Amendment in the Employees Deposit Linked Insurance Scheme, 1976

Amendment in the Employees Deposit Linked Insurance Scheme, 1976

Ministry of Labour and Employment Notification (New Delhi, dtd. 8th Jan. 2011) G.S.R. 9(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 Govt. hereby makes the following Scheme, further to amend the Employees Deposit Linked Insurance Scheme, 1976, namely :

1.   (1) This Scheme may called the Employees Deposit Linked Insurance (Amendment) Scheme 2011.

                (2) It shall come into force from the date of its publication in the official gazzatte.

2.             In the Employees Deposit Linked Insurance Scheme, 1976, in paragraph 22, after sub-graph(2),

the following sub-paragraph shall be substituted, namely :-

                22(A)on the death of an employee, who is member of the fund or of a provident fund exempted under Section 17 of the Act as the case may be, who was in the employment of the same establishment for a continuous period of twelve months, preceding the month in which he died, the persons entitled to receive the provident fund accumulation of the deceased shall, in addition to such accumulations to be paid an amount, equal to :-

(i)             The average monthly wages drawn (subject to a maximum of rupees six thousand five hundred)during the twelve months preceding the month in which he died, multiplied by twenty times or;

(ii)            The amount of benefit under sub-paragraph(1) whichever is higher.”