52. Contribution for provident fund

52. Contribution for provident fund:

(1) The employer shall deduct ten percent of the basic remuneration of each labour, add cent percent to that amount and deposit the total amount for the purpose of provident fund.

(2) The employer shall deposit the amount referred to in sub-section (1) in the Social Security Fund in the name of the concerned labour, with effect from the date on which he or she started to work.

(3) Notwithstanding anything contained in the sub-section (2), the employer shall, in the following circumstance, deposit such provident fund amount as prescribed:

(a) Until the Social Security Fund is established and comes into operation, or

(b) Until the law relating to the Social Security Fund becomes applicable to the concerned employer.

(4) In the case of a labour for whom the amount for provident fund was not contributed before the commencement of this Act, the employer shall contribute the amount for provident fund from the date of the commencement of this Act.

(5) The amount for the provident fund deposited in the retirement fund or any other similar fund established under the laws in force at the time of the commencement of this Act or held in the custody of the employer shall be transferred to the Social Security Fund as prescribed after the commencement of this Act.

(6) Notwithstanding anything contained elsewhere in this Section, the employer shall make payment of an additional amount equivalent to ten percent of the basic remuneration of such a labour if the amount for the provident fund cannot be deposited pursuant to Section (2) or (3) for any reason.