Amendment status not verified — confirm the current text below against the official source.
(1) With effect on and from the date of application of this Scheme to a society (a) the portion of the employees contribution with interest accrued thereon standing to the credit of the employees in the contributory provident fund established by that society shall be transferred and credited by the society to the pension fund under this scheme; and 17A[Provided that if the society/bank fails to transfer the pension fund arrears in full, pension proportionate to the fund remitted by the society/bank shall be paid to the employees.] [(1A) If any society fails to transfer the employees contribution with interest accrued thereon after the commencement of Sec.80A of the Kerala Co-operative Societies Act, 1969. and the Kerala Co-operative Societies Employees Self Financing Pension Scheme, 1994, within a period of one year from 14-3-1995, that is the date of implementation of the pension scheme or has transferred only a part thereof, shall be liable to transfer such amount or part thereof as the case may be with interest at the rate of 24% per annum.] (b) the portion of the employers' contribution with interest accrued thereon standing to the credit of the employees in the contributory provident fund established under the employees Provident Funds and Miscellaneous Provisions Act, 1952 (Central Act 19 of 1952), shall be transferred in accordance with the provisions of that Act and credited to the pension fund under this scheme. 17A[Provided that in respect of persons retired from societies enrolled under EPF Scheme, and who are not drawing pension from the Employees Provident Fund hitherto the societies concerned shall remit the pension fund with interest at the rates existing in the Employees Provident Fund Scheme during the period of their service i.e., up to the date of retirement. Pension shall be payable only from the succeeding month after the remittance of the entire portion of employer's contribution to the pension fund and no arrears of pension shall be payable: Provided further that in respect of the employees who are in service, the societies shall transfer the entire portion of employer'sss contribution with interest as per rules of the Scheme within a period of one year from the date of publication of this notification and afterwards with interest @ 24% per annum] (2) The liability of an employee to contribute to the contributory provident funds referred to in sub-paragraph (1) shall cease from the date on which the amount standing to his credit in the said provident funds is transferred and credited to the Pension Fund under this scheme. Added by Kerala Co-operative Employees Self Financing Pension (Amendment) Scheme, 2010 as S. R. O. No. 1034/2010 in K. G. Ext. No. 2518 dt. 10/11/2010. Inserted by SRO 123/99.