Section 29 in Punjab School Education Board (Employees' Pension, Provident Fund and Gratuity) Regulations, 1991
29. Establishment of fund.
- (i) For the payment of pension, there shall be established a fund to be known as the Punjab School Education Board Pension Corpus/Fund and the Board shall calculate a sum equal to the 10% of the Basic Pay, Special Pay, Dearness Pay and A.D.A. (for the purpose of Board's contribution towards Pension corpus), of such employees who are covered under the pension scheme, in the month of January and July every year and the amount so calculated shall be deposited, with a single voucher, in the coming six months, as Board's contribution towards Pension Corpus."(ii)The contribution made by the Board alongwith interest thereon, from the date of its inception, till 1.4.91, to the Contributory Fund, Provident Fund Accounts of such employees who opt for pension, shall be treated as pension corpus fund.(iii)The Board shall continue to make monthly contribution towards the Contributory Provident Fund Account of such employees who do not opt for this scheme.
