(1)Employees who are governed under the scheme and those who opt for it, shall apply, in writing, to the Managing Committee through the Head of the School stating that they are willing to refund the employee's share of contribution of Contributory Provident Fund together with interest accrued thereon and transfer their own share with interest accrued thereon to the General Provident Fund with effect from the date they started Contributory Provident Fund. The Head of the School and the Managing Committee shall transfer the requisite amount to the General Provident Fund and intimate the same to the District Education Officer. The Managing Committee shall keep a record of the General Provident Fund or Contributory Provident Fund Account, as the case may be. The employer's share with interest would be credited to the consolidated Fund of Punjab State and the employee's share will be credited to his General Provident Fund Account.
