Will The Delayed Payment Attract Interest?

1.	Will The Delayed Payment Attract Interest?
Answer» An employer who fails to pay the CONTRIBUTION within the limit PRESCRIBED under Regulation 31, shall be LIABLE to pay simple interest at the rate of 12% per annum in RESPECT of each day of default or DELAY in payment of contribution (Regulation 31-A). An employer who fails to pay the contribution within the limit prescribed under Regulation 31, shall be liable to pay simple interest at the rate of 12% per annum in respect of each day of default or delay in payment of contribution (Regulation 31-A).

Answer»

An employer who fails to pay the CONTRIBUTION within the limit PRESCRIBED under Regulation 31, shall be LIABLE to pay simple interest at the rate of 12% per annum in RESPECT of each day of default or DELAY in payment of contribution (Regulation 31-A).

An employer who fails to pay the contribution within the limit prescribed under Regulation 31, shall be liable to pay simple interest at the rate of 12% per annum in respect of each day of default or delay in payment of contribution (Regulation 31-A).

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