Executive Summary:
This document is a notification from the Ministry of Labour and Employment, announcing the Employees' Deposit-Linked Insurance Amendment Scheme, 2016. It amends the Employees' Deposit-Linked Insurance Scheme of 1976, and comes into force on the date of its publication: May 24, 2016. The amendment revises paragraph 22, subparagraph 3, clause i regarding the calculation of average monthly wages and average balance for insurance benefits.
Key Points / Main Content:
Amendments to the Employees' Deposit Linked Insurance Scheme, 1976:
* The scheme is called the Employees' Deposit-Linked Insurance Amendment Scheme, 2016.
* The amendment comes into force on May 24, 2016.
Revised Calculation of Insurance Benefits:
* Paragraph 22, subparagraph 3, clause i of the 1976 scheme is amended.
* The average monthly wages are capped at fifteen thousand rupees.
* The calculation is thirty times the average monthly wage.
* Fifty percent of the average balance in the account of the deceased is added.
* A ceiling of one lakh and fifty thousand rupees is placed on the average balance.
* The total ceiling for insurance benefits is six lakh rupees.
Subparagraph Amendment:
* In subparagraph 4, references to subparagraph 3 are removed, now referring only to subparagraphs 1 or 2.
Impact Analysis:
Employees:
Impact: Employees covered under the Employees' Deposit-Linked Insurance Scheme will have their insurance benefits calculated according to the revised formula, potentially affecting the amount receivable in case of death.
Action Required: Employees should be aware of the new calculation method for insurance benefits.
Employers:
Impact: Employers who administer or contribute to the Employees' Provident Fund Scheme will need to understand the changes to the insurance calculation to properly inform employees and administer benefits.
Action Required: Employers should update their understanding of the scheme and communicate the changes to their employees.
Provident Fund Organizations:
Impact: Organizations managing provident funds exempted under section 17 of the Act or under paragraph 27 or 27 A of the Employees Provident Funds Scheme, 1952, will need to adjust their calculations and procedures for determining insurance benefits.
Action Required: Update calculation methods to reflect the new amendments.
Key Entities Referenced
Employees' Provident Funds and Miscellaneous Provisions Act, 1952: A labour welfare legislation in India that provides for financial security to employees in establishments during their employment and after retirement.
Central Government: The executive authority of the Union of India.
Employees Deposit-Linked Insurance Scheme, 1976: A scheme linked to the Employees' Provident Fund, providing insurance benefits to the family of a deceased employee.
Employees' DepositLinked Insurance Amendment Scheme, 2016: An amendment to the Employees' Deposit-Linked Insurance Scheme, 1976.
Official Gazette: A periodical publication of the government that publishes legal notices, regulations, and other official documents.
Employees Provident Funds Scheme, 1952: A scheme which provides for the establishment of provident funds for employees.
Ministry of Labour and Employment: The Indian government ministry responsible for labour welfare, social security, and employment.
New Delhi: The capital of India. Location where the notification was issued.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (i)
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PUBLISHED BY AUTHORITY
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No. 368] NEW DELHI, TUESDAY, MAY 24, 2016/JYAISTHA 3, 1938
(cid:1)(cid:1)(cid:1)(cid:1)मममम एएएएवववव ंं ंंररररोोोोजजजजगगगगाााारररर मममम(cid:4)(cid:4)ंं(cid:4)(cid:4)ंं ााााललललयययय
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:1)द(cid:3)ली, 24 मई, 2016
ससससाााा....ककककाााा....ििििनननन.... 555544443333((((अअअअ))))....————कम(cid:8)चारी भिव(cid:15)य िनिध एवं (cid:17)क(cid:18)ण(cid:8) उपबंध अिधिनयम, 1952 (1952 का 19) क(cid:18) धारा 7 क(cid:18) उप-धारा
(1) के साथ प(cid:21)ठत धारा 6 सी (cid:24)ारा (cid:17)द(cid:25) शि(cid:27)य(cid:28) का (cid:17)योग करते (cid:31)ए के"# सरकार, ए$ त(cid:24)ारा कम(cid:8)चारी िन’ेप सहब+ बीमा योजना,
1976 म, और आगे संशोधन करने के िलए िन-िलिखत योजना बनाती ह,ै अथा(cid:8)त्:-
1. (1) इस योजना को कम(cid:8)चारी िन’ेप सहब+ बीमा (संशोधन) योजना, 2016 कहा जाएगा ।
(2) यह सरकारी राजप7 म, (cid:17)काशन क(cid:18) ितिथ से (cid:17)भावी होगी ।
2. कम(cid:8)चारी िन’ेप सहब+ बीमा योजना, 1976 म,, पैरा9ाफ 22 (1) उप-पैरा (3) म, ख; ड 1 म, िन= निलिखत (cid:17) ित>था िपत (cid:1)कया जाएगा
अथा(cid:8)त: ् -
"(1) िजस माह म, सद>य क(cid:18) मृ$य ु (cid:31)ई, उसके पूव(cid:8) 12 माह क(cid:18) अविध के दौरान िलया गया औसत मािसक वेतन (अिधकतम पं#ह
हजार Hपए तक) के तीस गुणा के साथ-साथ िनिध म, मृतक के खाते के औसत शेष तथा अिधिनयम क(cid:18) धारा 17 के अंतग(cid:8)त छूट (cid:17)ाL त
भिव(cid:15)य िनिध अथवा कम(cid:8)चारी भिव(cid:15)य िनिध योजना 1952 के पैरा 27 अथवा 27ए के अंतग(cid:8)त औसत शेष का 50 (cid:17)ितशत जैसी भी ि>थित
हो, िपछले 12 माह अथवा उसक(cid:18) सद>य ता क(cid:18) अविध के दौरान, जो भी कम हो एक लाख एवं 50 हजार Hपए क(cid:18) सीमा तक, अिधकतम
छ: लाख Hपए क(cid:18) सीमा तक"
(2) उप पैरा9ाफ (4) म, अंक(cid:28), को(cid:15)ठ क एवं शSद(cid:28) "उप-पैरा9ाफ (1), (2) अथवा (3)," को अंक(cid:28), को(cid:15) ठक एवं शSद(cid:28) "उप-
पैरा9ाफ (1) अथवा (2)" से (cid:17)ित>थािपत (cid:1)कया जाएगा ।
[ सं. एस-65013/2/2015-एस.एस.-II ]
मनीष कुमार गुUा, संयु(cid:27) सिचव
(cid:1)(cid:1)(cid:1)(cid:1)टटटट(cid:3)(cid:3)(cid:3)(cid:3)पपपपणणणणीीीी:::: मूल योजना भारत के राजप7 असाधारण, भाग II, ख;ड 3, उप ख;ड (i) म, संW या सा.का.िन. 488(अ), (cid:1)दनांक 28 जुलाई, 1976
म, (cid:17)कािशत क(cid:18) गई थी तथा अंितम बार इसम, संWय ा सा.का.िन. 527(अ), (cid:1)दनांक 02 जुलाई, 2015 (cid:24)ारा संशोधन (cid:1)कया गया था।
2602 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 24th May, 2016
G.S.R. 543 (E).—In exercise of the powers conferred by section 6C 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’ Deposit-Linked Insurance Scheme, 1976, namely:-
1. (1) This Scheme may be called the Employees' Deposit-Linked Insurance (Amendment) Scheme, 2016.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. In the Employees' Deposit Linked Insurance Scheme, 1976, in paragraph 22,-
(1) in sub-paragraph (3), for clause (i), the following shall be substituted, namely : –
“(i) the average monthly wages drawn (subject to a maximum of fifteen thousand rupees), during the twelve
months preceding the month in which he died, multiplied by thirty times plus fifty per cent. of the average balance in the
account of the deceased in the Fund or of a provident fund exempted under section 17 of the Act or under paragraph 27
or 27 A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during preceding twelve months or during
the period of his membership, whichever is less, subject to a ceiling of one lakh and fifty thousand rupees, subject to a
total ceiling of six lakh rupees;”;
(2) in sub-paragraph (4), for the words, brackets and figures “sub-paragraph (1), (2) or (3)”, the words, brackets
and figures “sub-paragraph (1) or (2)”, shall be substituted.
[No. S-65013/2/2015-SS-II]
MANISH GUPTA, Jt. Secy.
Note.- The principal scheme was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide
number G.S.R. 488(E), dated the 28th July, 1976 and lastly amended vide number G.S.R. 527(E), dated the 2nd July, 2015.
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.