Pension and provident funds

The Institute shall constitute for the benefit of its employees, including the Director, in such manner and subject to such conditions as may be prescribed by the statutes, such pension, insurance and provident funds schemes as it may deem fit: Provided that the State Government may declare that the provisions of the Provident Fund Act, 1925 (No. l9 of 1925) shall apply to such Provident Fund as if it were a government provident fund.