(1) Every employer to whom this Act applies shall, in respect of each seaman (being a member) employed by him, contribute to the Fund for the period beginning with the 1st day of July, 1964 and ending with the 31st day of March, 1968, at the rate of six per cent., [for the period beginning with the 1st day of April, 1968 and ending with the 31st day of December, 1977, at the rate of eight per cent. and thereafter at the rate of ten per cent. or such higher rate as may be specified in the Scheme] of the wages paid or payable to each such seaman and every such seaman shall also contribute to the Fund an amount equal to the contribution payable by the employer in respect of him:
Provided that the amount of contribution aforesaid shall, in so far as it relates to the period prior to the commencement of the Scheme, be payable by the employer or, as the case may be, by the seaman only on such date (being a date not earlier than sixty days after the commencement of the Scheme) as the Government may, by notification in the Official Gazette, specify in this behalf.
(2) The employer shall pay, in respect of each seaman (being a member) employed by him, both the employer's contribution and the employees contribution and shall be entitled to recover from the seaman the employee's contribution by deduction from his wages and not otherwise.
(3) Every employer shall also pay such sums of money as may be specified in the Scheme towards the cost of administering the Fund.
(4) Where the amount of any contribution under sub-section (1) or any sum payable under sub-section (3) contains a part of a rupee, then, if such part if fifty paise or more, it shall be increased to one complete rupee and if such part is less than fifty paise it shall be ignored.