Provident fund, pension and insurance

(1) The University shall for the benefit of its officers and employees, create provident fund or pension fund or formulate an insurance scheme in such manner and subject to such conditions as may be prescribed by the Statutes. (2) The provisions of the Provident Funds Act, 1925 (Central Act No. 19 of 1925), shall apply to a fund or an insurance scheme as if it were a Government fund or scheme and the University shall contribute to or invest in such fund or scheme. (3) Where a person in Government employment is transferred on deputation or otherwise to the University, the terms and conditions relating to the fund and the scheme referred to in sub-section (1) shall be such as may be agreed to between the Government and the University.