68.
| (1) Every member of the staff of a University, except in such cases as may be prescribed by Statute, shall from the date of his employment on such staff contribute to the provident fund by means of equal monthly deductions from his salary, an amount equal to one-twentieth of his salary; and the University shall, in addition, out of the University Fund, at the same time contribute to the provident fund in respect of every contributor a sum equal to one-tenth of the salary of that contributor. |
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| (2) The Secretary of a University shall open and keep a general account for the provident fund and a separate account in respect of each contributor to that fund. All 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 separate 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 Statute made in that behalf, accumulate at compound interest at the rate of four per centum per annum until the day on which that contributor completes his age of voluntary retirement; and the account of that contributor shall be closed on that date. |
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Sri Lanka Consolidated Acts