28.
| (1) Every member of the staff, other than those members excluded by regulation, shall from the date of his 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 its 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 that contributor or such other sum as the Council may determine. |
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| (2) The Bursar shall open and keep a general account for the Provident Fund and a separate account in respect of each contributor to that Provident Fund. An contributions made by a contributor to the Provident Fund and all contributions made by the University to the Provident Fund in respect of that contributor shall be placed to the credit of the account of that contributor in the Provident Fund. |
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| (3) The amount lying to the credit of the account of a contributor shall, subject to the provisions of any regulation 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 the subject of Finance, until the day on which that contributor ceases to be a contributor in accordance with the regulations made by the Council and the account of that contributor shall be closed on that day. Where the accumulated sum lying to the credit of a contributor is not paid within a period of three months from the date the account was closed, interest at the same rate as provided in this section shall he paid up to the last day of the month preceding that in which the full amount lying to his credit is paid : |
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Sri Lanka Consolidated Acts