Pension cum General Provident Fund Scheme

Pension cum General Provident Fund Scheme

F. No. GGSIPU/Coord/Ord. 36/50th, 55th, 59th & 76th BOM/2021:75.—In pursuance of the provisions of Section 27 (1) (xi) of the Guru Gobind Singh Indraprastha University Act 1998 (Act 9 of 1998), the Board of Management of the Guru Gobind Singh Indraprastha University in its 50th, 55th, 59th & 76th meeting held on 27.09.2012, 24.09.2013, 07.11.2014 & 27.12.2021 vide resolutions to agenda item nos. 50.03, 55.13, 59.27 & 76.12 respectively approved the new Ordinance 36 captioned ‘Pension-Cum General Provident Fund Scheme’. Pursuant to the partial amendments to Statutes 31 and 32, providing for the pension-cum-general provident fund scheme, notified vide Gazette Notification No. F. No.IPU/JR(C)/2015/2-16/PERS.4767 dated 21st October 2021, the said Ordinance 36 captioned ‘Pension Cum-General Provident Fund Scheme’ is notified as under:

1.0 SHORT TITLE & COMMENCEMENT

1.1 Guru Gobind Singh Indraprastha University (GGSIPU) Employees Pension cum General Provident Fund scheme has been formulated to provide benefit of Pension and Provident Fund to its employees, who were on regular employment on or before 31/12/2003 and did not attain the age of superannuation, in terms of Section 33 of Indraprastha Vishwavidyalaya Act 1998. They shall be required to exercise an option within stipulated period of three months of this Ordinance, to switch over to a Pension cum GPF scheme. If an employee does not exercise Option within three months, it will be presumed that he/she is not interested in pension scheme, and will continue to be governed by the CPF scheme, already in existence. On exercise of the option, the amount lying in his CPF account shall be divided as under:

(I) Employer’s contribution in their CPF account together with interest accrued their on shall be transferred to a Pension Fund for meeting his pension liability. In addition, GGSIPU may also make such further contributions, as necessary in terms of actuarial calculations to cover pension liability of its employees.
(II) Employee’s own contribution along with interest accrued there on to be transferred to a new GP Fund account.

1.2 The Board of Management (BOM) of GGSIPU may set up separate Trusts to manage investments from these Funds. The task of making investments from these Funds may also be entrusted to Fund Manager(s), to be appointed with approval of the Vice Chancellor, GGSIPU.

1.3 Save as otherwise provided in this ordinance, it shall come into force from the date of approval of Board of Management.

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