Section 5 of the Industrial Relations Act, 1969, is hereby amended by the substitution for subsection (1) of the following subsection:

"(1) The Minister may, with the consent of the Minister for Finance, make a scheme or schemes for the granting of pensions, gratuities and other allowances on cessation of office or death to or in respect of the chairman, a deputy chairman (whether appointed under section 4(1) or 4(4) of this Act or under section 8(3) of the Industrial Relations Act, 1976) who is required by the Minister to devote the whole of his working time to the duties of the office of deputy chairman, and the ordinary members of the Court.".