Handbook Volume I - VMOU, Kota

A register of such nominees shall be kept in the University office.
5. The rate of subscription shall be 9% of the monthly salary and the amount
calculated on this basis shall be deducted from the monthly salary of each
employee.
Provided that a subscriber may at his/her option subscribe at a rate higher than
9% of his/her monthly salary and the amount calculated on this basis shall be
deducted from the monthly salary of the subscriber.
6. The University shall, in the case of each subscriber, make a monthly contribution
at the rate of 11% of the employee’s salary, where the salary of the employee is
less than Rs. 1330/-, in the case of employees drawing salary of Rs. 1300/- and
above, the University’s contribution shall be at the rate of 9%.
Provided that the contribution payable by the University shall be reduced by 1/
3 % in the case of an employee who is eligible/opts for payment of Gratuity
under the Rules.
Notes:(1)
7(i)
(ii)
(iii)
Conditions of service of teachers and other employees
No subscription or contribution shall be made to the provident
fund by or for the benefit of an employee who is on leave without
pay.
Provided that in the case of an employee who is on study leave
and subscribes the full amount to his/her Provident Fund at the
prescribed rate, the University shall also make full contribution at
the prescribed rate irrespective of the amount of salary actually
drawn by the employee during the period of study leave.
The subscription paid by a subscriber and the contribution paid by the
University shall be entered monthly in a separate account for each
subscriber.
The investment of the amount to the credit of subscriber shall be permissible
in Government Securities or Unit Trust Certificates, or in a Fixed Deposit
with a Scheduled Bank approved by the Committee of Direction. The Fixed
Deposit Receipts and the Securities purchased shall be in the joint name of
the Registrar and the subscriber and shall be kept in the custody of the
University office.
The balance of the Provident Fund Account to the credit of the subscriber
shall be deposited by the University in the post office Savings Bank or
Scheduled Banks or invested in Government Securities as may be approved
from time to time by the Board of Management on the recommendations of
the Provident Fund Committee.
92
(iv)
Interest at the rates determined for purpose by the Provident Fund
Committee, from time to time, shall be credited to each subscriber’s account
at the close of the financial year.