58C. Limits on contribution by the employe

¹[58C. Limits on contribution by the employer.—

(1) the ordinary annual contribution by the employer to an approved gratuity fund in respect of any particular employee shall be made on such reasonable definite basis as may be approved by the Board with regard to the length of service of the employee so that such contribution shall not exceed salary of the employee for the last month of each financial year.

(2) Subject to any condition which the Board may think fit to specify under this rule, the amount to be allowed as a deduction on account of initial contribution which an employer may make in respect of the past services of an employee admitted for the last month of each financial year during the course of his past services with the employer.

(3) Notwithstanding the provisions of sub-rules (1) and (2), an employer may, with the prior approval of the Board, make a special contribution to an approved gratuity fund to meet the deficit in the fund, if any.

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¹ Rules 58C, 58D & 58E ins.by S.R.O. No. 161-L/96, dt: 01-09-1996

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