Every employer engaging workman with such identity card shall deposit in the Government Treasury an amount equivalent to 5% of the total gross wages of the workman every month 13[within 21 days from the pay day] as employers contribution towards retirement benefit and such deposits shall be made in the Government Treasury under such head of account as may be notified by the Government in the Official Gazette 14{and such employer shall also furnish to the competent authority and to such other agency as may be notified by the Government, monthly returns showing details of contribution in respect of individual workman in the prescribed form}:
Provided that no such employer shall be liable to deposit such amount after the workman is absorbed as a regular employee after he has put in 240 days of continuous service:
Provided further that no employer shall be liable to make contribution in respect of the -5- workman who has completed the age of fifty years 15{or whose monthly wages exceed rupees six thousand five hundred}.
9. 16[Payment of Benefit.]— The contribution made by such employer in respect of a workman in such workman's account and deposited with the Government shall become payable alongwith the accrued interest to such workman on his attaining the age of fifty years; or his dependent, heirs, as the case may be, in case of death of the workman before he attains the age of fifty years whichever is earlier.
17[Any workman eligible for the above payment shall apply in the prescribed manner to the competent authority and the competent authority shall, after having satisfied itself about the claim, effect the payment, in such manner as may be prescribed.]