(1) Contributory provident fund established by Multi State Cooperative Society in the subject to the provisions of the Employees Provided Fund and Miscellaneous to be Provisions Act, 1952 (19 of 1952), a Multi state cooperative society having such number or class of employees as may be prescribed, may establish a contributory provident fund for the benefit of its employees to which shall be credited all contributions made by the employees and the society in accordance with the bye-laws of the society.
(2) Monies standing to the credit of any contributory provident fund established by the cooperative societies under sub-section (1) shall not-
(a) Principal Place of business and address used in the business of the society;
(b) form part of the assets of the society;
(c) be liable to attachment or be subject to any other process of any court or other authority. All work charge Government employees who were not getting the benefits of pension subscribed to this Fund. A subscriber, at the time of joining the Fund is required to make a nomination, in the prescribed form, conferring on one or more persons the right to receive the amount that may stand to his credit in the Fund in the event of his death, before that amount has become payable or having become payable has not been paid. A subscriber shall subscribe monthly to the Fund when on duty or Foreign Service but not during a period of suspension. Rates of subscription shall not be less than 10% of the emoluments and not more than his emoluments. The employer’s contribution at that percentage prescribed by the Government will be credited to the subscriber’s account and this is presently 10%. Rate of interest, at present, is 12% compounded annually. The Rules provide for drawl of advances / withdrawals from the CPF for specific purposes. As in GPF Rules, the CPF Rules also provide for Deposit linked Insurance Revised Scheme. Central Government Act Section 2(b) in The Provident Funds Act, 1925 (b) Contribution or Interest not liable to Attachment means any amount credited in a Provident Fund, by any authority administering the Fund], by way of addition to, a subscription to or deposit or balance at the credit cooperative society of an individual account in the Fund and contributory Provident Fund means a Provident Fund the rules of which provide for the crediting of contributions.