In exercise of the powers conferred by sub section 1 of Section 52 of the Small Industries Development Bank of India Act

## Report on Small Industries Development Bank of India Pension Amendment Regulations, 2022 **1. Executive Summary:** This report analyzes the Small Industries Development Bank of India (SIDBI) Pension Amendment Regulations, 2022, as published in the Gazette of India. The amendment modifies Regulation 41 of the original 2002 Pension Regulations, specifically altering the ordinary rate of family pension. The key change involves adjusting the minimum and maximum amounts for family pension payments. These amendments are likely intended to provide more adequate financial support to families of deceased employees and took effect retroactively from April 1, 2021. **2. Introduction:** This report aims to provide an informative overview of the Small Industries Development Bank of India Pension Amendment Regulations, 2022, based solely on the official gazette notification provided. The analysis focuses on understanding the changes introduced by this amendment and their potential implications. **3. Policy Overview:** * **Amendment To:** Small Industries Development Bank of India Pension Regulations, 2002. * **Core Objective(s):** The amendment aims to revise the family pension benefits provided under the SIDBI Pension Regulations. The specific objective, as inferred from the text, is to adjust the minimum and maximum payment thresholds for family pensions. **4. Background and Rationale:** The amendment likely addresses a need to update the existing family pension rates to reflect current economic conditions and ensure adequate financial support for the families of deceased SIDBI employees. The adjustment to the minimum and maximum pension amounts suggests a reassessment of the adequacy of the previous payment structure in meeting the basic needs of beneficiary families. **5. Key Provisions / Changes:** This section details the changes introduced by the Small Industries Development Bank of India Pension Amendment Regulations, 2022. * **Specific Part of Original Policy Changed:** Regulation 41 of the Small Industries Development Bank of India Pension Regulations, 2002. * **New Rule/Provision:** Sub-regulation 5 of Regulation 41 is replaced with the following: "The ordinary rate of family pension shall be thirty percent of the Pay, subject to a minimum of Rs. 3,500 Rupees Three Thousand Five Hundred only per month and a maximum of Rs. 24,495 Rupees Twenty Four Thousand Four Hundred Ninety Five only per month. Explanation: In the case of a parttime employee, the minimum and maximum amounts of the family pension shall be in proportion to the rate of wages applicable." * **Difference/Effect of Change:** The amendment changes the minimum and maximum amounts for family pension payments. Prior to the amendment, the minimum and maximum payment amounts were different (or potentially non-existent in the original regulation). Now, the minimum family pension is set at Rs. 3,500 per month, and the maximum is Rs. 24,495 per month. This establishes a defined range for family pension payments. For part-time employees, the minimum and maximum amounts are proportionately adjusted based on their wages. **6. Target Audience and Stakeholders:** The primary target audience is the current and future beneficiaries of the SIDBI pension scheme, specifically the families of deceased SIDBI employees who are eligible for family pension benefits. Stakeholders also include SIDBI employees, retirees, and the SIDBI management responsible for administering the pension scheme. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Board of Directors of the Small Industries Development Bank of India is responsible for making and approving the amendments. The Chief General Manager and General Manager (Y. Venugopal Rao) are involved in the notification and certification processes. * **Timelines/Procedures:** The amendments came into force with effect from April 01, 2021. * **Specific to Amendments:** The amendment requires SIDBI to adjust family pension payments to align with the new minimum and maximum thresholds, effective from the specified date. **8. Expected Outcomes / Impact of Changes:** The intended outcome of these amendments is to provide a more financially secure safety net for the families of deceased SIDBI employees. The increased minimum pension amount ensures a baseline level of support, while the defined maximum amount sets an upper limit on payments. This will likely lead to improved financial stability for families relying on the SIDBI family pension scheme. **9. Conclusion:** The Small Industries Development Bank of India Pension Amendment Regulations, 2022, represent a significant update to the family pension benefits provided by SIDBI. By establishing clear minimum and maximum thresholds for family pension payments, the amendments aim to ensure adequate financial support for the families of deceased SIDBI employees. The retroactive implementation date suggests a commitment to promptly address the needs of affected families.

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