ARRANGEMENT OF SECTIONS
1 Short title
3 Establishment and management of the Fund
4 Transfer of existing fund
5 Existing employees to elect whether they will become depositors
6 Saving of existing employee's rights under other legislation in relation to retiring benefits
7 Employee shall become contributor
8 Election to be in prescribed form
9 Compulsory deposit
12 Information to depositors
13 Life assurance
14 Selection of insurance company
15 Application of bonus
16 Disposal of policy at maturity
17 Disposal of proceeds of policy at death
18 Assignment of policy for deposits to the depositor before maturity
19 Withdrawal of compulsory deposits
20 Repayment of withdrawal
21 Closing of accounts
22 Death or termination of service
23 Resignation or dismissal
24 Transfer to pensionable office, etc
25 How transfer to a pensionable office, etc, affects assurance policy
26 Payment on death of depositor
27 Deposits, etc, not to be assigned or attached
28 Compulsory retirement
29 Sums due to Government
30 Depositor retiring on account of injury or disease
31 Allowances to dependants of an employee who dies as a result of injuries received or disease contracted in the discharge of his duties
32 Charge on revenues
33 Amendment of Schedules
34 Power to make regulations
35 Receipts exempt from stamp duty
36 Governor-General to consult appropriate Service Commission
37 Power of Minister to make pension schemes
38 Revocation of election under section 13
THE PROVIDENT FUND ACT
[Date of Commencement: 21st November, 1947]
5 of 1955,
25 of 1958,
48 of 1961,
49 of 1961.
26 of 1969,
36 of 1976.
This Act may be cited as the Provident Fund Act.
(1) In this Act-
"appointed day" means the 7th May, 1947,
"the Fund" means the Provident Fund established under this Act;
"the Board" means the Board of Management appointed under this Act;
"employee" when not preceded by the word "existing" means a person in the public or parochial service of this Island, or in the service of any scheduled body, who is the substantive holder of an office which is for the time being included in the First Schedule:
"existing employee" means a person who is on the appointed day the substantive holder of an office included in the First Schedule;
"depositor" means an employee by whom or on whose behalf deposits in the Fund are made under this Act;
"salary" includes regular wages and any personal allowance, but no other payment or allowance whatsoever,
"personal allowance" means a special addition to salary granted personally to the holder for the time being of the office and which is declared by the Governor-General to be subject to deductions for the purposes of the Provident Fund
[25/1958 s 2(1).]
"compulsory deposit" means a deposit made under subsection (1) of section 9;
"bonus" means the sum of money provisionally credited to the depositor under section 10;
"scheduled body" means any body or institution included for the time being in the Second Schedule:
"public service" means service in a civil capacity under the Government of this Island;
"parochial service" means service in a civil capacity under any Parish Council of this Island,
"Parish Council" includes the Kingston and St. Andrew Corporation.
(2) For the purposes of this Act a depositor's family
shall be deemed to include, in the case of a male depositor, his wife, and in the case of a female depositor, her husband, and in either such case the mother, father, sister, children and grandchildren of the depositor, but no other person.
(1) There shall be established a Fund to be known as the Provident Fund.
(2) The Minister shall appoint a Board of Management who shall be responsible for the control and management of the Fund in accordance with the provisions of this Act and of any regulations made thereunder. The Chairman of the Board shall be such person as the Minister shall appoint.
[48/1961 s 2.]
(3) The moneys paid into the Fund shall, so far as practicable, be invested by the Accountant-General in such securities yielding interest as the Board may approve, or, with the approval of the Board, be deposited by him in the Workers Savings and Loan Bank.
(4) The Accountant-General shall keep a separate account for the moneys of the Fund.
(5) The Accountant-General shall keep separate accounts of the moneys paid into the Fund in respect of depositors in the public service, in the parochial service, and in the service of any scheduled body. The account in respect of depositors in the parochial service and in the service of any scheduled body shall show separately the moneys paid into the Fund in respect of each Parish Council and scheduled body.
(6) The Board shall submit to the Minister as soon as practicable after the thirty-first day of March in each year, a full statement showing the working of the Fund and all claims thereon, and containing full particulars of all transactions connected with the working of the Fund.
(7) All accounts required under this section to be kept shall be audited by the Auditor-General.
All moneys standing to the credit of the provident fund established and maintained under rules made under the Jamaica Agricultural Society Incorporation Act, are hereby transferred to the Fund established under this Act, and the rights of all persons to any interest in such moneys are hereby declared to be rights to similar interests in the Fund created by this Act.
(1) Every existing employee shall elect within three months next after the appointed day whether or no he will become a depositor.
(2) Every existing employee who elects under subsection (1) to become a depositor shall become a depositor from the date on which he first draws any salary of the office by virtue of being the holder of which he is an employee, after the commencement of this Act.
(3) Except as otherwise provided in subsection (4), no existing employee who elects under subsection (1) not to become a depositor shall subsequently become a depositor.
(4) Where any existing employee who elects under subsection (1) not to become a depositor, ceases, subsequently to such election, to be an employee, and thereafter again becomes an employee, the provisions of section 7 shall apply to him as if he first became an employee on the date on which he again becomes an employee.
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