The Ministry of Labour and Employment vide its Notification dated 28th April 2021 notify the amendment in the Employees’ Deposit-Linked Insurance Scheme.
The full text of the notification is as follows:-
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 28th April, 2021
G.S.R. 299(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, 2021.
(2) It shall come into force on the date of its publication in the Official Gazette, except sub-clause (iv) of clause (b) of paragraph 2, which shall be deemed to have come into force on the 15th day of February, 2020.
2. In the Employees’ Deposit-Linked Insurance Scheme, 1976 (hereinafter referred to as the said Scheme), in paragraph 22, in sub-paragraph (3),–
(a) in the opening portion, for the words “who was in employment of the same establishment”, the words “and
was in employment” shall be substituted;
(b) in clause (i),––
(i) for the words “thirty times”, the words “thirty-five times” shall be substituted;
(ii) the words “or during the period of his membership, whichever is less” shall be omitted;
(iii) for the words “one lakh and fifty thousand rupees”, the words “one lakh and seventy-five thousand
rupees” shall be substituted;
(iv) before the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 15th day of February, 2020, namely:––
“Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees:”;
(v) in the second proviso, for the words “six lakh rupees”, the words “seven lakh rupees” shall be substituted.
3. In the said Scheme, in paragraph 28, in sub-paragraph (4), in clause (i), after the words “Central Provident Fund Commissioner”, the words and brackets “or Additional Central Provident Commissioner (Head Quarters) or Additional Central Provident Fund Commissioner” shall be inserted.
4. In the said Scheme, in paragraph 29, in the long line, for the words “four thousand rupees”, the words “twenty-five thousand rupees” shall be substituted.
5. The provisions of paragraph 2 of this Scheme relating to amendments made thereto in sub-paragraph (3) of paragraph 22 of the said Scheme shall be in force for a period of three years with effect from the date of publication this Scheme in the Official Gazette.
[F. No. R-16011/1/2020-SS-II] R. K. GUPTA, Jt. Secy.Note:–– The Employees’ Deposit-Linked Insurance Scheme, 1976 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 was last amended vide notification number G.S.R. 286(E), dated the 4th April, 2019.
EXPLANATORY MEMORANDUM
Vide the notification of the Government of India in the Ministry of Labour and Employment number G.S.R. 170(E),
dated the 15th February, 2018 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), dated the 15th February, 2018, the minimum assurance benefit ceiling was increased to two lakh and fifty thousand rupees for a period of two years, which expired on the 14th February, 2020. Therefore, for the purpose of giving continuity to the said benefit, sub-clause (iv) of clause (b) of paragraph 2 of this amendment Scheme is given effect to retrospectively from the 15th day of February, 2020, which will not adversely affect the interests of any person.
