Provident and pension funds

(1) The University shall, constitute for the benefit of its employees in such manner and subject to such conditions as may be prescribed by the Statutes, such schemes of pension, provident fund and insurance as it may deem fit with the prior approval of the Government.

(2) Where such provident or pension fund has been, so constituted, the Government may declare that the provisions of the Provident Funds Act, 1925 shall apply to such funds as if it were a Government Provident Fund.