Section 5 in Punjab Panchayat Samitis and Zila Parishads Employees Pension and Provident Fund Rules, 2000
5. Transfer of the amount of the Fund.
(1)The share of money contributed by a Panchayat Samiti or a Zila Parishad as the case may be, alongwith interest accrued thereon, standing in the Contributory Provident Account to the credit of an employee of a Panchayat Samiti or a Zila Parishad, who opts for these rules, or who is governed by these rules, shall stand transferred to the Fund during the period of service of the said employee.(2)The Panchayat Samiti or Zila Parishad, as the case may be, shall make monthly contribution towards the fund at the rate of twelve percent of the basic pay of the employee. The rate of monthly contribution shall be subject to any change, which may be made by the Government from time to time.(3)The amount of the Fund shall be kept in any branch of a Nationalised Bank or a Scheduled Bank, as the case may be or as may be specified by the Director.
