Clause 4

If the Board is satisfied that an employer has established a welfare scheme which provides for the payment to his employees of pensions, gratuities or other pecuniary or welfare benefits (referred to in this Act as an approved employees’ scheme), the Board shall certify to that effect and thereupon the amount which such employer shall be liable to contribute to the Fund in respect of any of his employees who has agreed to join such approved employees’ scheme shall be in accordance with such reduced rates as may be prescribed by the Minister for employers who have established approved employees’ schemes and not those rates specified in the Schedule.(2) The Board may at any time revoke any certificate issued under subsection (1) but without prejudice to anything previously done or omitted to be done by virtue thereof.(3) An employer who has established a scheme which has been certified as an approved employees’ scheme under subsection (1) shall —

furnish to the Board such accounts in respect of the scheme, duly audited by an auditor who has been approved as a company auditor under subsection (2) of section 8 of the Companies Act (Cap. 185) as the Board may require;

comply with the rules of the scheme and pay such contributions in accordance with such scheme within such periods as the rules of the scheme require;

obtain the prior permission of the Board to the making of any amendment of the rules of the scheme; and

furnish such returns to the Board as the Board may prescribe concerning employees who are members of or who have ceased to contribute to the scheme.(4) Any amendment to the rules of any approved employees’ scheme made without the prior permission of the Board shall for the purposes of this Act be void and of no effect.(5) Subsections (1) and (2) of section 15 shall apply to withdrawals or payments of moneys from any approved employees’ scheme and to the rights of any member acquired under the rules of any approved employees’ scheme and to moneys paid out of any approved employees’ scheme on the death of a member as they do to withdrawals from the Fund and to rights acquired under this Act and to moneys paid out on the death of a member of the Fund.(6) Subsections (3) and (4) of section 15 shall apply to contributions to any approved employees’ scheme and to interest thereon and to portions of wages paid as contributions to any approved employees’ scheme as they do to contributions to the Fund and to interest thereon and to portions of wages paid as contributions to the Fund.(7) Any person who fails to comply with subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and the court before which any person is convicted for failing to pay contributions into any approved employees’ scheme within such period as the rules of the approved employees’ scheme require may, in addition to such fine, order him to pay the amount of any contributions and any interest due thereon certified by an officer appointed by the Board in that behalf to be due from such person at the date of such conviction and such amount may be recovered according to the law for the time being in force for the recovery of fines.Transfers between approved employees’ schemes and the Fund40B.—

On the death of any employee who was a member of an approved employees’ scheme, the employer concerned shall pay to the Board any moneys (if any) which such employee is entitled to under the approved employees’ scheme and any such moneys so paid to the Board by the employer shall be disposed of by the Board as if such amount were contributions standing to the credit of the member in the Fund at his death.(2) Where an employee who is a member of an approved employees’ scheme leaves the service of his employer before attaining the age of fifty-five years, the employer concerned shall pay to the Board to be placed to the credit of the employee in the Fund the money (if any) payable to such employee under the approved employees’ scheme on the termination of his employment.”.