The Seamens Provident Fund Act, 1966

The Seamens Provident Fund Act, 1966 is a social security legislation that aims to provide financial security to seamen. The Act mandates all Indian ships to contribute a certain percentage of the basic wages of their crew to the Seamen's Provident Fund. The funds collected are then invested in government securities and other approved securities. The Act also provides for the establishment of the Seamen's Provident Fund Scheme, which is managed by a board of trustees. The scheme covers all seamen who are employed on Indian ships and have completed at least six months of continuous service. The scheme provides for various benefits such as a provident fund, a pension fund, and a deposit-linked insurance fund.