Central Government has notified the amendment of paragraph 22 (1) of Employees’ Deposit Linked Insurance Scheme, 1976, from 18-6-2010 fixing a ceiling of Rs.1, 00,000/- (it is revised from the current ceiling of Rs. 62,000). The relevant notification is attached here below for your reference and information.
THE GAZETTE OF INDIA: EXTRAORDINARY [PART II- SEC. 3 (i)]
MINISTRY OF LAB OUR AND EMPLOYMENT
New Delhi, the 18th June, 2010
G.S.R. 523(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, 2010.
(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, for sub-paragraph (1), the following sub- paragraph shall be substituted namely:-
“(1) On the death of an employee, who is a member of the Fund or of a provident fund exempted under section 17 of the Act, as the case may be, the persons entitled to receive the provident fund accumulations of the deceased shall, in addition to such accumulations be paid an amount, equal to the average balance in the account of the deceased in the Fund or of a provident of this membership, whichever is less, except where the average balance exceeds rupees fifty thousand, the amount payable shall be rupees fifty thousand plus 40% of the amount in excess of rupees fifty thousand subject to a ceiling of rupees One lakh.”
S. K. DEV VERMAN, Jt, Secy.
Note:- The Employees’ Deposit Linked Insurance Scheme, 1976 was published In the Gazette of India Part II, Section 3,Sub-section (i), vide number G.S.R. 488(E), dated the 28th July, 1976 and was lastly amended vide number G.S.R. 690(E), dated the 26th September, 2008
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