Wednesday, 18 April 2018

Deposit Linked Insurance (Amendment) Scheme 2018


Deposit Linked Insurance (Amendment) Scheme 2018

MINISTRY OF LABOUR AND EMPLOYMENT

NOTIFICATION
New Delhi, the 15th February, 2018

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. (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.

2. 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:

3. 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]
S/d,
R. K. GUPTA,
Jt. Secy

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