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::Provisions Regarding Pension Fund::

CHAPTER –III
PROVISIONS REGARDING PENSION FUND

 

40. Constitution of the Pension Fund:
(i) A Pension Fund shall be constituted with the approval of Government by transferring to it such amounts from the accumulated undisbursed interest account of the Provident Fund, as may be considered necessary by the Board.
(ii) The Board may transfer to the Pension Fund annually such amounts as may be considered necessary from out of the undisbursed amount in the Interest Account of the Provident Fund,
40.(a) Constitution of Subsidiary Pension Fund for implementation fo Family Pension Scheme:
(i) A Subsidiary Pension for implementation of Family Pension Scheme shall be constituted by transferring to it such amounts from the Pension Fund, as may be considered necessary by the Board and
(ii) Such Fund as may be sanctioned by the Government of India for the purpose of the Family Pension Scheme.
40.(b) Administration of Pension Fund:
Cost of administration of the Family Pension Scheme shall be met from the constibution made by the Government of India for the purpose.
41. Investment of the Pension Fund:
All moneys belonging to the Pension Fund shall be deposited in such Banks as the Board may prescribe and shall be invested by the Investment Committee in Central Government Securities.
42. Employees entitled to Pensionary including Family Pensionary Benefit:
A member of the Fund or his/her family member shall be entitled to pensionary including Family Pensionary benefits in such scales and manner and with effect from such date as the Board may with the approval of the Government prescribe.

CHAPTER IV
43. Annual Report on the working of the Scheme :
The Board shall submit to the State Government an Annual Report on othe working of the Scheme, Provident Fund and Pension, during the previous accounting year.
44. Audit :
The accounts of the Provident Fund and Pension Fund shall be audited in such manner as the Board with approval of the Government may direct.

45. Inspectors :
(a) The Officers of the Board of Truestees or any othe rOfficers, as may be specified by a notification in the official Gazette by the Government, shall be the Inspector for the purposes of carrying out the provisions in the Scheme.
(b) Functions of Inspectors : An Inspector may- (a) make such examination of the records of the Primary Committee as he considers fit in order to ascertain the true affairs of the Fund in a particular tea plantation or tea factory and (b) exercise such other pwers as may be assigned to him by the Government or the Board.
(c) Facilities to be afforded to the Inspector:
Every employer shall aggord to the Inspector al reasonable facilities to examine the records and assets of the Fund.
46. Punishment for failure to pay contribution, etc :
If any person-

  1. Fails to pay any contribution which he is liable to pay under this Scheme, or
  2. Deducts or attempts to deduct from the wages or other remunetation of a member the whole or any part of the employer’s contribution, or
  3. Fails or refuses to submit any return, statement or other document, or
  4. Obstructs any Inspector or other officials appointed under the Act or this Scheme in the discharge of his duties, or
  5. Is guilty of any contravention of or non-compliance with any of the requirements of the Act or of this Scheme in respects of which no special penalty is provided, he shall be punishable with imprisonment which may extend to six months or with fine which may extend to one thousand rupees, or with both.

47. Powers to issue directions :
The Government may, from time to time issue such directions as it considers necessary for proper implementation of the Scheme.
48. Repeal of Assam Tea Plantations Provident Fund Scheme, 1989:
(1) The Assam Tea Plantations Provident Fund Scheme, 1959 is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action in the exercise of any power conferred by or under the said Scheme shall be deemed to have been done or taken in the exercise of the powers conferred by or under this scheme as if this Scheme were in force on the day on which such thing was done or action was taken.

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