Section 24
Pension and provident fund.
The Institutes of Technology Act, 1961
About this Act
An Act to declare certain institutions of technology to be institutions of national importance and to provide for certain matters connected with such institutions and the Indian Institute of Technology, Kharagpur.
(1) Every Institute shall constitute for the benefit of its
employees, including the Director, in such manner and subject to such conditions as may be prescribed by
the Statutes, such pension, insurance and provident funds as it may deem fit.
(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.
(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.