The State Government of Gujarat vide its notification dated 13th January 2021 has published the Bombay Labour Welfare Board Contributory Provident Fund (Gujarat Amendment) Rules, 2021 to further amend the Bombay Labour Welfare Board Contributory Provident Fund Rules, 1955.
The Amendment is brought under rule 14 which deals with the rate of interest in which a new proviso has been inserted which states that the rate of interest shall not exceed the rate of interest payable on the General Provident Fund of the government employees.
Further, a new definition for the term emoluments has been inserted which means pay, leave salary, or subsistence grant, as defined in the Gujarat Civil Services (Pay) Rules, 2002 or the Rules made under the Act, and includes any remuneration of the nature of pay received in respect of foreign service and includes Dearness Allowance, granted by the Board to the employee as compensation for higher cost of living.
