Rule 26
Provident Fund
(1) Every Enterprise, after deducting ten percent of the monthly remuneration of permanent worker or employee, shall add on equivalent amount and deposit in their name in the provident Fund
established pursuant to Sub-rule (2).
(2) The Proprietor of the Enterprise shall have to establish a separate Provident Fund in his/her Enterprise for depositing the amount pursuant to Sub-rule (1)
Provided that, the Enterprise may deposit such amount opening separate accounts in the name of its workers or employees in the Provident Fund established pursuant to the Provident Fund Act, 2019.
(3) In case a separate provident fund is established by enterprise pursuant to Sub- rule (2), it shall have to maintain separate accounts of every worker or employee.
(4) The provident Fund established pursuant to Sub-rule (2) shall be operated by the Labour Relation Committee, in case there is no such committee it shall be operated by the committee comprising of the representatives of the Proprietor, workers and employees. In case a Welfare Officer exists in an enterprise, he/she shall serve as a member
secretary of such committee.
(5) No worker or employee shall be allowed to withdraw completely his/her amount deposited in the Fund pursuant to Sub-rule (2) before his/her retirement from the service of the Enterprise.
(6) In case any worker or employee dies prior to having withdrawn his amount from the Fund, his/her nominee shall receive that money; or if the nominee has also died or if no member has been nominated, the nearest heir of such worker or employee shall receive the money. If there are more than One such heir, they shall be paid the
amount so deposited on pro rata basis.
(7) The concerned worker or employee may take loan upto Fifty percent as per the Bye-laws of the Enterprise from the amount deposited in Provident Fund pursuant to these Rules. The loan amount shall have to be recovered by deducting One Forth of monthly remuneration of such worker or employee until such loan amount is fully recovered.
established pursuant to Sub-rule (2).
(2) The Proprietor of the Enterprise shall have to establish a separate Provident Fund in his/her Enterprise for depositing the amount pursuant to Sub-rule (1)
Provided that, the Enterprise may deposit such amount opening separate accounts in the name of its workers or employees in the Provident Fund established pursuant to the Provident Fund Act, 2019.
(3) In case a separate provident fund is established by enterprise pursuant to Sub- rule (2), it shall have to maintain separate accounts of every worker or employee.
(4) The provident Fund established pursuant to Sub-rule (2) shall be operated by the Labour Relation Committee, in case there is no such committee it shall be operated by the committee comprising of the representatives of the Proprietor, workers and employees. In case a Welfare Officer exists in an enterprise, he/she shall serve as a member
secretary of such committee.
(5) No worker or employee shall be allowed to withdraw completely his/her amount deposited in the Fund pursuant to Sub-rule (2) before his/her retirement from the service of the Enterprise.
(6) In case any worker or employee dies prior to having withdrawn his amount from the Fund, his/her nominee shall receive that money; or if the nominee has also died or if no member has been nominated, the nearest heir of such worker or employee shall receive the money. If there are more than One such heir, they shall be paid the
amount so deposited on pro rata basis.
(7) The concerned worker or employee may take loan upto Fifty percent as per the Bye-laws of the Enterprise from the amount deposited in Provident Fund pursuant to these Rules. The loan amount shall have to be recovered by deducting One Forth of monthly remuneration of such worker or employee until such loan amount is fully recovered.