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

Employees Pension (Third 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 (Third Amendment) Scheme, 2024. It amends the Employees' Pension Scheme, 1995, specifically concerning the recovery of damages from employers who default on contributions to the Employees' Pension Fund or any other charges payable under the Act or the Scheme.

Key Changes

  • The notification replaces sub-paragraph (1) of paragraph 5 in the Employees' Pension Scheme, 1995.
  • It stipulates that if an employer defaults on contributions or other payable charges, the Central Provident Fund Commissioner, or an officer authorized by the Central Government, can recover damages from the employer.
  • The rate of damages recoverable is set at one percent of the outstanding contribution per month or part thereof.
  • The amendment is effective from the date of its publication in the Official Gazette, which is June 14, 2024.

Impact Analysis

Employees

  • Enhanced Protection: Employees' pension funds are better protected through stricter enforcement and penalties for defaulting employers.

Government/EPFO

  • Regulatory Compliance: Reinforces the importance of adhering to the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees' Pension Scheme, 1995.

Suggested Action Items

  • Employees: Stay informed about the status of their pension contributions and report any discrepancies to the EPFO.

Employers

  • Administrative Oversight: Enhanced monitoring of payment processes is required to prevent defaults.

Key Entities Referenced

Central Government: The authority issuing the notification and empowered to amend the Employees' Pension Scheme, 1995 under Section 6A read with sub-section (1) of Section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Employees' Provident Funds and Miscellaneous Provisions Act, 1952: The principal legislation governing employee provident funds and pension schemes in India. The notification references Section 6A and Section 7 of this Act. Employees' Pension Scheme, 1995: The pension scheme being amended by this notification. The amendment pertains to paragraph 5 of the scheme. Central Provident Fund Commissioner: The authority responsible for enforcing the provisions of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees' Pension Scheme, 1995. They, or their authorized officer, are empowered to recover damages from defaulting employers.
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.-15062024-254724 CG-DxLx-xEG-I1D5H0x6x2x0 24-254724 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.ं 304] नई ददल्ली, िकक्रिार, िनू 14, 2024/ज्य ष्े ि 24, 1946 No. 304] NEW DELHI, FRIDAY, JUNE 14, 2024/JYAISHTHA 24, 1946 श्रम और रोिगार मत्रं ालय अजधसचू ना नई ददल्ली, 14 िून, 2024 सा.का.जन. 327(अ).—केन्‍द रीय सरकार, कममचारी भजिष्य जनजध और प्रकीणम उपबंध अजधजनयम, 1952 (1952 का 19) की धारा 7 की उपधारा (1) के साथ पठित धारा 6क द्वारा प्रदत्त ि‎‎जियों का प्रयोग करते हुए, कममचारी पेंिन योिना, 1995 का और संिोधन करने के जलए जनम्नजलजखत जनयम बनाती ह,ै अथामत:् - 1. संजिप्त नाम और प्रारंभ:- (1) इस योिना का संजिप् त नाम कममचारी पेंिन (तततीय संिोधन) योिना, 2024 ह।ै (2) यह रािपत्र में इसके प्रकािन की तारीख को प्रितत्त होगी I 2. कममचारी पेंिन योिना, 1995 में पैरा 5 म ेंउपपैरा (1) के स्ट्थान पर जनम्नजलजखत उपपैरा रखा िाएगा, अथामत्:- “(1) िहां कोई जनयोक्त ा पिें न जनजध म ें दकसी अंिदान के संदाय में या अजधजनयम या योिना के दकसी अन्‍द य उपबंध के अधीन देय दकन्‍द हीं प्रभारों के संदाय में चूक करता ह,ै केन्‍द रीय भजिष्य जनजध ययकक् त या ससा अजधकारी िो केन्‍द रीय सरकार द्वारा इस जनजमत् त रािपत्र में अजधसूचना द्वारा प्राजधकतत दकया िाए, जनयोक्त ा से प्रजतमाह अंिदान के बकाया के एक प्रजतित या उसके भाग की दर स ेनककसानी िसूल कर सकेगा।“ [फा. सं. यर-15011/01/2022-एसएस-II] यलोक जमश्रा, संयकि सजचि 3594 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] ठिप्पण : कममचारी पेंिन योिना, 1995 भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i) में अजधसूचना संख यांक सा.का.जन. 748(अ), तारीख 16 निम्बर, 1995 द्वारा प्रकाजित की गई थी और अजधसूचना संख यांक सा.का.जन. 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. 327(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. Short title and Commencement.— (1) This Scheme may be called the Employees’ Pension (Third 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, in paragraph 5, for sub-paragraph (1), the following sub-paragraph shall be substituted, namely:- “(1) Where an employer makes default in the payment of any contribution to the Employees’ Pension Fund, or in the payment of any charges payable under any other provisions of the Act or the Scheme, the Central Provident Fund Commissioner or such officer as may be authorised by the Central Government by notification in the Official Gazette in this behalf, may recover damages from the employer at the rate of one per cent. of the arrear of contribution per month or part thereof.” [F. No. R-15011/01/2022-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 G.S.R. 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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