(1)The existing Contributory Provident Fund shall continue to be maintained by every Managing Committee of a privately managed recognised aided school for those employees who not opt for the Scheme as envisaged in clause 3 and the Managing Committee of a privately managed recognised aided school shall also continue to contribute five per cent or the ten per cent of the pay of the employees or at such other rates as may be fixed from time to time by the State Government, as their share towards the Contributory Provident Fund.(2)There shall be established a fund to be known as Retirement Benefits Fund under the head "8005-State Provident Funds-60-Other Provident Funds 102- Contributory Provident Pension Fund-01-Contributory Provident Fund of State Aided Educational Institutions-(Schools)" in respect of those employees to whom the Scheme is applicable and to which shall be credited the employer's share of five per cent or the ten per cent of their pay or such percentage of their pay as may be fixed by the Government from time to time.(3)The Retirement Benefits Fund as specified in sub-clause (2) shall comprise of the following :-(i)the amount of the employee's share including that of the Government share lying in the Contributory Provident Fund prior to the date of publication of the Scheme in the Official Gazette;(ii)five per cent amount of the employer's share towards Contributory Provident Fund contributed on or after the date of publication of the Scheme in the Official Gazette;(iii)ninety-five per cent amount of the Government's share towards the Contributory Provident Fund being paid as grant-in-aid to the privately managed recognised aided school on or after the date of publication of the Scheme in the Official Gazette;(iv)the amount of interest accrued on the amounts specified in items (i) to (iii); and(v)any other amount as may be specifically paid by the Government towards the Retirement Benefits Fund.(4)The Fund established under sub-clause (2) though shall not form part of the Consolidated Fund of the State of Punjab but the Government shall make suitable provision in the annual budget under the head "2071-Pension and other Retirement Benefits-01-Civil-19-Pensions to Employees of State aided Educational Institutions (Schools)" for making payment of the retirement benefits admissible under the Scheme and for transfer of the expenditure so incurred to the Retirement Benefits Fund.(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.(6)(a)For the purpose of sub-clause (5), the share of Contributory Provident Fund of the Managing Committee towards the retirement benefits under the Scheme in respect of each employee shall be deducted from the grant-in-aid amount through book transfer in the concerned treasury.(b)The Managing committee shall attach a detailed challan along with the schedule (in duplicate) showing the necessary particulars that is name, designation, amount of the contribution in respect of each employee and the grand total while presenting the bill to the concerned treasury.(c)The concerned Treasury Officer shall pass the bill after deducting the amount of Managing Committees share as well as the amount of Government's share by book transfer and credit it to the relevant head of the Retirement Benefits Fund.(d)The Treasury Officer will indicate in the treasury voucher, number and date of the challan and forward the original copy thereof to the Managing Committee for maintaining detailed account, and will submit the consolidated account to the Accountant General (Accounts and Entitlement), Punjab.(7)In case of default or non-implementation by the Managing Committee of any provision of the Scheme, the Director shall have the right to deduct any amount that may be found due to the Managing Committee out of the amount of grant-in-aid due to the Managing Committee and may suspend the grant-in-aid to the concerned privately managed recognised aided school and may also remove the name of such school from the grant-in-aid with the prior approval of the Government.
