7.—(1) INI shall pay to its employees such remuneration and allowances as it may, with the approval of the Department and the Department of Finance and Personnel, determine.
(2) INI 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, with the approval of the Department and the Department of Finance and Personnel, determine; and
(b)provide and maintain such schemes (whether contributory or not) as it may determine, with the approval of the Department and the Department of Finance and Personnel, for the payment of pensions or gratuities to or in respect of its employees or former employees.
(3) 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.