Amendment status not verified — confirm the current text below against the official source.
Pension in lieu of Contributory Provident Fund.- (1) A member of the service may, in lieu of the Contributory Provident Fund benefits admissible to him under the Provident Fund Act, 1925, opt for service and family pensions and in that event he will be governed by the rules, as are applicable to the employees of the State Government; and such a person shall contribute to the General Provident Fund: Provided that - (a) the share of money contribution by the municipality alongwith interest accrued thereon, to the credit of such a person in his Contributory Provident Fund, shall be credited to the Pension and Gratuity Fund; established for this purpose; (b) the share of money, alongwith interest accrued thereon, to the credit of such a person in the Contributory Provident Fund on account of his own contribution, shall be transferred to his credit in the General Provident Fund established for the purpose; and any loss caused to the municipality through withdrawals during the service shall be made good by him. (2) The municipality shall, in relation to the members of the service who have exercised the option for pension under sub-section (1), shall credit its contributions regularly but not later than fifth day of the month following the month to which the contribution relate, into the Pension and Gratuity Fund. (3) The "Pension and Gratuity Fund" and “General Provident Fund” referred to in sub-section (1), shall be established and maintained by the Director, Urban Local Bodies, Himachal Pradesh in such manner, as may be prescribed. (4) Notwithstanding anything to the contrary contained in this Act, the persons, who were in the regular service of any municipality as on 1st April, 1992 and had retired before the 30th day of May, 1994, provided they opt for service and family pensions under this section, and refund to the Director, within such period as may be specified, the employer's contribution to the Provident Fund including interest received by them from the employer together with simple interest at six per cent per annum from the date of its THE HIMACHAL PRADESH MUNICIPAL SERVICES ACT, 1994 10 withdrawal till the date of repayment, will also be eligible for service and family pensions payable under this Act.