Basic Conditions of Employment Act, 1997
R 385
Government Employees Pension Law, 1996Annexure 1 : Government Employees Pension Law, 199617. Funding of Fund |
| (1) | A person who is or becomes a member of the Fund shall continue to contribute or shall with effect from the date on which he or she becomes a member, as the case may be, contribute to the Fund at the prescribed rate, and shall continue so to contribute for as long as he or she is such a member. |
| (2) | The employer shall in respect of every member employed in its service make contributions to the Fund at the rate referred to in subsection (3). |
| (3) | The rate of contributions referred to in subsection (2) shall be determined with due regard to the valuations of the Fund, which shall be performed at intervals not exceeding three years, by an actuary appointed by the Board. |
| (4) | If any action taken by the employer or if any legislation adopted by Parliament places any additional financial obligation on the Fund, the employer or the Government or the employer and the Government, as the case may be shall pay to the Fund an amount which is required to meet such obligation. |
