4. Section 17 of the principal enactment is hereby repealed and the following section substituted therefor:
| 17.
| | (1) Notwithstanding the provisions of section 29 of this Act, where an employer to whom the Employees' Provident Fund Act, No. 15 of 1958, applies, has made an election under the provisions of section 11 of that Act to pay to the Employees' Provident Fund established under that Act or to a provident fund declared to be an approved provident fund under that Act in respect of each employee employed by such employer a contribution of an amount calculated at a percentage higher than the amount specified under that Act and
| | | (a) if such higher percentage amounts to three per centum or more of such employee's total earnings per month, from his employment under such employer, such employer may deduct three per centum from such higher percentage every month and remit such three per centum to the Fund established under this Act and continue to contribute the balance after such deduction, to the Employees' Provident Fund or to the approved provident fund; or |
| (b) if such higher percentage amounts to less than three per centum of such employee's total earnings per month from his employment under such employer, such employer may remit such amount as is in excess of the percentage specified in section 10 of that Act, together with an additional contribution by such employer to make a total of three per centum of such earnings to the Fund established under this Act and continue to contribute the amount specified under the Employees' Provident Fund Act to the Employees' Provident Fund or to the approved provident fund. |
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| | (2) Any payment made by an employer to the Fund established under this Act in terms of subsection (1) shall be deemed to have been made in compliance with the provisions of section 16." | | |
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Sri Lanka Consolidated Acts