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Date: 14-Jun-2024 Category: Extra Ordinary State: Union Government Country: India

Employees Pension (Amendment) Scheme 2024

Issued by Ministry of Labour and Employment · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the Employees' Pension (Amendment) Scheme, 2024. This scheme amends the Employees' Pension Scheme, 1995.

Key Changes

  • The notification amends 'Table B' of the Employees' Pension Scheme, 1995 by inserting new factor values for employees with service 'less than' specific years.
  • Specifically, it adds the following service years and corresponding factors:
  • Less than 35 years: 14.2271
  • Less than 36 years: 15.36555
  • Less than 37 years: 16.59509
  • Less than 38 years: 17.92303
  • Less than 39 years: 19.35722
  • Less than 40 years: 20.90618
  • Less than 41 years: 22.57909
  • Less than 42 years: 24.38586
  • The amendment is effective from the date of publication in the Official Gazette, which is June 14, 2024.

Impact Analysis

Impact on Employees

  • Action Item: Employees should review their pension calculations based on the new factors to understand the potential impact on their pension benefits.

Impact on Employers

  • Action Item: Update pension administration systems with the new factors. Communicate changes to relevant employees and HR personnel.

Impact on Pension Fund Management

  • Action Item: Conduct actuarial reviews to assess the financial impact of the revised factors on the pension fund.

Key Entities Referenced

Central Government: The issuing authority of the notification, acting through the Ministry of Labour and Employment. Employees' Provident Funds and Miscellaneous Provisions Act, 1952: The principal legislation under which the Employees' Pension Scheme operates. Section 6A and Section 7(1) provide the powers for amending the scheme. Employees' Pension Scheme, 1995: The original pension scheme being amended by this notification. It was initially published via notification number G.S.R. 748(E) dated November 16, 1995, and last amended via notification number S.O. 2061 (E) dated May 3, 2023.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-14062024-254715 CG-DxLx-xEG-I1D4H0x6x2x0 24-254715 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.ं 302] नई दिल्ली, िुक्रिार, िनू 14, 2024/ज्य ष्े ि 24, 1946 No. 302] NEW DELHI, FRIDAY, JUNE 14, 2024/JYAISHTHA 24, 1946 श्रम और रोिगार मत्रं ालय अजधसचू ना नई दिल् ली, 14 िून, 2024 सा.का.जन. 325(अ).—केंद्रीय सरकार, कममचारी भजिष्य जनजध और प्रकीणम उपबधं अजधजनयम, 1952 (1952 का 19) की धारा 7 की उपधारा (1) के साथ पठित धारा 6क द्वारा प्रित्त िजियों का प्रयोग करते हुए, कममचारी पेंिन स्ट् कीम, 1995 का और संिोधन करने के जलए जनम्नजलजखत स्ट्कीम बनाती है, अथामत ् :- 1. सजं िप्त नाम और प्रारंभ- (1) इस स्ट्कीम का संजिप् त नाम कममचारी पेंिन (संिोधन) स्ट् कीम, 2024 ह।ै (2) यह अजधसूचना रािपत्र में इसके प्रकािन की जतजथ को प्रिृत् त होगी। 2. कममचारी पेंिन स्ट् कीम, 1995 में ताजलका ख में स्ट् तंभ (1) में प्रादिजि 34 से कम और स्ट्त ंभ (2) में तत्स्ट् थ ानी प्रजिजि “13.173” के पश् चात जनम्न जलजखत को अतं :स्ट्थ ाजपत दकया िाएगा, अथातम :- िर्म कारक (1) (2) “35 से कम 14.2271 36 से कम 15.36555 37 से कम 16.59509 38 से कम 17.92303 39 से कम 19.35722 3592 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 40 से कम 20.90618 41 से कम 22.57909 42 से कम 24.38586” [फा. स.ं एस -65015/01/2023-एसएस-II] आलोक जमश्रा, संयुि सजचि ठिप्पण: कममचारी पेंिन स्ट् कीम ,1995 भारत के रािपत्र, असाधारण, भाग 2, खडं 3, उपखंड (i) म ें अजधसूचना संख्या सा.का.जन. 748(अ) तारीख 16 निंबर, 1995 द्वारा प्रकाजित की गई थी और अजधसूचना संख्या का.आ. 2061 (अ) तारीख 3 मई, 2023 द्वारा अंजतम बार संिोजधत की गई थी । MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 14th June, 2024 G.S.R. 325(E).—In exercise of powers conferred by Section 6A read with sub-section (1) of section 7 of Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees' Pension Scheme, 1995, namely:- 1. Short title and commencement.— (1) This Scheme may be called the Employees' Pension (Amendment) Scheme, 2024. (2) This notification shall come into force from the date of its publication in the Official Gazette. 2. In the Employees' Pension Scheme, 1995, in the ‘Table B’, after the entry “less than 34” in column (1) and the corresponding entry “13.173” in column (2), the following shall be inserted, namely:— YEARS FACTOR (1) (2) “Less than 35 14.2271 Less than 36 15.36555 Less than 37 16.59509 Less than 38 17.92303 Less than 39 19.35722 Less than 40 20.90618 Less than 41 22.57909 Less than 42 24.38586” [F. No. S-65015/01/2023-SS-II] ALOK MISHRA, Jt. Secy. Note: The Employees' Pension Scheme, 1995 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 748(E) dated the 16th November, 1995 and was last amended vide notification number S.O. 2061 (E) dated the 3rd May, 2023. 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.

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