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

Employees Pension (Second 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 (Second Amendment) Scheme, 2024. It amends the Employees' Pension Scheme, 1995 by substituting Table D, which specifies the return of contribution on exit from employment based on the months of service.

Key Changes

  • The notification replaces Table D of the Employees' Pension Scheme, 1995.
  • The new Table D provides a detailed ratio of wages to be returned upon exiting employment, based on the number of months of service completed.
  • The ratio starts at 0.08 for 1 month of service and increases incrementally to 9.33 for 109 months of service and beyond up to 113 months.

Impact Analysis

Employees

  • Employees with shorter service durations will receive a smaller proportion of their wages compared to those with longer service but less than the pension eligibility period.

Employers

  • Employers should communicate these changes to their employees to ensure transparency.

Pension Fund Management

  • They will need to ensure that the correct amount is returned to employees based on their wages and months of service.

Action Items

  • Ensure compliance with the new regulations during employee settlements.

Key Entities Referenced

Central Government: The authority issuing the notification and responsible for amending the Employees' Pension Scheme, 1995. Ministry of Labour and Employment: The government ministry responsible for the notification. Employees' Provident Funds and Miscellaneous Provisions Act, 1952: The principal legislation under which the Employees' Pension Scheme operates. The notification references Section 6A and Section 7(1) of this Act. Employees' Pension Scheme, 1995: The pension scheme being amended by this notification. The amendment involves substituting Table D of this scheme.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 ससीी..जजीी..--डडीी..एएलल..--अअ..--1144006622002244--225544771144 CCGG--DDxLLx--xEEG--I11D44H00x66x22x00 2244--225544771144 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.ं 303] नई दिल्ली, िुक्रिार, िनू 14, 2024/ज्य ष्े ि 24, 1946 No. 303] 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. 326(अ).—केन्द्रीय सरकार, कममचारी भजिष्य जनजध और प्रकीणम उपबंध अजधजनयम, 1952 (1952 का 19) की धारा 7 की उपधारा (1) के साथ पठित धारा 6(क) के द्वारा प्रित्त िजियों का प्रयोग करते हुए, कममचारी पेंिन योिना, 1995 म ेंऔर संिोधन करन े के जलए जनम्नजलजखत योिना बनाती ह,ै अथामत:् - 1. (1) इस योिना का संजिप्त नाम कममचारी पेंिन (िसु रा सिं ोधन) स्ट्कीम, 2024 ह।ै (2) यह रािपत्र में इसके प्रकािन की तारीख को प्रिृत्त होगी। 2. कममचारी पेंिन स्ट्कीम, 1995 की ताजलका-घ के स्ट्थान पर जनम्नजलजखत ताजलका रखी िाएगी, अथातम :- “ताजलका घ (परै ा 14 िेख)ें रोिगार छोड़न ेपर अिं िान की िापसी सिे ा के महीन े रोिगार छोड़न ेपर मििरू ी का अनपु ात 1 0.08 2 0.17 3 0.25 3593 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 4 0.33 5 0.42 6 0.51 7 0.60 8 0.68 9 0.77 10 0.85 11 0.94 12 1.02 13 1.10 14 1.18 15 1.26 16 1.34 17 1.42 18 1.51 19 1.59 20 1.67 21 1.75 22 1.83 23 1.91 24 1.99 25 2.07 26 2.16 27 2.24 28 2.32 29 2.40 30 2.49 31 2.57 32 2.65 33 2.73 34 2.82 35 2.90 36 2.98 37 3.06 38 3.15 39 3.23 40 3.32 41 3.40 42 3.49 43 3.57 44 3.65 45 3.74 46 3.82 47 3.91[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 48 3.99 49 4.08 50 4.16 51 4.25 52 4.33 53 4.42 54 4.51 55 4.59 56 4.68 57 4.76 58 4.85 59 4.93 60 5.02 61 5.11 62 5.20 63 5.28 64 5.37 65 5.46 66 5.55 67 5.63 68 5.72 69 5.81 70 5.90 71 5.98 72 6.07 73 6.16 74 6.25 75 6.34 76 6.42 77 6.51 78 6.60 79 6.69 80 6.78 81 6.87 82 6.95 83 7.04 84 7.13 85 7.22 86 7.31 87 7.40 88 7.49 89 7.58 90 7.68 91 7.774 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 92 7.86 93 7.95 94 8.04 95 8.13 96 8.22 97 8.31 98 8.41 99 8.50 100 8.59 101 8.68 102 8.78 103 8.87 104 8.96 105 9.05 106 9.15 107 9.24 108 9.33 109 9.33 110 9.33 111 9.33 112 9.33 113 9.33” [फा. स.ं एस-65015/01/2024-एसएस-II] आलोक जमश्रा, संयुि सजचि ठिप्पणी: कममचारी पिें न स्ट्कीम, 1995 को भारत के रािपत्र, असाधारण, भाग 2, खडं 3, उप-खंड (i) म ें तारीख 16 निंबर, 1995 की संख्या सा.का.जन. 748(अ) के द्वारा प्रकाजित दकया गया था और इसे अंजतम बार तारीख 3 मई, 2023 की अजधसूचना सख्ं या का.आ. 2061 (अ), द्वारा संिोजधत दकया गया था। MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 14th June, 2024 G.S.R. 326(E).—In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of the 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. (l) This Scheme may be called the Employees' Pension (Second Amendment) Scheme, 2024. (2) It shall come into force from the date of its publication in the Official Gazette. 2. In the Employees' Pension Scheme, 1995, for Table-D, the following Table shall be substituted, namely:-[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 5 “TABLE D (See Paragraph 14) Return of contribution on exit from the employment Months of Service Proportion of wages at exit 1 0.08 2 0.17 3 0.25 4 0.33 5 0.42 6 0.51 7 0.60 8 0.68 9 0.77 10 0.85 11 0.94 12 1.02 13 1.10 14 1.18 15 1.26 16 1.34 17 1.42 18 1.51 19 1.59 20 1.67 21 1.75 22 1.83 23 1.91 24 1.99 25 2.07 26 2.16 27 2.24 28 2.32 29 2.40 30 2.49 31 2.57 32 2.65 33 2.73 34 2.82 35 2.90 36 2.98 37 3.06 38 3.15 39 3.23 40 3.326 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 41 3.40 42 3.49 43 3.57 44 3.65 45 3.74 46 3.82 47 3.91 48 3.99 49 4.08 50 4.16 51 4.25 52 4.33 53 4.42 54 4.51 55 4.59 56 4.68 57 4.76 58 4.85 59 4.93 60 5.02 61 5.11 62 5.20 63 5.28 64 5.37 65 5.46 66 5.55 67 5.63 68 5.72 69 5.81 70 5.90 71 5.98 72 6.07 73 6.16 74 6.25 75 6.34 76 6.42 77 6.51 78 6.60 79 6.69 80 6.78 81 6.87 82 6.95 83 7.04 84 7.13[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 7 85 7.22 86 7.31 87 7.40 88 7.49 89 7.58 90 7.68 91 7.77 92 7.86 93 7.95 94 8.04 95 8.13 96 8.22 97 8.31 98 8.41 99 8.50 100 8.59 101 8.68 102 8.78 103 8.87 104 8.96 105 9.05 106 9.15 107 9.24 108 9.33 109 9.33 110 9.33 111 9.33 112 9.33 113 9.33”. [F. No. S-65015/01/2024-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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