Sri Lanka Consolidated Acts

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Buddhasravaka Bhikku University Act (No. 26 of 1996) - Sect 32

Contributions to the Provident Fund

32.
(1) Every member of the staff, other than those members excluded by by-law, shall from the date of Ms employment contribute to the Provident Fund, by means of equal monthly deductions from his salary, an amount equal to ten per centum of his earnings, and the University shall in addition, out of the Fund, at the same time, contribute to the Provident Fund in respect of every contributor a sum equal to fifteen per centum of the earnings of the contributor.
(2)The Registrar shall open and keep a general account for the Provident Fund and a separate account in respect of each contributor to the Provident Fund. All contributions made by a contributor to the Provident Fund and all contributors made by the University to the Provident Fund in respect of that contributor shall be placed to the credit of account of that contributor in the Provident Fund.
(3)The amount lying to the credit of the account of a contributor shall, subject to the provisions of any by-law made by the Council in that behalf, accumulate, at compound interest at a rate to be fixed by the Council in consultation with the Minister in charge of subject of Finance, until the day on which that contributor ceases to be a contributor in accordance with by-law made by the Council and the account of that contributor shall be closed on that date.


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