PROVIDENT FUND ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   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

   10   Bonuses

   11   Interest

   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

      SCHEDULES

 

THE PROVIDENT FUND ACT

[Date of Commencement: 21st November, 1947]

Cap 315.

Laws
5 of 1955,
25 of 1958,
48 of 1961,
49 of 1961.

Acts
26 of 1969,
36 of 1976.

LNs
53/1949,
134/1955,
193/1955,
264/1957,
32/1959,
13/1960,
201/1961,
47/1962,
258/1963,
322/1964,
36/1967,
84/1969,
203/1970,
308/1972,
434G/1973,
456/1973,
322F/1974,
464/1974,
466/1974,
74/1975,
104/1976,
341/1976,
446/1976,
120/1977,
154/1977,
98H/1978,
112A/1978,
133C/1978,
53J/1979,
149B/1979,
88C/1981,
81E/1982,
93R/1986,
135I/1987.

1   Short title

   This Act may be cited as the Provident Fund Act.

2   Interpretation

   (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.

3   Establishment and management of the Fund

   (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.

4   Transfer of existing fund

   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.

5   Existing employees to elect whether they will become depositors

   (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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