5. Employees' Provident Funds Scheme.

¹[(1)]  The Central Government may, by notification in the Official Gazette, frame a scheme to be called the Employees' Provident Fund Scheme for the establishment of provident funds under this Act for employees or for any class of employees and specify the ²[establishments] or class of ²[establishment] to which the said Scheme shall apply ³[and there shall be established, as soon as may be after the framing of the Scheme, a Fund in accordance with the provisions of this Act and the Scheme].

⁴[(1A) The  Fund shall vest in, and be administered by, the Central Board constituted under section 5A.

(1B)  Subject to the provisions of this Act, a Scheme framed under sub-section 1 may provide for all or any of the matters specified in Schedule II.]

⁵[(2)   A Scheme framed under sub-section 1 may provide that any of its provisions shall take effect either prospectively or retrospectively on such date as may be specified in this behalf in the Scheme.]

Notes:

1.   Section 5 re-numbered as sub-section (1) thereof by Act 37 of 1953, s. 4.

2.   Substituted. by Act 94 of 1956, s. 3, for “factories”.

3.  Inserted. by Act 37 of 1953, s. 4.

4.  Inserted by Act 28 of 1963, s. 3 (w.e.f. 30-11-1963).

5.  Inserted. by Act 37 of 1953, s. 4.