Section 4 in The Punjab State Agricultural Marketing Board and Market Committees Employees Pension, Provident Fund and Gratuity Rules, 1987
4. Establishment of Fund.
- (Section 26(8) and Section 28(5)).- (i) For the payment of pension, a fund namely 'Punjab State Agricultural Marketing Board Pension Fund' and 'Market Committees Pension Fund' as the case may be, shall be established. The Board and Market Committees in respect of their employees shall make monthly contribution @ 9.5% of the maximum of the scale for class III and IV employees and @11.5% of the maximum of the scale for Class I and II employees. For the purpose of contribution, the employees would be classified into Class I, II, III and IV as per instructions of State Government issued from time to time in case of Government employees.(ii)[ The fund shall be kept in savings Bank account in any branch of the Punjab State Cooperative Bank Limited or the Central Cooperative Bank Limited or in any other nationalised bank.] [Rule 4(ii) substituted vide G.S.R. 28/PA 23/61/S. 43/Amd. (1)/94 dated 22.4.1994.][4A. Investment of General Provident Fund or Pension Fund. - The amount lying in the General Provident Fund or in the Pension Fund, which is not immediately required to meet the current liabilities, shall, with the approval of the Committee consisting of Chairman, Secretary of the Board or of the Market Committee, as the case may be, and one another member nominated by the Board or the Market Committee, as the case may be, be invested in long term deposits in any Cooperative Bank or post office or in any of the Central Government or State Government approved securities, bonds, debentures, [unit Trust of India] [Rule 4-A, inserted vide ibid.] and the like, which are duly guaranteed by the Central Government or the State Government.]
