Home› India› Ministry of Finance› Amendment Rule 50 of the LIC employees pension rule 1995...
Date: 26-Jul-2023 Category: Extra Ordinary State: Union Government Country: India

Amendment Rule 50 of the LIC employees pension rule 1995

Issued by Ministry of Finance · Department of Financial Services

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to the amendment of the Life Insurance Corporation of India (Employees) Pension Rules, 1995.
  • These amendments are called the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2023.
  • The amendments are made by the Central Government in exercise of powers conferred by section 48 of the Life Insurance Corporation Act, 1956.

Key Changes

  • The notification replaces the word 'Board' with 'Competent Authority' in sub-rules (1) to (7) of rule 50 of the Life Insurance Corporation of India (Employees) Pension Rules, 1995.
  • The notification replaces the words 'two years' with 'one year' in sub-rule (1) and sub-rule (6) of rule 50 of the Life Insurance Corporation of India (Employees) Pension Rules, 1995.
  • The amendment rules come into force from the date of their publication in the Official Gazette, which is July 26, 2023.

Impact Analysis

Impact on LIC Employees

  • LIC should communicate these changes clearly to all employees to avoid confusion and address any concerns regarding their pension benefits.

Impact on LIC Management

  • LIC management needs to ensure that the 'Competent Authority' is clearly defined and has the necessary resources to handle the pension-related responsibilities.

Impact on Government

  • The Government should monitor the implementation of these changes to ensure they are in line with the objectives of the Life Insurance Corporation Act, 1956.

Suggested Action Items

  • Employees should review their pension plans in light of these changes and seek clarification from LIC if needed.

Key Entities Referenced

Life Insurance Corporation of India (LIC): A government-owned insurance and investment corporation in India. Central Government: The governing authority of India, specifically the Ministry of Finance (Department of Financial Services) in this context. Life Insurance Corporation Act, 1956: The Act of Parliament that established the Life Insurance Corporation of India and governs its operations. Life Insurance Corporation of India (Employees) Pension Rules, 1995: The rules governing the pension benefits of employees of the Life Insurance Corporation of India.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-26072023-247619 xxxGIDHxxx CG-DL-E-26072023-247619 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 434] नई दिल्ली, बुधिार, िुलाई 26, 2023/श्रािण 4, 1945 No. 434] NEW DELHI, WEDNESDAY, JULY 26, 2023/SHRAVANA 4, 1945 जित्त मत्रं ालय (जित्तीय सेिाएं जिभाग) अजधसचू ना नई दिल् ली, 26 िुलाई, 2023 सा.का.जन. 554(अ).—केन्द्रीय सरकार, िीिन बीमा जनगम अजधजनयम, 1956 (1956 का 31) की धारा 48 द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारतीय िीिन बीमा जनगम (कममचारी) पेंिन जनयम, 1995 का और संिोधन करने के जलए जनम्नजलजखत जनयम बनाती ह,ै अर्ामत्:- (1) सजं िप्त नाम और प्रारंभ:- (1) इस जनयम का संजिप्त नाम भारतीय िीिन बीमा जनगम (कममचारी) पेंिन (संिोधन) जनयम, 2023 है। (2) ये रािपत्र में प्रकािन की तारीख से प्रिृत्त होंगे । (2) भारतीय िीिन बीमा जनगम (कमचम ारी) पेंिन जनयम, 1995 के जनयम 50 म,ें- (i) उप-जनयम (1) से (7) में िहां कहीं भी ‘बोडम’ िब्ि आता है, उसके स्ट्र्ान पर ‘सिम प्राजधकारी’ िब्िों को रखा िाएगा। (ii) उप-जनयम (1) और उप-जनयम (6) में ‘िो िर्म’ िब्िों के स्ट्र्ान पर ‘एक िर्म’ िब्िों को रखा िाएगा। [फा. सं. एस-11012/02/2020-बीमा-I] मुकेि कुमार बंसल, संयुक् त सजचि टिप्पणी: मूल जनयम भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप- खंड (i) में सा.का.जन.सं.525(अ), तारीख 28 िून, 1995 के द्वारा प्रकाजित दकया गया र्ा और इसमें अंजतम संिोधन सा.का.जन.सं.482(अ), तारीख 7 िुलाई, 2021 द्वारा दकया गया र्ा। 4819 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 26th July, 2023 G.S.R. 554(E).— In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further to amend the Life Insurance Corporation of India (Employees) Pension Rules, 1995, namely:- (1) Short title and commencement.— (1) These rules may be called the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2023. (2) They shall come into force from the date of their publication in the Official Gazette. (2) In the Life Insurance Corporation of India (Employees) Pension Rules, 1995, in rule 50, – (i) In sub-rules (1) to (7), for the word ‘Board’ wherever they occur, the words ‘Competent Authority’ shall be substituted; (ii) In sub-rule (1) and sub-rule (6), for the words ‘two years’, the words ‘one year’ shall be substituted. [F. No. S-11012/02/2020-Ins.1] MUKESH KUMAR BANSAL, Jt. Secy. Note: The Principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. No 525(E) dated 28th June, 1995 and lastly amended vide G.S.R.No.482(E) dated 7th July, 2021. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Ministry of Finance