{ "schema_version": "qanun-law-text/1", "id": "punjab-code-c28b476f3b65a2af", "title": "COMPANIES PROFITS (WORKERS PARTICIPATION) ACT, 1968", "source_collection": "Punjab", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/U2ZWY1BjVmU-", "version": null, "source_snapshot": "2026-08-06T16:27:42Z", "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "06a56baa27b276867dd70de1e7177c93d66e23b6456720526eee617b80d25747", "source_sha256": "06a56baa27b276867dd70de1e7177c93d66e23b6456720526eee617b80d25747", "text_version_id": "law:punjab-code-c28b476f3b65a2af:sha256:06a56baa27b276867dd70de1e7177c93d66e23b6456720526eee617b80d25747", "quality_flags": [], "encoding": "UTF-8", "text": "THE COMPANIES PROFITS (WORKERS PARTICIPATION) \r\nACT, 1968 \r\n(XII of 1968) \r\nCONTENTS \r\n1. Short title, extent and commencement. \r\n2. Definitions. \r\n3. Establishment of Fund. \r\n4. Management of the Fund. \r\n4-A. The Committee. \r\n5. Penalty. \r\n6. Power to call for information. \r\n7. Settlement of disputes, etc. \r\n8. Delegation of power. \r\n8A. Inspectors. \r\n8B. Powers of Inspector. \r\n8C. Power to amend the Schedule. \r\n9. Power to make rules. \r\n10. Act to override other laws. \r\nTHE SCHEDULE \r\nSCHEME \r\n1. Scope of the scheme. \r\n2. Investment of Fund. \r\n3. Eligibility to benefits of scheme. \r\n4. Distribution of benefits to workers. \r\nCategories \r\n5. Disbursement of benefits. \r\n6. Definition of the net asset value of the unit. \r\n7. Employee's own contribution. \r\n8. [Omitted] \r\n9. Tax treatment of the Income of the Fund. \r\n10. Tax treatment of the income to the workers. \r\n11. Working and location of the Board of Trustees. \r\n12. Audit of the Fund accounts. \r\n13. Scheme's benefits to be in addition to other benefits. \r\n14. Special provision for industries working seasonally. \r\n15. Companies engaged in more than one industrial undertakings. \r\n16. Entrustment of management of Fund to Investment Corporation of \r\nPakistan, etc. \r\n \r\n \r\nTEXT \r\n1\r\nTHE COMPANIES PROFITS (WORKERS PARTICIPATION) ACT, 1968 \r\n(XII of 1968) \r\n[5 July 1968] \r\nAn \r\nAct \r\nto provide for participation of workers in the profits of companies \r\n WHEREAS it is expedient to provide for participation of workers\r\n2\r\n in the profits \r\nof companies and for matters ancillary thereto; \r\n3\r\n[ * * * * * * * * * ] \r\n It is hereby enacted as follows:– \r\n1. Short title, extent and commencement .– (1) This Act may be called the \r\nCompanies Profits (Workers Participation) Act, 1968. \r\n (2) It extends to the whole of \r\n4\r\n[the Punjab]. \r\n (3) It shall come into force at once. \r\n2. Definitions.– In this Act, unless t here is anything repugnant in the subject or \r\ncontext,– \r\n(a) \"Board\" in relation to a Fund means a Board of Trustees constituted \r\nunder section 4 for the management and administration of the Fund; \r\n(b) \"company'' means a company within the meaning of \r\n5\r\n[\r\n6\r\n[the Companies \r\nAct, 2017 (XIX of 2017)]], and includes– \r\n(i) a body corporate established by or under any law for the time \r\nbeing in force; \r\n(ii) any institution, organization or association whether incorporated \r\nor not, declared\r\n7\r\n by the \r\n1\r\n[\r\n2\r\n[Government]] in the official Gazette to \r\n \r\n1This Act received the assent of the President on July 4, 1968 and published in the Gazette of Pakistan (Extraordinary), dated July 5, 1968, pp. \r\n739-745. \r\n2Printed in the Gazette as “works”. \r\n3Omitted by the Companies Profits (Workers’ Participation) (Amendment) Act 2 021 (XXVIII of 2021 ), published in the Punjab Gazette \r\n(Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 2. \r\n4Substituted for the word “Pakistan” by the Act ibid. \r\n5Substituted for the words, comma , brackets and figures “Companies Act, 1913 (VII of 1913)” by the Finance Act, 2007 (IV of 2007) , published in \r\nthe Gazette of Pakistan (Extraordinary), Part I, dated July 2, 2007, pp. 436-1000, s. 7(1)(a)(i) & (ii). \r\n6Substituted for the words , brackets and figures “Companies Ordinance of 1984 (XLVII of 1984)” by the Companies Profits (Workers’ \r\nParticipation) (Amendment) Act 2021 (XXVIII of 2021), publi shed in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp . 1295-1299, \r\ns. 5(a). \r\n7The Federal Government declared each of the following to be a company for the purposes of the Act, namely: – \r\n(i) Any Companies incorporated, registered or established outside Pakistan which is engaged in industrial undertaking in Pakistan. \r\n(ii) Any partnership, association of persons (including consortium, syndicate or joint venture) or proprietorship which is engaged in an \r\nindustrial undertaking in Pakistan. \r\n(iii) Any industrial undertaking which is set up as a department activity of , the Federal or Provincial Government of a body corporate \r\nestablished under any law for the time being in force. See Gazette of Pakistan (Extraordinary), dated July 31, 1968, p. 775. \r\nbe a company for the purpose of this Act; \r\n3\r\n[(bb) “Committee” m eans the Punjab Companies Profits Workers \r\nParticipation Committee constituted under the Act;] \r\n(c) \"Fund\" means a Workers Participation Fund established under section \r\n3; \r\n4\r\n[(cc) “Government” means Government of the Punjab;] \r\n5[(ccc) “Institution” means the Employees’ Social Security Institution \r\nestablished under the Provincial Employees’ Social Security \r\nOrdinance, 1965 (X of 1965);] \r\n6\r\n[(d) \"profits\" in relation to a company means such ne t profits (excluding \r\nprofits from sale of the whole or part of the undertaking, profits by way \r\nof premium on shares sold, dividend income, profit s from dealing in \r\nreal estate, notional and unrealized accounting adjustments and \r\nbounties or subsidies ) as are attributable to its business, trade, \r\nundertaking or other operations in Pakistan;] \r\n7\r\n[(dd) \"rules\" means rules made under this Act;] \r\n(e) \"scheme\" means the scheme set out in the Schedule; \r\n8\r\n[\r\n9\r\n[(f) “worker” in relation to a company means an employee of the c ompany \r\nincluding an employee hired by the company itself or through a \r\ncontractor and who is a worker in terms of clause (xxxi) of section 2 of \r\nthe Punjab Industrial Relations Act 2010 (XIX of 2010) and has been \r\nworking for or in the company for a period of not less than six months.]] \r\n10\r\n[3. Establishment of Fund .– (1) Every company to which the scheme applies \r\nshall– \r\n(a) establish a Workers Participation Fund in accordance with the scheme \r\nas soon as the accounts for the year in which the scheme becomes \r\n \r\n1Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n2Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 1, 2021, pp. 1295-1299, s. 3(a). \r\n3Inserted by the Act ibid., s. 5(b). \r\n4Ibid., s. 5(c). \r\n5Inserted by the Companies Profits (Workers Participation) (Amendment) Act 2025 (XXXIX of 2025), published in the Gazette of \r\nPakistan (Extraordinary), dated: 30 May 2025, p 4773, s. 2. \r\n6Substituted by the Act ibid., s. 5(d). \r\n7Inserted by the Companies Profits ( Workers Participation) (Amendment) Ordinanc e, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 2. \r\n8Substituted by the Finance Act, 2006 (III of 2006), published in the Gazette of Pakistan (Extraordinary), Part I, dated July 1, \r\n2006, pp. 83-87, s. 7(1). \r\n9Substituted by the Companies Profits (Workers’ Participation) (Amendment) Act 2021 (XXVIII of 2020), published in the Punjab \r\nGazette (Extraordinary), dated October 1, 2021, pp. 1295-1299, s. 5(e). \r\n10Substituted by the Companies Profits (Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 3. \r\napplicable to it are finalised, but not later than nine months after the \r\nclose of that year; \r\n1\r\n[*] \r\n2\r\n[\r\n3\r\n[\r\n4\r\n[\r\n5\r\n[(b) subject to adjustments, if any, pay every year to the Fund not \r\nlater than nine months after the close of that year five percent of its \r\nprofits during suc h year and the Government may, for sufficient \r\nreasons, extend such time period for one month; and]]]] \r\n(c) furnish to the \r\n6\r\n[\r\n7\r\n[Government]] and the Board, not later than nine \r\nmonths after the close of every year of account, its audited accounts \r\nfor that year, duly signed by its auditors.]] \r\n (2) The amount paid to the Fund under clause (b) of sub -section (1) in \r\nrelation to a year shall be deemed to have been allocated to the Fund on the first day \r\nof the year next succeeding that year.] \r\n8\r\n[4. Management of the F und.– (1) As soon as may be \r\n9\r\n[but not later than two \r\nmonths] after the establishment by a company of a Fund under section 3, there shall \r\nbe constituted a Board of Trustees consisting of the following trustees, namely:– \r\n(a) two persons elected by the worke rs of the company from amongst \r\nthemselves; and \r\n(b) two persons nominated by the management of the company of whom \r\nat least one shall be a person from the accounts branch of the \r\ncompany. \r\n (2) The persons holding office as trustees shall elect for one year a person \r\nto be the Chairman of the Board alternately from amongst the trustees elected under \r\nclause (a) of sub -section (1) and those nominated under clause (b) of that sub -\r\nsection, the first Chairman being from amongst the latter. \r\n (3) A trustee shall, un less he sooner ceases to represent the interest he \r\nwas elected or nominated to represent, hold office for such term and on such \r\nconditions as may be prescribed by rules. \r\n (4) All decisions of the Board shall be expressed in terms of the opinion of \r\n \r\n1Omitted the word “and” by the Labour Laws (Ame ndment) Act, 1977 (XVII of 1977); assented to by the President on May 5, \r\n1977, published in the Gazette of Pakistan (Extraordinary), dated May 9, 1977, pp. 238-244, s. 2 read with the First Schedule. \r\n2Substituted by the Labour Laws (Amendment) Ordinance, 1 972 ( IX of 1972), published in the Gazette of Pakistan \r\n(Extraordinary), dated April 13, 1972, s. 2 read with First Schedule, Serial No. 6. \r\n3Substituted by the Companies Profits (Workers Participation) (Amendment) Act, 1973 (XX of 1973), published in the Gazette of \r\nPakistan (Extraordinary), dated February 7, 1973, pp. 49-50, s. 2(a). \r\n4Substituted by the Labour Laws (Amendment) Act, 1977 (XVII of 1977); assented to by the President on May 5, 1977, \r\npublished in the Gazette of Pakistan (Extraordinary), Part I, dated May 9, 1977, pp. 238-244, s. 2 read with the First Schedule, \r\nSerial No. 5. \r\n5Substituted by the Companies Profits (Workers’ Participation) (Amendment) Act 2021 (XXVIII of 2020), published in the \r\nPunjab Gazette (Extraordinary), dated October 1, 2021, pp. 1295-1299, s. 6. \r\n6Ibid., s. 3. \r\n7Substituted for the words “Federal Government” by the Act ibid., s. 3(a). \r\n8Substituted by the Companies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 3. \r\n9Inserted by the Labour Laws (Amendment) Act, 1977 (XVII of 1977); assented to by the President on May 5, 1977, published \r\nin the Gazette of Pakistan (Extraordinary), Part I, dated May 9, 1977, pp. 238-244, s. 2 read with the First Schedule, Serial No. \r\n5. \r\nthe majority of the trustees and, in the event of the trustees being equally divided in \r\ntheir opinions, the Chairman shall have and exercise a second or casting vote. \r\n (5) The Board shall manage and administer the Fund in accordance with \r\nthe provisions of this Act, the scheme and any rules made in this behalf. \r\n (6) The Board shall, in the exercise of its powers and performance of its \r\nfunctions under this Act, be subject to such direction s as the \r\n1\r\n[\r\n2\r\n[Government]] may, \r\nfrom time to time, give. \r\n (7) The \r\n3\r\n[\r\n4\r\n[Government]], if it is of opinion that a trustee or a Board has \r\nbeen persistently failing in the performance of his or its functions or has generally \r\nbeen acting in a manner inconsistent with the objects and interests of the Fund, may, \r\nafter giving such trustee or, as the case may be, the Board, an opportunity of \r\nshowing cause against it by order,– \r\n(a) remove such trustee from his office or direct that the Board shall stand \r\nsuperseded for such period as may be specified in the order; and \r\n(b) direct that, pending the election or nomination of a person in place of \r\nthe trustee removed from office or, as the case may be, the \r\nreconstitution of the Board, the powers and functions of the trustee so \r\nremoved or the Board shall be exercised and performed by a person \r\nspecified in the order. \r\n (8) A casual vacancy in the office of a trustee shall be filled as soon as \r\nmay be by the election or, as the case may be, nomination of another person and the \r\nperson elected or nominated to fill such vacancy shall hold office for the un expired \r\nterm of his predecessor. \r\n (9) Upon the supersession of a Board under sub -section (7), the trustees \r\nin that Board shall cease to hold office and references to the Board in this Act, the \r\nscheme and the rules shall be construed as references to the o fficer specified in the \r\norder under that sub-section. \r\n (10) Before the expiry of the period of supersession, the Board shall be re -\r\nconstituted in accordance with the provisions of this Act so as to enable it to take \r\nover its functions upon the expiry of such period. \r\n (11) No act or proceeding of the Board shall be invalid or questioned merely \r\non the ground of the existence of a vacancy in, or defect in the constitution of, the \r\nBoard.] \r\n5\r\n[4-A. The Committee .– (1) The Government shall, by notification, const itute a \r\n \r\n1Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) r ead with Table of General \r\nAdaptations. \r\n2Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n3Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of Gene ral \r\nAdaptations. \r\n4Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n5Inserted by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXV III of 2021), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 7. \r\nCommittee to be called the Punjab Companies ’ Profits Workers’ Participation \r\nCommittee to monitor the implementation of the Act and the scheme thereunder and \r\nto advise the Government on appropriate administrative, legislative a nd other \r\nmeasures essential to achieve the objectives of the Act. \r\n (2) The Committee shall consist of the Chairperson and not more than \r\neight members, representing the Government, the companies and the workers. \r\n (3) The Committee may call for such record or information as may be \r\nrequired for purposes of the implementation of the provisions of the Act or as may be \r\nprescribed. \r\n (4) The company or, as the case may be, the Board shall furnish such \r\nrecord or information, within such time, as the Committee may specify.] \r\n5. Penalty.– \r\n1\r\n[\r\n2\r\n[(1) Where the company to which the scheme applies fails to \r\ncomply with the provisions of the Act or the scheme, every director, manager or \r\nother officer responsible for the management of the affairs of the company, shall be \r\nliable to the administrati ve penalty, not exceeding fifty thousand rupees, in the \r\nmanner prescribed; but, in case of continuing failure, shall be liable to additional \r\nadministrative penalty, not exceeding ten thousand rupees, for every day after the \r\nfirst day during which the failure continues.]] \r\n \r\n3\r\n[(2) Where a company to which the scheme applies fails to comply with the \r\norders of the committee under subsection (3) of section 4A, every director, manager \r\nor other officer responsible for the management of the affairs of the company, s hall \r\nbe liable to the administrative penalty, not exceeding one hundred thousand rupees, \r\nin the manner prescribed; but, in case of continuing failure, shall be liable to \r\nadditional administrative penalty, not exceeding twenty thousand rupees, for every \r\nday after the first day during which the failure continues.] \r\n (3) A penalty imposed by an order under sub section \r\n4\r\n[(1)] shall, if it is not \r\npaid within the time specified in the order, be recoverable as an arrear of land \r\nrevenue. \r\n (4) The \r\n5\r\n[\r\n6\r\n[7[Institution]]] may, upon an application made in this behalf by \r\n \r\n1Substituted by the Labour Laws (Amendment) Act, 1977 (XVII of 1977); assented to by the President on May 5, 1977, \r\npublished in the Gazette of Pakistan (Extraordinary), Part I, dated May 9, 1977, pp. 238-244, s. 2 read with the First Schedule, \r\nSerial No. 5. \r\n2Substituted by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXVIII of 2021), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 8(a). \r\n3Inserted by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXV III of 2021), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 8(b). \r\n4Substituted for the brackets and figure “(2)” by the Labour Laws (Amendment) Act, 1977 (XVII of 1977); assented to by the \r\nPresident on May 5, 1977, published in the Gazette of Pakistan ( Extraordinary), Part I, dated May 9, 1977, pp. 238 -244, s. 2 \r\nread with the First Schedule, Serial No. 5. \r\n5Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n6Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n7Substituted by the Companies Profits (Workers Participation) (Amendment) Act 2025 (XXXIX of 2025), published in the \r\nGazette of Pakistan (Extraordinary), dated: 30 May 2025, p 4773, s.3(a). \r\nany person aggrieved by an order made under sub-section (1) \r\n1\r\n[***] within a period of \r\nsix months from the date of the order, review the order and may upon such review, \r\npass such orders as it may think fit. \r\n \r\n2\r\n[\r\n3\r\n[(5) The outstanding amounts of five percent of the profits and penalty \r\nimposed by an order under subsection (1) shall, if it is not paid accordingly within the \r\ntime specified in the order, be recoverable 4[by the Institution] as arrears of land \r\nrevenue under the Land Revenue Act, 1967 (XVII of 1967 ) and be deposited in the \r\nFund.]] \r\n \r\n5\r\n[(6) Notwithstanding anything contained in this Act or the scheme, if a \r\ndefaulting company complies with the provisions of section 3 and distributes the \r\nbenefits in accordance with paragraph 4 of the scheme for the period of default on or \r\nbefore the date fixed by the Government, no such penalty shall be levied and the \r\ncompany shall not be liable to pay interest as provided in paragraph 2 of the \r\nscheme.] \r\n(7) The Institution shall be entitled to such recovery charges under the Act \r\nas may be determined by the Committee. \r\n6\r\n[6. Power to call for information .– The \r\n7\r\n[\r\n8\r\n[\r\n9\r\n[Institution]]] may, at any time, call \r\nupon a company or a Board to furnish it with such information and documents, \r\nincluding the records of the proceedings of the company or the Board, as may be \r\nrelevant or useful for the purposes of, or necessary for ensuring proper compliance \r\nwith, the provisions of this Act, the rules and the scheme.] \r\n10\r\n[7. Settlement of disputes, e tc.– (1) Any difference arising between the Board \r\nand the company relating to the administration of the scheme shall be reported to the \r\n11\r\n[\r\n1\r\n[\r\n2\r\n[Institution]]] whose decision thereon shall be final. \r\n \r\n1Omitted the words, brackets and figure “ or sub-section (2)” by the Labour Laws (Amendment) Act, 1977 (XVII of 1977); \r\nassented to by the President on May 5, 1977, published in the Gazette of Pakistan (Extraordinary), Part I, dated May 9, 1977, \r\npp. 238-244, s. 2 read with the First Schedule, Serial No 5. \r\n2Added by the Finance Act, 2006 (III of 2006), published in the Gazette of Pakistan (Extraordinary), Part I, dated July 1, 2006, \r\npp. 83-87, s. 7(2). \r\n3Substituted by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXVIII of 2021), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 8(c). \r\n4Inserted by the Companies Profits (Workers Participation) (Amendment) Act 2025 (XXXIX of 2025), published in the Gazette of \r\nPakistan (Extraordinary), dated: 30 May 2025, p 4773, s. 3(b). \r\n5Added by the Act ibid. \r\n6Substituted by the Companies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 4. \r\n7Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Artic le 2(3) read with Table of General \r\nAdaptations. \r\n8Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n9Substituted for the word “Government” by the Companies Profits (Workers Participation) (Amendment) Act 202 5 (XXXIX of \r\n2025), published in the Punjab Gazette (Extraordinary), dated: 30 May 2025, p. 4773, s. 4. \r\n10Substituted by the C ompanies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 4. \r\n11Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 197 5 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n (2) All claims of a worker relating to the benefits of the scheme, whether \r\nagainst the Board or the company, shall be settled in the same manner as is \r\nprovided for in the Payment of Wages Act, 1936 (IV of 1936), for the settlement of \r\nclaims arising out of deductions from wages.] \r\n3\r\n[8. Delegation of power.– The \r\n4\r\n[\r\n5\r\n[Government]] may, by notification in the official \r\nGazette, direct that all or any of its powers or functions under this Act\r\n6\r\n may, subject \r\nto such limitations, restrictions or conditions, if any, as may be specified in the \r\nnotification, be exercised or pe rformed also by any officer subordinate to it or by any \r\nauthority so specified.] \r\n7\r\n[8A. Inspectors.– (1) The 8[Institution] may, by notification in the official Gazette, \r\nappoint such persons, in such manner, as may be prescribed, to be the Inspectors \r\nfor t he purposes of this Act within such local limits as it may assign to them \r\nrespectively. \r\n (2) No person shall be appointed to be an Inspector under subsection (1) \r\nor have been so appointed, continue to hold office, who is or becomes directly or \r\nindirectly interested in a company or in an industrial undertaking, process or \r\nbusiness carried on by it. \r\n (3) Every Inspector shall be deemed to be a public servant within the \r\nmeaning of section 21 of the Pakistan Penal Code 1860 (XLV of 1860) and shall be \r\nresponsible to the Committee. \r\n8B. Powers of Inspector .– (1) Subject to any rules made by the Government in \r\nthis behalf, an Inspector, within the local limits of his jurisdiction shall have the \r\npowers to: \r\n(a) enter into any place which is or which he has reason t o believe to be, \r\nused as an industrial undertaking or capable of being declared to be an \r\nindustrial undertaking or company under the provisions of this Act; \r\n(b) make such examination of the premises and plant and of any \r\nprescribed registers, record, and t ake on the spot or otherwise such \r\nevidence of persons or call for an information as he may deem \r\n \r\n1Substituted for the words “Federal Government” by the Companies Profits (Workers Participa tion) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n2Substituted for the word “Government” by the Companies Profits (Workers Participation) (Amendment) Act 202 5 (XXXIX of \r\n2025), published in the Punjab Gazette (Extraordinary), dated: 30 May 2025, p. 4773, s.4. \r\n \r\n3Substituted by the Companies Profits (Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 4. \r\n4Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Tabl e of General \r\nAdaptations. \r\n5Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n6Printed in the Gazette as “Ordinance”. \r\n7Inserted by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXV III of 2021), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 9. \r\n8Substituted for the word “Government” by the Companies Profits (Workers Participation) (Amendment) Act 2025 (XXXIX of \r\n2025), published in the Punjab Gazette (Extraordinary), dated: 30 May 2025, p. 4773, s.6. \r\nnecessary for carrying out the purposes of this Act; and \r\n(c) exercise such other powers as may be necessary for carrying out the \r\npurposes of this Act: \r\n provided that no one shall be required under this section to answer any \r\nquestion or give an evidence tending to criminate himself. \r\n (2) An Inspector shall report the matter to the Committee, if he found any \r\ncompany or industrial undertaking to which the scheme applies, within the local \r\nlimits for which he is appointed has failed to comply with any of the provisions of \r\nthis Act or the scheme for taking further necessary action under this Act. \r\n8C. Power to amend the Schedule.– The Government may, by notification in the \r\nofficial Gazette, amend the Schedule.] \r\n1\r\n[9. Power to make rules.– The \r\n2\r\n[\r\n3\r\n[Government]] may make rules\r\n4\r\n to carry out the \r\npurposes of this Act.] \r\n5\r\n[10. Act to override other laws .– The provisions of this Act shall have effect \r\nnotwithstanding anything contained in any other law for the time being in force, or in \r\nany contract or the memorandum or articles of association of a company.] \r\n \r\n1Substituted by the Companies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 4. \r\n2Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pa kistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n3Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n4Federal Government made rules titled “the Companies Profits (Workers Participation) Rules, 1971”, published in the Gazette of \r\nPakistan (Extraordinary), dated August 20, 1971, pp. 1038-1042. \r\n5Substituted by the Companies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 4. \r\nTHE SCHEDULE \r\nSCHEME \r\n[(See section 2(e)] \r\n1. Scope of the scheme.– The scheme applies to all companies \r\n1\r\n[*] engaged in \r\nindustrial undertakings which satisfy any one of the following conditions, and to such \r\nother companies as the \r\n2\r\n[\r\n3\r\n[Government]] may, by notification in the official Gazette, \r\nspecify in this behalf, namely:– \r\n(i) The number of workers employed by the company \r\n4\r\n[***] at any time \r\nduring a year is \r\n5\r\n[50] or more. \r\n(ii) The paid-up capital of the company as on the last day of its accounting \r\nyear is Rs. 20 lakhs or more. \r\n(iii) The value of the fixed assets of the company (at cost) as on the last \r\nday of the accounting year is Rs. 40 lakhs or more \r\n6\r\n[:] \r\n7\r\n[Provided that for the companies established on or after 1 st day of July \r\n2006,– \r\n(a) clause (ii) shall have effect as if for the figure and word “20 lacs” \r\nthe figure and word “5 million” were substituted; and \r\n(b) clause (iii) shall have effect as if for the figure and word “40 lacs” \r\nthe figure and word “20 million” were substituted.] \r\n8\r\n[Explanation.– In this scheme,– \r\n(a) \"industrial undertaking\" means an institution, organization, enterprise or \r\nestablishment which involves the use of electrical, mechanical, thermal, \r\nnuclear or any other form of energy transmitted mechanically and not \r\ngenerated by human or animal agency and which is engaged in any \r\none or more of the following operations, namely:– \r\n(i) the subjection of goods or materials to any ma nufacturing, \r\nassembly, finishing or other artificial or natural process, which \r\nchanges their original condition or adds to their value; \r\n(ii) \r\n1\r\n[ * * * * * * * * ] \r\n \r\n1Omitted the word “primarily” by the Co mpanies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), \r\npublished in the Gazette of Pakistan (Extraordinary), dated July 1, 1970, s. 5(1). \r\n2Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1 975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n3Substituted for the words “Federal Government” by the Companies Profits (Workers Partici pation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n4Omitted the words “in any shift” by the Companies Profits (Workers Participation) (Amendment) Act, 1973 (XX of 1973), \r\npublished in the Gazette of Pakistan (Extraordinary), dated February 7, 1973, pp. 49-50, s. 3(i). \r\n5Substituted for the figure “100” by the Act ibid., s. 3(ii). \r\n6Substituted for the full stop by the Finance Act, 2006 (III of 2006), published in the Gazette of Pakistan (Extraordinary), Part I, \r\ndated July 1, 2006, pp. 83-87, s. 7(3)(a). \r\n7Added by the Act ibid. \r\n8Added by the Companies Profits (Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the Gazette \r\nof Pakistan (Extraordinary), dated July 1, 1970, s. 5(2). \r\n(iii) the transformation, generation, conversion, transmission or \r\ndistribution of electrical energy, including hydraulic power; \r\n2\r\n[*] \r\n(iv) the working of a mine, oil -well or any other source of mineral \r\ndeposit, including blending, refining and purification of oils and \r\ngases; \r\n3\r\n[(v) a factory as defined under the Factories Act, 1934 (XXV of \r\n1934); \r\n(vi) a commercial establishment as defined under the Industrial and \r\nCommercial Employment (Standing Orders) Ordinance, 1968 \r\n(VI of 1968); and \r\n(vii) a construction industry as defined under the Industrial and \r\nCommercial Employment (Standing Orders) Ordinanc e, 1968 \r\n(VI of 1968).] \r\nand includes companies engaged in the marketing and \r\ndistribution of gas or oil or in the carriage of men or goods by \r\nsea or air, and any other institution, organisation, enterprise or \r\nestablishment which th e \r\n4\r\n[\r\n5\r\n[Government]] may, by notification in \r\nthe official Gazette, declare to be an industrial undertaking for \r\nthe purposes of this scheme; and \r\n(b) references to the paid -up capital and the value of the fixed assets of \r\nthe company shall, in the case of a company incorporated outside \r\nPakistan but having a branch in Pakistan, be construed as references \r\nrespectively to the capital invested in such branch and the value of the \r\nfixed assets of the branch.] \r\n6\r\n[2. Investment of Fund.– (1) The amount allocated or accruing to the Fund shall \r\nbe a vailable to the company for its business operations. The company may, \r\nhowever, request the Board to utilize the amount in the Fund for investment under \r\nsub-paragraph (7) and the Board may decide to so invest the amount. \r\n (2) The company shall pay to the Fu nd in respect of the amount in the \r\nFund available to it for its business operations as aforesaid interest at the rate of 2 \r\n1/2 percent above the bank rate or 75 per cent of the rate at which dividend is \r\ndeclared on its ordinary shares, whichever is higher. In case there is more than one \r\nclass of ordinary shares on which different rates of dividend have been declared, \r\nthen the weighted average of the different rates of dividend shall be taken for the \r\npurpose of determining the rate of interest. The interest to the Fund shall accrue on \r\n \r\n1Omitted by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXV III of 2021), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 10(a). \r\n2Ibid., s. 10(a)(ii). \r\n3Added by the Act ibid. \r\n4Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n5Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(b). \r\n6Substituted by the Companies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 5(3). \r\nand from the first day of the year next succeeding the year in which the scheme \r\nbecomes applicable to the company. Even when the company does not wish to \r\nutilize the amount available to it under sub -paragraph (1), interest at th e rate \r\naforesaid shall be payable by the company for the period between the date of \r\nallocation of any amount to the Fund and the date of its investment under sub -\r\nparagraph (7). \r\n (3) If at any time after the establishment of the Fund, the company raises \r\nany additional capital, otherwise than through the issue of bonus or bonus shares, \r\nthe Fund shall have the first option to convert any amount available to the company \r\nunder sub-paragraph (1) or any of the assets of the Fund into ordinary equity capital \r\nup to a ceiling of 20 per cent of the paid up capital of the company prior to such \r\nconversion or 50 per cent of the additional capital, whichever is less. \r\nExplanation.– In this sub-paragraph, \"additional capital\" does not include any capital \r\noffered or to be offered to foreign participants of the company. \r\n (4) For the exercise of the right of conversion under sub -paragraph (3), the \r\nBoard shall be given sufficient time to sell assets of the Fund to realise the amount \r\nneeded for subscription to the additional issue of capital by the company. \r\n (5) The shares acquired in the manner set out in sub -paragraph (3) shall \r\nparticipate in future bonus and right issues in the same manner as other shares. \r\n (6) The shares acquired in the manner set out in sub -paragraph (3) shall \r\ncarry voting rights in the same manner as other shares and such voting rights shall \r\nbe exercised by the Board on behalf of the Fund. \r\n (7) The amount in the Fund which, under sub -paragraph (1), the company \r\nhas requested to be utilized for investment under this paragraph may be invested by \r\nthe Board for the purchase of any of the following, namely:– \r\n(a) I.C. P. Mutual Fund Certificates; \r\n(b) National Investment Trust (Unit) Certificates; \r\n(c) Government securities including Defence and Postal Savings \r\nCertificates; and \r\n(d) any other securities approved for the purpose by the \r\n1\r\n[\r\n2\r\n[Government]]. \r\n3\r\n[3. Eligibility to benefits of scheme .– All workers shall be eligible to the \r\nbenefits of the scheme and to participate in the Fund. However, a worker not \r\ncompleting six mo nths of employment with the company during a year of account \r\nshall not participate in the Fund in respect of that year.] \r\n4\r\n[4. Distribution of benefits to workers .– The share of a worker in the annual \r\nallocation to the Fund shall be expressed in units or fractions of units (worked out to \r\n \r\n1Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the Gazette of \r\nPakistan (Extraordinary), Part I, dated August 1, 1975, pp. 435-467, Article 2(3) read with Table of General Adaptations. \r\n2Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXVI II of \r\n2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(b). \r\n3Substituted by the Companies Profits (Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the Gazette of \r\nPakistan (Extraordinary), dated July 1, 1970, s. 5(4). \r\n4Ibid. \r\ntwo places of decimal) of the face value of Rs. 10 determined in the following \r\nmanner, namely:– \r\n1\r\n[(a) The number of available units shall be so divided into three parts for \r\nthe three categories of workers mentioned below that a worker in the \r\nfirst of those categories gets four units for each two units that a worker \r\nin the second of those categories gets or for each one unit that a \r\nworker in the last of these categories gets. \r\nCategories \r\n2\r\n[\r\n3\r\n[\r\n4\r\n[1. Workers drawing average monthly wages not less than the \r\nminimum wages for unskilled workers fixed, from time to time, by \r\nthe Government. \r\n2. Workers drawing average monthly wages exceeding the \r\nminimum wages for unskilled workers fixed, from time to time, by \r\nthe Government but not exceedi ng five thousand rupees in \r\nexcess thereof. \r\n3. Workers drawing average monthly wages exceeding upper level \r\nof wages fixed for category 2.]]]] \r\n(c) The number of units available to each category of workers shall be \r\ndivided equally among all the workers in tha t category to determine the \r\nshare of each worker of that category. \r\n5\r\n[\r\n6\r\n[(d) Notwithstanding anything contained in this scheme, no worker shall, in \r\nany one year, be entitled out of the annual allocation of units exceeding \r\nthe amount of four times the minimum wages for unskilled workers as \r\ngiven under the Punjab Minimum Wages Act 2019 in value in so far as \r\nsuch allocation is relatable to clause (b) of subsection (1) of section (3). \r\nAny amount left out of the annual allocation after the units have been \r\nso alloc ated shall be transferred to the Fund established under the \r\nPunjab Workers Welfare Fund Act 2019. No part of such amount shall \r\nbe deemed to be included in the net asset value of Fund established \r\nunder this Act and no individual worker shall have any lien o n this \r\namount by virtue of holding any units.] \r\nExplanation.– In this paragraph, “average monthly wages” means total \r\nwages drawn during the year of account divided by 12, or by the number of \r\nmonths a worker actually worked during a year in respect of which he is \r\n \r\n1Substituted by the Labour Laws (Amendment) Ordinance, 1972 (IX of 1972), published in the Gazette of Pakistan (Extraordinary), \r\ndated April 13, 1972, s. 2 read with the First Schedule, Serial No. 6. \r\n2Substituted by the Finance Act, 2006 (III of 2006), published in the Gazette of Pakistan (Extraordinary), Part I, dated July 1, 2006, pp. \r\n83-87, s. 7(3)(b)(i). \r\n3Substituted by the Finance Act, 2007 (IV of 2007), published in the Gazette of Pakistan (Extraordinary), Part I, dated July 2, 2007, \r\npp.436-1000, s. 7(3)(a). \r\n4Substituted by the Companies Profits (Workers Participation) (Amendment) Act 2021 (XXVIII of 2021), published in the Punjab Gazette \r\n(Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 10(b). \r\n5Substituted by the Labour Laws (Amendment) Ordinance, 1972 (IX of 1972), published in the Gazette of Pakistan \r\n(Extraordinary), dated April 13, 1972, s. 2 read with the First Schedule, Serial No. 6. \r\n6Substituted by the Companies Profits (Workers’ Participation) (Amendment) Act 2021 (XXVIII of 2021), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299 s. 10(c). \r\nentitled to the benefit under the scheme, as the case may be, and “wages” \r\nhas the same meaning as in clause (vi) of section 2 of the Payment of Wages \r\nAct, 1936 (IV of 1936); but does not include any overtime allowance, bonus \r\nand gratuity or provident fund payable.] \r\n5. Disbursement of benefits.– The disbursement of the benefits from the Fund \r\nshall be as under:– \r\n(a) 100 per cent of the annual income of the Fund, including capital gains \r\nrealized, shall be distributed each year to workers in proportion to their \r\nunits of entitlement. \r\n1\r\n[(b) A worker who voluntarily leaves the employment of the company or \r\nwhose services are terminated shall be entitled to receive 100 per cent \r\nof the net asset value of the units standing in his name.] \r\n2\r\n[(c) * * * * * * * * * ] \r\n(d) * * * * * * * * * ] \r\n(e) * * * * * * * * * ] \r\n3\r\n[(f) A worker who continues in the service of the company shall be entitled \r\nto receive 100 per cent of the net asset value of the units in his name \r\neach year or he may choose to leave his share in the Fund: \r\nProvided that a worker while in employment may choose to encash all \r\nthe units standing in his name at any time at his discretion.] \r\n(g) A worker, in the event of his retirement or, his nominated beneficiary, in \r\nthe event of the worker's death (from whatsoever cause) while in the \r\nemployment of the company, shall receive 100 per cent of the net \r\nasset value of the units standing in the worker's name \r\n4\r\n[***]. \r\n6. Definition of the net asset value of the unit .– To determine the net asset \r\nvalue of a unit; th e total net assets of the Fund, namely, market value of the \r\nsecurities, cash and other assets resulting from the investment and re-investment, \r\ncapital accretion thereto and all incomes of any kind rising there from shall be \r\ndivided by the number of units in the Fund. Net asset value of the entire Fund shall \r\nbe computed once every year and each worker's unit entitlement determined at the \r\nsame time. Additional units will be given to the workers according to the amount they \r\nvoluntarily contribute to the Fund. \r\n5\r\n[7. Employee's own contribution .– A worker may voluntarily choose to \r\ncontribute a part of his wages, cash bonus, dividend or interest to the Fund. For each \r\nunit of contribution, he shall receive credit for 1 -1/4 units. Contribution received \r\n \r\n1Substituted by the Companies Profits (Workers Participa tion) (Amendment) Act, 1973 (XX of 1973); assented to by the \r\nPresident on February 4, 1973, published in the Gazette of Pakistan (Extraordinary), dated February 7, 1973, pp. 49 -50, s. \r\n3(3)(i). \r\n2Omitted by the Act ibid., s. 3(3)(ii). \r\n3Substituted by the Act ibid., s. 3(3)(iii). \r\n4Omitted the words “irrespective of the period of employment” by the Act ibid., s. 3(3)(iv). \r\n5Substituted by the Companies Profits ( Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 5(6). \r\nduring the course of a year of account shall, however, be deemed to be contribution \r\nreceived on the last day of that year. If at any time a worker chooses to leave the \r\nemployment of the company or \r\n1\r\n[his services are terminated or in the event of his \r\nretirement or death or on the expiry of three years from the date he voluntarily \r\nchooses to contribute a part of his wages, cash bonus, dividend or interest to the \r\nFund, he, at his option, or, in the event of his death, his nominated beneficiary, may], \r\nreceive, the net asset value of the units representing his contribution. The \r\ncontribution by a worker in any one year of account shall not exceed 10 per cent of \r\nhis annual wages during such year.] \r\n2\r\n[8. Fiscal Concessions to the Companies.– * * * * ] \r\n3\r\n[9. Tax treatment of the Income of the Fund.– The Government may approach \r\nthe Federal Government for exemption from the levy of income tax on the income of \r\nthe Fund including capital gains.] \r\n10. Tax treatment of the income to the workers .– All sums paid out by the \r\nFund shall be exempt from income-tax in the hands of the workers. \r\n4\r\n[11. Working and location of the Board of Trustees .– The office of the Board of \r\nTrustees shall be located at the factory premises or, if there is more than one factory \r\nrun by the company, at the registered head office of the company. All expenses of \r\nthe Board, including the cost of maintaining accounts, shall be borne by the \r\ncompany.] \r\n12. Audit of the Fund accounts .– The Fund accounts shall be audited annually \r\nat the company's expense in the same manner as the accou nts of the company are \r\naudited: \r\nProvided that the \r\n5\r\n[\r\n6\r\n[Government]] may, at its own cost, appoint independent \r\naccountants for a special audit of the accounts of the Fund. \r\n13. Scheme's benefits to be in addition to other benefits .– The benefits to a \r\nworker under this scheme shall be in addition to, and not in derogation or substitution \r\nof, any other benefits to which the worker may be entitled under any other law, \r\ncontract, terms and conditions of employment or otherwise. \r\n \r\n1Substituted for the words, figure and commas “on the expiry of 3 years from the date he becomes entitled to the benefits of the \r\nscheme, he may, at his option” by the Companies Profits (Workers Participation) (Amendment) Act, 1973 (XX of 1973); \r\nassented to by the President on February 4, 1973, published in the Gazette of Pakistan (Extraordinary), dated February 7, \r\n1973, pp. 49-50, s. 3(4). \r\n2Omitted by the Companies Profits (Workers’ Participation) (Amendment) A ct 2021 (XXVIII of 202 1), published in the Punjab \r\nGazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 10(d). \r\n3Substituted by the Act ibid., s. 10(e). \r\n4Substituted by the Companies Profits ( Workers Participation) (Amendment) Ordinance, 1970 ( XII of 1970), published in the \r\nGazette of Pakistan (Extraordinary), dated July 1, 1970, s. 5(7). \r\n5Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan(Extraordinary), Part I, dated August 1, 1975, pp 435 -467, Article 2(3) read with Table of General \r\nAdaptations. \r\n6Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(b). \r\n1\r\n[14. Special provision for industries wo rking seasonally .– Notwithstanding \r\nanything contained in this Act or this scheme , the \r\n2\r\n[\r\n3\r\n[Government]], may, by \r\nnotification in the official Gazette, make special provisions\r\n4\r\n for the participation of \r\nworkers in the profits of companies engaged in industrial undertakings which operate \r\nonly for a part of the year.] \r\n5\r\n[15. Companies engaged in more than one industrial undertakings .– \r\nNotwithstanding anything contained in this Act or this scheme, the \r\n6\r\n[\r\n7\r\n[Government]] \r\nmay, at the request of a company which is enga ged in more than one industrial \r\nundertakings located at different places, permit the splitting up of the Fund amongst \r\nthe various undertakings or groups of undertakings and constitution of a Board of \r\nTrustees for each such undertaking or group of undertaki ngs; and thereupon the \r\nprovisions of this Act and this scheme shall have effect in relation to such \r\nundertakings or groups as if each such undertaking or group were a company.] \r\n8\r\n[16. Entrustment of management of Fund to Investment Corporation of \r\nPakistan, etc.– The Board of Trustees may, with the pr ior approval of the \r\n9\r\n[[\r\n10\r\n[Government]], enter into a contract with the Investment Corporation of Pakistan, \r\nthe National Investment Trust or the National Bank of Pakistan , entrusting the \r\nmanagement of the Fund to t hat Corporation, Trust or Bank on such fee , which shall \r\nbe payable by the company, and on such terms and conditions as may be mutually \r\nagreed upon.] \r\n \r\n1Added by the Companies Profits (Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the Gazette \r\nof Pakistan (Extraordinary), dated July 1, 1970, s. 5(8). \r\n2Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n3Substituted for the words “Federal Government” by the Companies Profits (Workers Participation) (Amendment) Act 2021 \r\n(XXVIII of 2021), published in the Punjab Gazette (Extraordinary), dated October 01, 2021, pp. 1295-1299, s. 3(a). \r\n4The Federal Government made the following special provisions for the participation of workers in the profit of the companies \r\nengaged in the following industrial undertakings which operate only for a part of year. \r\n(I) for the purpose of clause (f) of section 2 of the Act, of Paragra ph 3 of the schedule thereto a worker of an industrial \r\nundertaking engaged in the manufacturing of sugar, ginning, willing of cotton or processing of Tobacco to which \r\nparagraph one for the said schedule applies shall be deemed to have completed six months of continuous \r\nemployment with the company and eligible to the benefits of the scheme, if he is in continuous employment of the \r\nindustrial undertaking for not less than half of the period for which undertaking has operated in a year of account. \r\n(II) For the purpose of disbursement of benefits to workers in accordance with paragraph 5 of the schedule, worker of an \r\nindustrial undertaking which is not in continuous operation for the whole of the year shall be credited– \r\n(a) with a year of continuous employment if he has been continuous employment with that undertaking for the entire \r\nperiod for which it has operated in the year of account; and \r\nWith period of continuous employment as that period bears to the period he continuously worked with the undertaking the \r\nsame proportion as the whole year bears to the total period for which the undertaking operated during a year of account. \r\nSee Gazette of Pakistan (Extraordinary), dated August 20, 1971. \r\n5Added by the Companies Profits (Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the Gazette \r\nof Pakistan (Extraordinary), dated July 1, 1970, s. 5(8). \r\n6Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3) read with Table of General \r\nAdaptations. \r\n7Ibid. \r\n8Added by the Companies Profits (Workers Participation) (Amendment) Ordinance, 1970 (XII of 1970), published in the Gazette \r\nof Pakistan (Extraordinary), dated July 1, 1970, s. 5(8). \r\n9Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (4 of 1975), published in the \r\nGazette of Pakistan (Extraordinary), Part I, dated August 1, 1975, pp . 435-467, Article 2(3 ) read with Table of General \r\nAdaptations. \r\n10Ibid.", "passage_offset_convention": "zero-based Unicode code points and UTF8 bytes; end exclusive", "passages": [ { "passage_id": 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