Section 7
of Employees Provident Fund Act 1951
Section 7
Subject to the provisions of section 16 of this Ordinance, every employee and every employer of a person who is an employee within the meaning of this Ordinance shall be liable to pay monthly contributions at the rate respectively set out in the Second Schedule to this Ordinance:
Provided that the Board may, at its discretion and on such terms and conditions as it may impose, authorise an employer, or a class or classes of employers, to pay such contributions at intervals of three months.
(2)
Without prejudice to the provisions of subsection (1) of this section, an employer and an employee may, at any time, by mutual agreement, elect each to pay equal monthly contributions at a rate which exceeds the rate respectively set out in the Second Schedule to this Ordinance by one dollar or a multiple of one dollar.
(3)
Notice of such election shall be given to the Board in such manner and form as may be prescribed by the Board and where any such notice has been given the provisions of this Ordinance shall, in respect of the employer and employee who have elected as aforesaid, apply as if the rate of contribution which such employer and employee have elected to pay, were the rate respectively set out in the Second Schedule to this Ordinance.