25BInterest on monies owing to Board

25B Interest on monies owing to Board

(1) All contributions deducted from the salary of a contributor pursuant to section 24 and all amounts which an employer is liable to pay to the Board pursuant to section 25 shall become payable to the Board at each payment of salary by the employer and shall be paid to the Board within 14 days of becoming payable.

S. 25B(2) amended by No. 4/1996 s. 97(1).

(2) If an employer does not within 14 days after an amount has become payable pursuant to subsection (1) pay the whole amount to the Board he shall, if the Board so demands, pay interest at the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983 on the amount remaining unpaid from the date on which it became payable until the date on which it is paid to the Board.

Part IV—Pensions and benefits