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[Cites 0, Cited by 0] [Section 22(5)] [Section 22] [Entire Act]

State of Punjab - Subsection

Section 22(5)(b) in Punjab Privately Managed Recognised Aided Schools Retirement Benefits Scheme, 1992

(b)The credit to the Retirement Benefits Fund shall be made from the grant- in-aid sanctioned to the privately managed recognised aided schools as under :-
(i)Ninety-five per cent share towards the Contributory Provident Fund being paid by the Government shall be credited directly out of the amount of grant-in-aid so sanctioned; and
(ii)Like-wise five per cent share towards the Contributory Provident Fund payable by the Managing Committee shall also be deducted from the grant-in-aid sanctioned to the privately managed recognised aided schools for crediting the same to the Retirement Benefits Fund so that no amount remains pending for recovery from the Managing Committee.