(5)(a)The amount already deposited by each Managing Committee out of their share including that of the Government lying in the Contributory Provident Fund under the head '0071-Contributions and Recoveries towards pension and other Retirement benefits-01-Civil-101-Subscriptions and Contributions-07-Pension to employees of the State Aided Educational Institutions" shall be transferred to the Retirement Benefits Fund immediately on the publication of the Punjab Privately Managed Recognised Aided Schools Retirement Benefits (First Amendment) Scheme, 1993.(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.
