Rule 26 - Contributory Provident Fund - Multi-State Cooperative Societies Rules, 2002

Contributory Provident Fund 26. (1) Every multi-state cooperative society which has in its service ten or more regular employees shall establish a Contributory Provident Fund referred to in sub-section (1) of section 69. (2) The multi-state cooperative society creating such a fund shall provide for the following in its bye-laws:- (a) Authority to administer the fund. (b) Amount of contribution to be deducted from the employee's salary. (c) Mode of nomination for payment of the amount of the contributory provident fund in case of employee's death. (d) Purpose for which, the extent to which, and the period after which, advances may be made against the security of such fund and the number of monthly instalments in which advance is to be repaid. (e) Refund of employees' contribution and contribution made by the society. (f) Maintenance of accounts of such fund. (3) The amount of contribution that can be deducted from the salary of an employee of the multi-state cooperative society shall not be less than the ceiling provided in the Employee s Provident Fund and Miscellaneous Provisions Act, 1952 (19 of 1952). (4) The multi-state cooperative society may make such contribution every year to the employee s contributory provident fund as may be approved by the board subject to the maximum ceiling as provided in the Employee s Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952).