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(1) On the coming into force of this Law the following provisions shall apply for a period of five years-

(a) every person to whom the Social Security Decree (N.R.C.D. 127) applied immediately before the commencement of this Law shall be credited for the number of months he had contributed to the Scheme.

(b) where a person had already collected his interim benefit under the Social Security Decree, 1972 (N.R.C.D. 127) and is still in employment he may exercise an option to repay the amount collected together with interest thereon at the rate of six per centum within six months upon inception of the Scheme and such person shall continue to contribute till he reaches the retiring age and qualifies for pension.

(c) where a person on the coming into operation of the Scheme has attained the maximum age of 57 years and has already collected his final benefits under the previous scheme he may exercise the option to repay the amount collected with interest thereon at the rate of six per centum within a period of six months upon the coming into operation of the Scheme and shall continue to contribute till he reaches the compulsory retiring age;

(d) where a member retires on reaching the age of 55 years upon coming into operation of this Law without satisfying the minimum contribution period he shall be entitled to a reduced pension except that he shall have contributed for a period of not less than fifteen years to the Scheme;

(e) where a member fails to contribute for the minimum period of fifteen years he shall be paid the amount standing to his credit with interest thereon.