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Section 31c – EMPLOYEES’ STATE INSURANCE (GENERAL) REGULATIONS,1950

31C. Damages or contributions or any other amount due, but not paid in time

An employer who fails to pay contributions within the periods specified under regulation 31, or any other amount payable under the Act, shall be liable to pay damages as under:

Period of delay

Rate of damages in % per annum of the amount due.

(i) Up to 2 months

5%

(ii) 2 months and above but less than 4 months

10%

(iii) 4 months and above but less than 6 months

15%

(iv) 6 months and above

25%

PROVIDED that the Corporation, in relation to a factory or establishment which is declared as sick industrial company and in respect of which a rehabilitation scheme has been sanctioned by the Board for Industrial and Financial Reconstruction, may-

(a) in case of a change of management including transfer of undertaking (s) to worker (s) co-operative or in case of merger or amalgamation of sick industrial company with a healthy company, completely waive the damages levied or leviable;

(b) in other cases, depending on its merits, waive up to 50 per cent damages levied or leviable;

(c) in exceptional hard cases, waive either totally or partially the damages levied or leviable.]

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