Section 32 of The Indira Gandhi National Open University Act, 1985
- (1)The University shall constitute for the benefit of the employees such provident or pension funds or provide such insurance schemes as it may deem fit in such manner and subject to such conditions as may be prescribed by the Statutes.
- (2)Where such provident or pension 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 funds, as if it were a Government Provident Fund.
Summary
- The University is required to set up retirement and savings benefits for its staff.
- These benefits can include provident funds, pension funds, or insurance schemes.
- The specific ways these funds are managed and the conditions for them are defined in the University Statutes.
- The Central Government has the authority to grant these funds special legal status.
- If the government issues a declaration, these funds are treated as if they were official Government Provident Funds.
Practical examples
FAQ
1. Who decides the rules for the pension fund?
The Statutes of the University prescribe the manner and conditions for these funds.
2. Does the Provident Funds Act of 1925 always apply?
It applies only if the Central Government makes a formal declaration that the provisions of that Act shall apply to the University's funds.
Test yourself
Q1.Under Section 32 of The Indira Gandhi National Open University Act, 1985, what determines the conditions for the provident or pension funds?
Q2.According to Section 32 of The Indira Gandhi National Open University Act, 1985, which authority can declare the funds to be treated as a Government Provident Fund?
Q3.What types of financial benefits can the University provide under Section 32 of The Indira Gandhi National Open University Act, 1985?
Q4.Under Section 32 of The Indira Gandhi National Open University Act, 1985, if the Central Government makes a declaration, which law's provisions will apply to the University funds?