Pension or provident fund

Education197859 sections

Statutory text

(1) The University shall constitute for the benefit of its officers, teachers, clerical staff and other employees in such manner and subject to such conditions, as may be prescribed, such pension, insurance, and provident fund as it may deem fit.
(2) For such pension, insurance and provident fund so constituted by the University, the Government may declare that the provisions of the Provident Fund Act, 1925 (19 of 1925) shall apply to such fund as if it were a Government provident fund: Provided that the University shall have power in consultation with the Finance Committee of the Board to invest the provident fund amount in such manner as it may determine.
(3) Persons in Government service transferred to the University shall be governed under such terms and conditions as may be agreed to between the University and the Government.

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