7.—(1) A development corporation shall pay to its employees such remuneration and allowances as it may determine.
(2) A development corporation shall –
(a)pay, or make payments in respect of, such pensions or gratuities to or in respect of its employees or former employees as it may determine; and
(b)provide and maintain such schemes (whether contributory or not) as it may determine for the payment of pensions or gratuities to or in respect of its employees or former employees.
(3) A determination of a development corporation under this paragraph requires the approval of the Office and the Department of Finance and Personnel.
(4) References in this paragraph to pensions and gratuities include references to pensions or gratuities by way of compensation to or in respect of employees who suffer loss of employment or loss or diminution of emoluments.