46.
| (1) Every member of the staff of the 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 monthly deductions from his salary, an amount equal to six per centum of his earnings; 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, or nine per centum of his earnings, whichever is higher, of that contributor or such other sum as the Minister in consultation with the Minister of Finance may determine. |
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| (2) The Treasurer 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 credited 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 statutes made in that behalf, accumulate at compound interest at the rate to be fixed by the Minister in consultation with the Minister of Finance 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