General Insurance Employees Pension Scheme 1995
General insurance employees pension amendment scheme 2019 government of india vide gazette notification no.
General insurance employees pension scheme 1995. In april 1997 employees of lic and public sector general insurance companies namely gic nicl oicl. 585 e dated 28 06 1995 framed the general insurance employees pension scheme 1995 to introduce an index linked pension scheme in lieu. Employee deposit linked insurance scheme edli coverage for the employees has been increased from rs. What is the date of commencement of scheme.
The new pension scheme based on defined contribution the general insurance employees pension scheme 1995 is amended accordingly with effect from the 1st day of january 2004. General insurance employees pension amendment scheme 2019 government of india vide gazette notification no. 2 save as otherwise expressly provided in this scheme this scheme shall be deemed to have come into force on the 1st day of november 1993. General insurance employees pension amendment scheme 2019.
The minimum pension amount offered under employee pension scheme is rs 1000 and all the employees whose salary is below 15 000 per month are mandatory to have epf account. To read or print pdf you will need the adobe acrobat reader version 4 0 or later installed on your computer. To whom the scheme is applicable. In exercise of the powers conferred by section 17a of the general insurance business nationalisation act 1972 57 of 1972 the central government hereby makes the following scheme further to amend the general insurance employees pension scheme 1995 namely.
Pension is the scheme regulated under general insurance employees pension scheme 1995. Short title and commencement. Pension was introduced as a retirement benefit in psics with effect from 28th june 1995. 1 this scheme may be called the general insurance employees pension scheme 1995.
In the said scheme in paragraph 3 a. 1 56 lakhs rs 3 lakhs. In the general insurance employees pension scheme 1995 hereinafter referred to as the said scheme in paragraph 2 in clause t in sub clause ii after the words and figures contained in paragraph 4 the words figure and letter or paragraph 4a shall be inserted. 585 e dated 28 06 1995 framed the general insurance employees pension scheme 1995 to introduce an index linked pension scheme in lieu of.
Further consequent upon the corporation and the companies having proposed to include widowed or divorced daughters and dependent parents in the definition of.
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