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Date: 03-May-2023 Category: Extra Ordinary State: Union Government Country: India

Issue of a notification under Section 1(3) of the Code on Social Security, 2020

Issued by Ministry of Labour and Employment · Social Security I

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Ministry of Labour and Employment, effective from May 3, 2023, brings into force specific provisions of the Social Security Code, 2020, particularly those related to the Employees’ Pension Scheme (EPS), 1995 and repeal of corresponding provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

Key Changes

  • Enforcement of Section 15(3) of the Social Security Code, 2020, pertaining to the Employees’ Pension Scheme, 1995.
  • Enforcement of Section 16(1)(a) of the Social Security Code, 2020, pertaining to the Employees’ Pension Scheme, 1995.
  • Enforcement of Section 16(1)(b) of the Social Security Code, 2020.
  • Enforcement of Section 16(2) of the Social Security Code, 2020, pertaining to the Employees’ Pension Scheme, 1995.
  • Enforcement of Section 143 of the Social Security Code, 2020, as it relates to giving effect to Section 16(1)(b)(ii) in relation to the Employees’ Pension Scheme, 1995.
  • Enforcement of Section 164(1) of the Social Security Code, 2020, to repeal corresponding provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
  • Enforcement of Section 164(2)(b) of the Social Security Code, 2020, pertaining to the Employees’ Pension Scheme, 1995.
  • The effective date for these changes is May 3, 2023.

Impact Analysis

Employees

  • Employees need to understand the changes in regulations to make informed decisions about their retirement planning.

Employers

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

Government

  • The government will need to conduct awareness campaigns to educate stakeholders about the changes.

Pension Fund Managers

  • Pension fund managers need to ensure that the interests of the subscribers are protected under the new regime.

Action Items

  • Ensure compliance with the new reporting and contribution requirements.

Key Entities Referenced

Ministry of Labour and Employment: The government ministry responsible for issuing the notification and overseeing the implementation of the Social Security Code, 2020. Social Security Code, 2020: The primary legislation that introduces changes to social security and pension schemes in India. Employees’ Pension Scheme, 1995: The existing pension scheme that is being amended and updated by the Social Security Code, 2020. Employees’ Provident Funds and Miscellaneous Provisions Act, 1952: The act whose corresponding provisions are being repealed by the Social Security Code, 2020. General Clauses Act, 1897: Act that provides general rules for interpretation of statutes.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सससीीी...जजजीीी...---डडडीीी...एएएललल...---अअअ...---000333000555222000222333---222444555666444222 xxxGIDHxxx CCCGGG---DDDLLL---EEE---000333000555222000222333---222444555666444222 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 1972] नई दिल्ली, बुधवार, मई 3, 2023/विै ाख 13, 1945 No. 1972] NEW DELHI, WEDNESDAY, MAY 3, 2023/ VAISAKHA 13, 1945 श्रम और रोिगार मत्रं ालय अजधसचू ना नई दिल्ली, 3 मई, 2023 का.आ. 2060(अ).—केंद्रीय सरकार, साधारण खंड अजधजनयम, 1897 (1897 का 10) की धारा 14 के साथ पठित सामाजिक सुरक्षा सजं िता, 2020 (2020 का 36) की धारा 1 की उपधारा (3) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, 3 मई, 2023 को उस तारीख के रुप म ें जनयत करती ि,ै जिसको उि संजिता के जनम्नजलजखत उपबंध प्रवृत्त िोंग,े अथाात:्-- (i) धारा 15 की उपधारा (3), ििां तक यि कमाचारी पेंिन स्ट्कीम, 1995 स े संबंजधत ि ै; (ii) धारा 16 की उपधारा (1) का खंड (क), ििां तक यि कमाचारी पेंिन स्ट्कीम, 1995 स े संबंजधत ि ै; (iii) धारा 16 की उपधारा (1) का खंड (ख) ; (iv) धारा 16 की उपधारा (2), ििां तक यि कमाचारी पेंिन स्ट्कीम, 1995 स े संबंजधत ि ै; (v) धारा 143, ििां तक यि कमाचारी पेंिन स्ट्कीम, 1995 की धारा 16 की उपधारा (1) के खंड (ख) के उपखंड (ii) के उपबंधों को प्रभावी करने के जलए लागू िोती ि ै; 2932 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (vi) इसके मि 3 म ें जवजनर्िष्टा , कमाचारी भजवष्य-जनजध और प्रकीणा उपबंध अजधजनयम, 1952 (1952 का 19) के तत्सस्ट्थानी उपबंधों के जनरसन के जलए धारा 164 की उपधारा (1) ; और (vii) धारा 164 की उपधारा (2) का खंड (ख), ििां तक यि कमाचारी पेंिन स्ट्कीम, 1995 स े संबंजधत ि ै। [फा. सं. आर-15011/02/2023-एसएस-II] जवभा भल्ला, संयक्ु त सजचव MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 3rd May, 2023 S.O. 2060(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Code on Social Security, 2020 (36 of 2020) read with section 14 of the General Clauses Act, 1897 (10 of 1897), the Central Government hereby appoints the 3rd day of May, 2023, as the date on which the following provisions of the said Code shall come into force, namely:–– (i) sub-section (3) of section 15, in so far as it relates to the Employees’ Pension Scheme, 1995; (ii) clause (a) of sub-section (1) of section 16, in so far as it relates to the Employees’ Pension Scheme, 1995; (iii) clause (b) of sub-section (1) of section 16; (iv) sub-section (2) of section 16, in so far as it relates to the Employees’ Pension Scheme, 1995; (v) section 143, in so far as it applies in giving effect to the provisions of sub-clause (ii) of clause (b) of sub-section (1) of section 16 in relation to the Employees’ Pension Scheme, 1995; (vi) sub-section (1) of section 164 to repeal the corresponding provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952) specified in item 3 thereof; and (vii) clause (b) of sub-section (2) of section 164 in so far as it relates to the Employees’ Pension Scheme, 1995. [F. No. R-15011/02/2023-SS-II] VIBHA BHALLA, Jt. Secy. 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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