Pension, gratuity, etc.

(1) The University shall institute for the benefit of its officers, teachers and other persons employed by the University, such pension, gratuity, insurance and provident fund, as it may deem fit in such manner and subject to such conditions, as may be prescribed. (2) Where the University has instituted a provident fund under sub-section (1), the Government may declare that the provisions of the Provident Funds Act, 1925 (Central Act XIX of 1925) shall apply to such fund as if the University were a local authority and the fund a Government Provident Fund. (3) The University may, in consultation with the Finance Committee, invest the provident fund amount in such manner as it may determine.