Pension and Provident Fund

(1) The University shall constitute for the benefit of its employees such pension, gratuity and provident fund schemes, as it may deem fit, in such manner and subject to such conditions as may be prescribed by the statutes. (2) Where any pension fund or provident fund has been constituted by the University for the benefit of its officers, teachers or servants, the State Government may declare that the provisions of the Provident Fund Act, 1925 (Central Act 19 of 1925) shall apply to such fund as if it were a Government Provident Fund. (3) Persons in State Government services transferred to the University under section 8 shall be entitled to pension under the Karnataka State Civil Services Rules or such other rules as were applicable to them immediately before the transfer and such pension shall be payable by the State Government and shall be an expenditure charged on the Consolidated Fund of the State.