Pension, insurance and provident fund of staff of colleges, etc.

(1) The governing body of any affiliated college shall make adequate provisions for the benefit of the members of the teaching and of other academic and non-teaching staff of such college or of staff of recognised or approved institution in the matters of pension, insurance and provident fund or for other benefits.

(2) The subscription of a member of a teaching staff and of, other academic and non-teaching staff of an affiliated college or of a recognised institution towards his provident fund and the contribution, if any, of the college or, as the case may be, of the institution towards the fund shall be deposited in such manner and within such time as may be prescribed, in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934.