Rule 306 limits, for the deduction under section 29(1)(a), the employer's initial contribution to a superannuation fund for an employee's past services to 27% of salary for each year of past service, reduced by the employer's provident fund contributions for each such year, subject to any condition the Board specifies.
306
Rules 2026 · Rule 306
Initial contributions (approved superannuation fund)
Rules 261-310
The rule. For the deduction under section 29(1)(a), subject to any condition the Board thinks fit to specify, the initial contribution of the employer to a superannuation fund for the past services of an employee shall not exceed the total of 27% of the employee's salary for each year of past service, as reduced by the employer's contributions to a provident fund (recognised or unrecognised), if any, for the same employee for each such year.