(1) Where any contributions which an employer is liable to pay under this Act are not paid within the time prescribed, the employer is liable to pay a surcharge on the total amount of the contribution not so paid to the Fund at the rate of 1.25% or such other rate as may be prescribed in respect of each month or part of a month after the expiration of the date when payment should have been made.
(2) Despite subsection (1), the Director may in any case in which he or she thinks fit, remit in whole or in part, the payment of any surcharge due under this Act.