The notification appoints May 3, 2023, as the date on which specific provisions of the Social Security Code, 2020 will come into force.
These provisions primarily relate to the Employees’ Pension Scheme, 1995, and the repeal of corresponding provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
Key Changes
Section 15(3) of the Social Security Code, 2020 comes into force, concerning the Employees’ Pension Scheme, 1995.
Section 16(1)(a) of the Social Security Code, 2020 comes into force, concerning the Employees’ Pension Scheme, 1995.
Section 16(1)(b) of the Social Security Code, 2020 comes into force.
Section 16(2) of the Social Security Code, 2020 comes into force, concerning the Employees’ Pension Scheme, 1995.
Section 143 of the Social Security Code, 2020 comes into force, applying to provisions related to Employees’ Pension Scheme, 1995 under Section 16(1)(b)(ii).
Section 164(1) of the Social Security Code, 2020 comes into force to repeal corresponding provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, as specified in item 3.
Section 164(2)(b) of the Social Security Code, 2020 comes into force, concerning the Employees’ Pension Scheme, 1995.
Impact Analysis
Employees
Action Item: HR departments should conduct awareness sessions to educate employees about the changes and their rights under the new code.
Employers
Action Item: Employers should review their existing processes and systems to ensure compliance with the Social Security Code, 2020 and consult with legal and financial advisors.
Government
Action Item: The Ministry of Labour and Employment should provide clear guidelines and support to facilitate a smooth transition to the new code.
Pension Fund Managers
Action Item: Pension fund managers should assess the impact of the changes on their existing portfolios and develop strategies to ensure long-term sustainability of pension funds.
Key Entities Referenced
Central Government: The entity issuing the notification and responsible for enforcing the Social Security Code, 2020.
Ministry of Labour and Employment: The ministry responsible for the notification and the implementation of the Social Security Code, 2020.
Social Security Code, 2020: The primary legislation being implemented through this notification. (Act 36 of 2020)
General Clauses Act, 1897: Act 10 of 1897, used in conjunction with the Social Security Code, 2020, for interpreting the provisions.
Employees’ Pension Scheme, 1995: The pension scheme primarily affected by the changes.
Employees’ Provident Funds and Miscellaneous Provisions Act, 1952: Act 19 of 1952, some provisions of which are being repealed by this notification.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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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.
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