Ministry of Labour and Employment issued Gazette Notification dated 15th February, 2018 regarding Employees’ Deposit Linked Insurance (Amendment) Scheme,2018 and details as follows.
G.S.R. 170(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) This Scheme may be called the Employees’ Deposit Linked Insurance (Amendment) Scheme,2018.
(2) It shall come into force from the date of its publication in the official gazette.
- 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 27A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding twelve months or during the period of his membership, whichever is less subject to a ceiling of one lakh and fifty thousand rupees:
Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees:
Provided further that the assurance benefit shall not exceed six lakh rupees:
- The provisions of the first proviso of clause (i) of sub-paragraph (3) of paragraph 22 shall be in force for a period of two years from the date of publication of this Scheme in the Official Gazette.”
[F. No. S-35012/8/2017-SS-II]https://drive.google.com/file/d/1zhJVHJTpa6tx2lVwFW71dMlafOBXDfmi/view?usp=sharing
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 number G.S.R. 438(E), dated the 4th May, 2017.
