1985, subject to such terms and conditions as may be specified in the Scheme.

2. Subs. by Act 25 of 1996, s. 4, for “Family Pension” (w.e.f. 16-11-1995).
3. Subs. by Act 99 of 1976, s. 32, for “or the family pension fund” (w.e.f. 1-8-1976).
4. Ins. by Act 28 of 1963, s. 10 (w.e.f. 30-11-1963).
5. Subs. by Act 99 of 1976, s. 32, for “any scheme” (w.e.f. 1-8-1976).
6. Subs. by Act 40 of 1973, s. 6, for “the appropriate Government” (w.e.f. 1-11-1973).
7. Subs. by Act 33 of 1988, s. 20, for “from the employer such damages, not exceeding the amount of arrears as it may think fit to impose” (w.e.f. 1-9-1991).
8. Ins. by Act 40 of 1973, s. 6 (w.e.f. 1-11-1973).
9. Ins. by Act 33 of 1988, s. 20 (to be notified).