Section 24 of The Footwear Design and Development Institute Act, 2017
- (1)The Institute shall constitute, for the benefit of its employees, including the Managing Director in such manner and subject to such conditions as may be specified by the Statutes, such pension, insurance and provident funds as it may consider necessary.
- (2)Where any such provident fund has been so constituted, the Central Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925), shall apply to such fund as if it were a Government Provident Fund.
Summary
- The Institute must create funds for pensions, insurance, and provident funds to benefit its employees.
- The Managing Director is specifically included as an employee who benefits from these funds.
- The exact details and conditions for these funds will be written in the Statutes.
- The Central Government can declare that an older law, the Provident Funds Act of 1925, applies to the Institute's provident fund, treating it the same way as a government fund.
Practical examples
FAQ
1. Does the Institute provide a pension for its employees?
Yes, the Institute must constitute pension, insurance, and provident funds for its employees.
2. Is the Managing Director included in these employee benefits?
Yes, the funds are for the benefit of employees, explicitly including the Managing Director.
3. Where can an employee find the specific conditions for these funds?
The conditions and manner of the funds are specified by the Statutes.
4. Can the Institute's provident fund be treated like a government fund?
Yes, the Central Government can declare that the Provident Funds Act of 1925 applies to it as if it were a Government Provident Fund.
Test yourself
Q1.Under Section 24 of The Footwear Design and Development Institute Act, 2017, which high-ranking official is explicitly mentioned as being included in the benefits of the pension and provident funds?
Q2.According to Section 24 of The Footwear Design and Development Institute Act, 2017, where are the specific conditions and rules for creating the pension and provident funds laid out?
Q3.Under Section 24 of The Footwear Design and Development Institute Act, 2017, what older law can the Central Government declare applies to the Institute's provident fund?
Q4.If the Central Government makes a declaration under Section 24 of The Footwear Design and Development Institute Act, 2017, how is the Institute's provident fund treated under the law?