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Government Employees Pension Law, 1996

Annexure 1 : Government Employees Pension Law, 1996

31. Binding of the State


This Law shall bind the State and the Government shall be responsible for meeting the obligations of the Fund, whether properly funded or not, in favour of its members, pensioners and beneficiaries:  Provided that any change in the investment policy of the Fund referred to in section 6(7) or the benefit structure of the Fund, as provided for in the rules which may have an effect on the Government's financial obligation towards the Fund, shall be subject to the approval of the Minister: Provided further that the Minister's approval shall not be required in the event of changes to the benefit structures brought about by agreements reached in the bargaining structures for the Public Service.