Singapore legislation
Clause 7
Clause 7
Amendment of section 29
Section 29 of the principal Act is amended by deleting subsection (4) and substituting the following: —“(4) Where an employer fails to make a deposit with the Commissioner under subsection (3), he shall be liable to pay to the Commissioner interest at the rate of one and one-half per centum for each month or part thereof of the assessed amount from the date of the Commissioner’s decision until the expiry of six months from that date and thereafter at the rate of three per centum for each month or part thereof:Provided that —
the amount of interest to which the employer is liable shall not exceed fifty per centum of the assessed amount; and
the Commissioner may in his discretion waive or remit the whole or any part of such interest.(5) Any interest paid to the Commissioner under subsection (4) and under subsection (5) of section 24 shall be payable to or for the benefit of the workman, or, where death results from the injury, to or for the benefit of his dependants; and where a deceased workman has no dependants the interest shall be paid into the Workers’ Fund.”.