Provident Fund Components
1. “Employee’s contribution” meaning amounts contributed by employees with the employees’ consent for deduction from their wage monthly from 2 percent but no more than 15 percent of the wages as prescribed in the fund’s articles.2. “Employer’s contribution” meaning amounts contributed by employers which shall not less than 2 percent but no more than 15 percent of the wages. Contribution rate may be different based on conditions, terms of employment, or duration of membership as prescribed in the fund’s articles.
3. “Benefit of employee’s contribution” meaning benefits derived from savings investment.
4. “Benefit of employer’s contribution” meaning benefits derived from contributions investment.