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Date: 2016-11-24 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 31 of 1956

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Ministry of Finance amends the Life Insurance Corporation of India Class III and Class IV Employees Revision of Terms and Conditions of Service Rules, 1985. The amendment pertains to the payment of bonus and applies retroactively from April 1, 2014. It alters the eligibility criteria for bonus payments based on employee salary. Key Points / Main Content: Amendment Overview: * These rules are called the Life Insurance Corporation of India Class III and Class IV Employees Revision of Terms and Conditions of Service Third Amendment Rules, 2016. * The amendments are effective from April 1, 2014. Bonus Payment Amendment: * No bonus is payable to employees with a monthly salary exceeding Rs. 21,000. * For employees with salaries between Rs. 7,000 and Rs. 21,000 per month, the bonus will be calculated as if their salary was Rs. 7,000 per month. Impact Analysis: Life Insurance Corporation of India Class III and Class IV Employees: Impact: Revision in bonus payment eligibility and calculation based on salary. Action Required: Employees need to understand the revised rules to determine their eligibility for bonus payments. Central Government/Life Insurance Corporation: Impact: Implementation and enforcement of the amended rules. Action Required: Ensure compliance with the amended rules in bonus calculation and disbursement.

Key Entities Referenced

Life Insurance Corporation Act, 1956: A legal act that grants powers which are being exercised in this notification. Life Insurance Corporation of India: An Indian statutory insurance and investment corporation. Ministry of Finance: The ministry responsible for financial matters in the Indian government. Department of Financial Services: A department within the Ministry of Finance. New Delhi: The location of the Ministry of Finance and place of publication, New Delhi, Delhi, India Life Insurance Corporation of India Class III and Class IV Employees Revision of Terms and Conditions of Service Rules, 1985: The principal rules being amended by this notification. Life Insurance Corporation of India Class III and Class IV Employees Revision of Terms and Conditions of Service Third Amend Rules, 2016: The short title for the new rules introduced in the notification. N. SRINIVASA RAO: Economic Adviser who has signed off on the notification.
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jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx II—[k.M 3—mi&[k.M (i) PART II—Section 3—Sub-section (i) izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 809] ubZ fnYyh] c`gLifrokj] uoEcj 24] 2016@vxzgk;.k 3] 1938 No. 809] NEW DELHI, THURSDAY, NOVEMBER 24, 2016/ AGRAHAYANA 3, 1938 िव(cid:7275) म(cid:7074)ं ालय (िव(cid:7275)ीय सेवा िवभाग) (बीमा (cid:7079)भाग ) अिधसचू ना नई (cid:7408)द(cid:7016)ली, 24 नवंबर, 2016 सा.का.िन 1087(अ).— के(cid:7008)(cid:7076)ीय सरकार, जीवन बीमा िनगम अिधिनयम 1956 (1956 का 31) क(cid:7409) धारा 48 (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करते (cid:7263)ए, भारतीय जीवन बीमा िनगम वग(cid:6981) 3 और वग(cid:6981) 4 कम(cid:6981)चारी (सेवा के िनबधं न(cid:7298) और शत(cid:7300) का पुनरी(cid:6979)ण) िनयम, 1985 का और सशं ोधन करन ेके िलए िन(cid:7388)िलिखत िनयम बनाती ह,ै अथात(cid:6981) ् :-- 1. (1) इन िनयम(cid:7298) का संि(cid:6979)(cid:7385) नाम भारतीय जीवन बीमा िनगम वग(cid:6981) 3 और वग (cid:6981) 4 कम(cid:6981)चारी (सेवा के िनबंधन(cid:7298) और शत(cid:7300) का पनु री(cid:6979)ण) (तीसरा सशं ोधन) िनयम, 2016 ह ै। (2) ये 1 अ(cid:7079)ैल 2014 को (cid:7079)वृ(cid:7275) (cid:7263)ए समझ ेजाएंगे । 2. भारतीय जीवन बीमा िनगम वग(cid:6981) 3 और वग(cid:6981) 4 कम(cid:6981)चारी (सेवा के िनबंधन(cid:7298) और शत(cid:7300) का पुनरी(cid:6979)ण) िनयम, 1985 के िनयम 13 के उपिनयम (2) के परंतकु के (cid:7021)थान पर िन(cid:7388)िलिखत परंतकु रखा जाएगा, अथा(cid:6981)त ्:-- ''परंत ुयह (cid:7408)क :-- (i) (cid:7079)ितमास 21,000/- (cid:7271)0 स ेअिधक वेतन पाने वाले (cid:7408)कसी कमच(cid:6981) ारी को बोनस के बदले म(cid:7286) कोई रकम दये नह(cid:7277) होगी । (ii) जहां (cid:7408)कसी कम(cid:6981)चारी का वेतन (cid:7079)ितमास 7,000/- (cid:7271)0 से अिधक ह ै (cid:7412)कत ु (cid:7079)ितमास 21,000/- (cid:7271)0 से अिधक नह(cid:7277) ह,(cid:7289) वहां ऐसे कम(cid:6981)चारी को दये बोनस के बदल ेम(cid:7286) अिधकतम भुगतान इस (cid:7079)कार संगिणत (cid:7408)कया जाएगा मानो उसका वेतन (cid:7079)ितमास 7000/- (cid:7271)0 ह ै।'' [फा.स.ंएस-11012/07/2013-बीमा-1] एन. (cid:7088)ीिनवास राव, आ(cid:7414)थक सलाहकार 5424 GI/2016 (1)(cid:32)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (cid:7407)ट(cid:7009)पण :— मूल िनयम भारत के राजप(cid:7074), असाधारण म (cid:7286) अिधसूचना सा.का.िन. 357(अ) तारीख 11 अ(cid:7079)लै , 1985 (cid:7367)ारा (cid:7079)कािशत (cid:7408)कए गए थे और प(cid:7391)ावत(cid:7278) संशोधन सा.का.िन. 18(अ) तारीख 7 जनवरी, 1986, सा.का.िन. 1076(अ) तारीख 11 िसतंबर, 1986, सा.का.िन. 961(अ), तारीख 7 (cid:7408)दसंबर, 1987, सा.का.िन. 870(अ) और 873(अ) दोन(cid:7298) क(cid:7409) तारीख 22 अग(cid:7021)त, 1988, सा.का.िन. 515(अ), तारीख 12 मई, 1989, सा.का.िन. 509(अ), तारीख 24 मई, 1990, सा.का.िन. 620(अ), तारीख 6 जुलाई, 1990, सा.का.िन. 628(अ), तारीख 10 जुलाई, 1990, सा.का.िन. 338(अ), तारीख 11 जुलाई, 1991, सा.का.िन. 697(अ), तारीख 25 नवंबर, 1991, सा.का.िन. 46(अ) और 47(अ) दोन(cid:7298) तारीख 4 फरवरी, 1993, सा.का.िन. 746(अ), तारीख 13 (cid:7408)दसंबर, 1993, सा.का.िन. 55(अ), तारीख 2 फरवरी, 1994, सा.का.िन. 595(अ), तारीख 30 जून, 1995, सा.का.िन. 96(अ), तारीख 16 फरवरी, 1996, सा.का.िन. 669(अ), तारीख 27 िसतंबर, 1995, सा.का.िन.102(अ), तारीख 22 फरवरी, 1996, सा.का.िन. 261(अ), तारीख 22 मई, 1998, सा.का.िन. 532(अ), तारीख 27 अग(cid:7021)त, 1998, सा.का.िन. 445(अ) तारीख 18 जून, 1999, सा.का.िन.611(अ), तारीख 30 अग(cid:7021)त, 1999, सा.का.िन. 552(अ) तारीख 22 जून, 2000, सा.का.िन. 289(अ), तारीख 27 अ(cid:7079)ैल, 2004, सा.का.िन. 561(अ) तारीख 5 िसतंबर, 2005 और सा.का.िन. 306(अ) तारीख 25 अ(cid:7079)लै , 2007, सा.का.िन. 72(अ) तारीख 6 फरवरी, 2008, सा.का.िन. 826(अ) तारीख 8 अ(cid:6989)त ूबर, 2010, सा.का.िन. 30(अ) तारीख 14 जनवरी, 2016 और सा.का.िन. 195(अ) तारीख 26 फरवरी, 2016 । MINISTRY OF FINANCE (Department of Financial Services) (INSURANCE DIVISION) NOTIFICATION New Delhi, the 24th November, 2016 G.S.R. 1087(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 Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985, namely:- 1. (1) These rules may be called the Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) (Third Amend) Rules, 2016. (2) They shall be deemed to have come into force on the 1st day of April, 2014. 2.(cid:32) In the Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985, in rule 13, for the proviso to sub-rule (2) the following proviso shall be substituted namely:- “Provided that :- (i)(cid:32) no payment in lieu of bonus shall be payable to any employee drawing a salary exceeding Rs.21,000/- per month. (ii)(cid:32)where the salary of an employee exceeds Rs.7,000/- per month but does not exceed Rs.21,000/- per month, the maximum payment in lieu of bonus payable to such employee shall be calculated as if his salary were Rs.7,000/- per month”. [F. No. S-11012/07/2013- Ins. I] N. SRINIVASA RAO, Economic Adviser Note : The principal rules were published in the Gazette of India, Extraordinary, vide notification number G.S.R.357(E) dated the 11th April, 1985 and subsequently amended vide G.S.R.18(E), dated 7th January 1986; G.S.R.1076(E), dated the 11th September, 1986; G.S.R.961(E), dated 7th December, 1987; G.S.R.870(E) and 873(E) both dated the 22nd August, 1988; G.S.R.515(E), dated the 12th May, 1989; G.S.R.509(E), dated the 24th May, 1990; G.S.R.620(E), dated the 6th July, 1990; G.S.R.628(E), dated the 10th July, 1990; G.S.R.338(E), dated the 11th July, 1991; G.S.R.697(E), dated the 25th November, 1991; G.S.R.46(E) and 47(E) both dated the 4th February, 1993; G.S.R.746(E), dated the 13th December, 1993; G.S.R.55(E), dated the 2nd¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3 February, 1994; G.S.R.595(E), dated the 30th June, 1995; G.S.R.669(E), dated the 27th September, 1995; G.S.R.96(E), dated the 16th February, 1996; G.S.R.102(E), dated the 22nd February, 1996; G.S.R.261(E), dated the 22nd May, 1998; G.S.R.532(E), dated the 27th August, 1998; G.S.R.445(E), dated the 18th June, 1999; G.S.R.611(E), dated the 30th August, 1999; G.S.R. 552(E), dated the 22nd June, 2000; G.S.R. 289(E), dated the 27th April, 2004; G.S.R. 561(E), dated the 5th September, 2005; G.S.R. 306 (E), dated the 25th April,2007; G.S.R. 72 (E), dated the 6th February, 2008, G.S.R.826 (E), dated the 8th October, 2010, G.S.R.30(E), dated the 14th January, 2016 and G.S.R.195 (E), dated the 26th February’2016. 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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