Provident Fund and Pension Fund

(I) The University shall, for the benefit of its teachers and employees, constitute a provident fund or a pension fund or formulate an insurance scheme in such manner and subject to such conditions as may be prescribed by the statutes. (2) Where any such provident fund or pension fund has been so constituted, the provisions of the Provident Fund Act, 1925 (Central Act XIX of 1925), shall apply to such fund.