Rule 55. Manner of utilization of fund under sub-section (3) of section 83

Every employer who has retrenched a worker or workers under this Code, shall, within ten days, at the time of retrenching a worker or workers shall electronically transfer an amount equivalent to fifteen days of last drawn wages of such retrenched worker or workers in the account (name of the account shall be displayed on the website of the Labour Department (UT of Lakshadweep Administration) to be maintained by the UT of Lakshadweep Administration. The fund so received shall be transferred by the UT of Lakshadweep Administration to each worker or workers account electronically within forty-five days of receipt of funds from the employer. The employer shall also submit the list containing the name of each worker retrenched, the amount equivalent to fifteen days of wages last drawn in respect of each worker along with their bank account details to enable the UT of Lakshadweep Administration to transfer the amount in their respective account.