Section 50 — EMPLOYEES PROVIDENT FUND ACT 1991

(2)

The Board shall cause to be credited to each member’s account—

(a)

the amount of any contributions paid in his respect by the employer on his own behalf and on behalf of such member of the Fund;

(b)

dividend on any amount standing to the credit of such member at the rate declared under section 27 in such manner as the Board may prescribe; and

(c)

any other moneys paid on behalf of such member under this Act.

(2A)

For the purpose of crediting any amount of money into the account of a member of the Fund under subsection (2), the Minister may prescribe any number of accounts in respect of a member of the

Fund and prescribe the percentage to be credited into each account.

(2B)

Notwithstanding paragraphs 2(a) and 2(b)—

Employees Provident Fund 57

(a)

no amount of contributions or money may be credited into the account of a member of the Fund after such member has attained the age of seventy-five years; and

(b)

dividend shall be credited on any amount standing to the credit of a member of the Fund until all sums of money standing to the credit of such member are transferred to the Registrar of Unclaimed Money under section 51A.

(2C)

Notwithstanding subsection (2), where the Board receives partial payment of any assessment for outstanding contributions from the employer, the Board may determine the manner in which the outstanding contributions by the employer is to be credited into each account of the member of the Fund.

(3)

If any employer fails to pay any contribution which he has deducted from the wages of an employee, the Board shall, on being satisfied that such deduction has been made, credit the employee with the amount of such contribution together with any dividend which would have been credited in respect thereof if such contribution had been paid by the employer within the prescribed period and shall charge the amount so credited to the general revenues of the Fund:

Provided that nothing in this section shall prejudice the right of the

Board to recover the amount of such contribution and dividend from the employer.

(4)

Any amount recovered under subsection (3) shall be disbursed in the following manner:

(a)

firstly to be credited to the general revenues of the Fund such sum that has been paid out from the general revenues of the Fund under subsection (3); and

(b)

the balance thereof shall be credited to the respective employees’ accounts rateably.

(5)

(Deleted by Act A958).

58 Laws of Malaysia

(6)

The provisions of this section shall apply to any amount standing to the credit of an employee in an approved fund upon the transfer of such amount to the Fund.

Contributions and deposits not to be assigned or attached