Section 18 in Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985
18. [ Provident Fund] [As amended vide Notification dated 22.2.1996 and came into force w.e.f. 1.11.1993.].
(1)Every Class III or Class IV employee other than an employee on probation or an employee appointed on a temporary basis or a transferred employee of the Oriental Government Security Life Assurance Company Limited, who is contributing to the Pension Fund of that company, shall contribute every month to the Provident Fund established by the Corporation at the rate of ten per cent of his pay. The Corporation shall contribute to the Provident Fund an amount equal to actual Contribution of each such employee but not exceeding the employees contribution.Provided that the Corporation shall not be required to make any such contribution to the Provident Fund of an employee governed by the Life Insurance Corporation of India (Employees) Pension Rules, 1995.(2)Transferred employees of the Oriental Government Security Life Assurance Company Limited who are contributing to the Pension Fund of that Company, which is being continued with modifications as a separate fund for such employees only, shall be entitled to pension according to the rules applicable to that fund.(3)Employees referred to in sub-rule (2) may, however, be permitted to contribute to the Provident Fund established by the Corporation but the Corporation shall not be required to make any contribution to the Provident Fund in respect of such employees.Explanation: [omitted.......] [Omitted vide Notification dated 22.6.2000 GSR No. 552(E).]
