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8A. Recovery of damages for default in payment of any contribution.- (1) Where an employer makes default in the payment of any contribution to the Insurance Fund, or in the payment of any charges payable under any other provisions of the Act or the Scheme, the Central Provident Fund Commissioner or such officer as may be authorised by the Central Government, by notification in the Official Gazette in this behalf, may recover from the employer by way of penalty, damages at the rates given below :—

 

Period of default

Rate of damages (% of arrears per annum)

(a)

Less than two months

17

(b)

Two months and above but less than four months

22

(c)

Four months and above but less than six months

27

(d)

Six months and above

37

(2) The damages shall be calculated to the nearest rupee, 50 paise or more to be counted as the nearest higher rupee and fraction of a rupee less than 50 paise to be ignored.

 

 

 

 

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