Rule 56. Maintenance and administration of provident fund | Maharashtra Co-operative Societies Rules, 1961

Rule 56. Maintenance and administration of provident fund:-

A society which has established a provident fund for its employees under Section 71 shall, with the previous approval of the Registrar, frame regulations for the maintenance and utilisation of the provident fund for its employees. Among other matters, such regulations shall provide for the following—
    (i) amount (not exceeding ten per cent of the employees salary) of contribution to be deducted from the employees* salary;
    (ii) the rate of contribution (not exceeding the annual contribution made by the employee) to be made by the society;
    (iii) advances which may be made against the security of the provident fund;
    (iv) refund of employees' contribution and contribution made by the society;
    (v) mode of investment of the provident fund and payment of interest thereon.

Footnotes:
1. Ins. by G.N. of 16-10-1987.