4. Establishment of Redundancy Payments Fund
Feedback & supportFor the purposes of this Act, there shall be established a fund to be called the Redundancy Payments Fund into which shall be paid all redundancy payments required to be paid under section 6, and out of which shall be met all payments to be paid under this Act.
The Fund shall be administered and controlled by the Director.
Director
“Director” means the Director of the Fund appointed by the Minister under section 3;
Interest shall be payable on amounts standing to the credit of a member of the Fund at a rate per annum of 51/4% after and in respect of each year ending on 31st December.
member of the Fund
“member of the Fund” means any person to whose credit any amount is standing in the Fund;
If in any year the revenue of the Fund is insufficient to defray the interest due to members of the Fund, such deficiency shall be charged on and paid out of the Consolidated Fund.