GENERAL INSURANCE (EMPLOYEES’) PENSION AMENDMENT SCHEME, 2019:
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:
1. Short title and commencement:
(1) This Scheme may be called the General Insurance (Employees’) Pension Amendment Scheme, 2019.
(2) This shall come into force on the date of the publication in the Official Gazette.
2. 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.
3. In the said Scheme, in paragraph 3,
A. After sub-paragraph (9), the following sub-paragraphs shall be inserted, namely:-
“(10) joined the service of the Corporation or a Company, as the case may be, before the 28th day of June, 1995, and continued to be in service of the Corporation or a Company on the date of publication of General Insurance (Employees’) Pension Amendment Scheme, 2019 in the Official Gazette (hereinafter referred to as “the said date”); and
(a) within ninety days from the said date,
(i) exercise an option in writing to become the member of the Fund;
(ii) authorise the trust of the Provident Fund to transfer the entire contribution of the Corporation or of the Company to their Provident Fund along with the interest accrued thereon to the credit of the Fund; and
(iii) authorise the Corporation or the Company, as the case may be, to transfer the entire contribution of the Corporation or of the Company to their Provident Fund that may accrue to them if any revision of scales of pay is effected from a date prior to the said date;
(b) within ninety days after the expiry of the said period of ninety days specified in clause (a),
(i) refund to the Corporation or the Company, as the case may be, the entire amount of nonrefundable withdrawal, if any, made from the Corporation’s contribution or the Company’s contribution to the Provident Fund account and interest accrued thereon together with interest at the rate of 9% per annum from the date of such withdrawal until the date of its refund to the Corporation or the Company; and
(ii) pay to the Corporation or the Company, as the case may be, an amount equal to 3.7 times of their pay as on the first day of March, 2019, as a one-time contribution to the Fund;
(11) joined the service of the Corporation or a Company, as the case may be, before the 28th day of June, 1995, but retired before the said date; and
(a) within one hundred and twenty days from the said date,
(i) exercise an option in writing to become the member of the Fund; and
(ii) authorise the Corporation or the Company, as the case may be, to transfer the entire contribution of the Corporation or of the Company to their Provident Fund that may accrue to them if any revision of scales of pay is effected from a date prior to the date of their retirement;
(b) within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a), –
(i) refund to the Corporation or the Company, as the case may be, the entire amount of the Corporation’s contribution or the Company’s contribution to Provident Fund and interest accrued thereon received by the employee on retirement along with the entire amount of non-refundable withdrawal, if any, made from the Corporation’s contribution or Company’s contribution, as the case may be, to the Provident Fund account; and
(ii) pay to the Corporation or the Company, as the case may be, an amount equal to 0.3 times of the amount arrived at in sub-clause (i) above, as a one-time contribution to the Fund:
Provided that, notwithstanding anything contained in paragraph 51 of this Scheme, pension to such employees shall become payable from the said date;
(12) joined the service of the Corporation or a Company, as the case may be, before the 28th day of June, 1995, but died while in the service of the Corporation or the Company, as the case may be, before the said date, their families shall be entitled to family pension under this Scheme provided that such families–
(a) within one hundred and twenty days from the said date,
(i) apply in writing for grant of family pension; and
(ii) authorise the Corporation or the Company, as the case may be, to transfer the entire contribution of the Corporation or of the Company to Provident Fund that may accrue to such employees if any revision of scales of pay is effected from a date prior to the date of death of such employees;
(b) within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a),—
(i) refund to the Corporation or the Company, as the case may be, the entire amount of the Corporation’s contribution or the Company’s contribution to Provident Fund and interest accrued thereon received by the family of the employee along with the entire amount of non-refundable withdrawal, if any, made from the Corporation’s contribution or Company’s contribution, as the case may be, to the Provident Fund account; and
(ii) pay to the Corporation or the Company, as the case may be, an amount equal to 0.3 times of the amount arrived at in sub-clause (i) above, as a one-time contribution to the Fund:
Provided that, notwithstanding anything contained in paragraph 51 of this Scheme, family pension to such family of the deceased employee shall become payable from the said date:
Provided further that the “period of seven years” as specified in sub-clause (i) or sub-clause (ii) of clause (a) of sub-paragraph (3) of paragraph 38 of this Scheme, shall be reduced by the period from the date of death of the employee to the said date;
(13) joined the service of the Corporation or a Company, as the case may be, before the 28th day of June, 1995, but had retired from the service of the Corporation or the Company and died before the said date, their families shall be entitled to family pension under this Scheme provided that such families–
(a) within one hundred and twenty days from the said date,
(i) apply in writing for grant of family pension; and
(ii) authorise the Corporation or the Company, as the case may be, to transfer the entire contribution of the Corporation or of the Company to Provident Fund that may accrue to such employees if any revision of scales of pay is effected from a date prior to the date of death of such employees;
(b) within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a),
(i) refund, to the Corporation or the Company, as the case may be, the entire amount of the Corporation’s contribution or the Company’s contribution to Provident Fund and interest accrued thereon received by the family of the employee along with the entire amount of non-refundable withdrawal, if any, made from the Corporation’s contribution or Company’s contribution, as the case may be, to the Provident Fund account; and
(ii) pay to the Corporation or the Company, as the case may be, an amount equal to 0.3 times of the amount arrived at in sub-clause (i), as a one-time contribution to the Fund:
Provided that notwithstanding anything contained in paragraph 51 of this Scheme, family pension to such family of the deceased employee shall become payable from the said date:
Provided further that the “period of seven years” as specified in sub-clause (i) or sub-clause (ii) of clause (a) of sub-paragraph (3) of paragraph 38 of this Scheme, shall be reduced by the period from the date of death of the employee to the said date.”.
B. For the purpose of this paragraph, after Note (2), the following notes shall be inserted, namely:-
“Note: (3) sub-paragraphs (10), (11), (12) and (13), shall also apply, mutatis mutandis, to employees who opted for Special Voluntary Retirement Package under clause 15C of the General Insurance (Rationalization of Pay Scales and Other Conditions of Service of Development Staff) Scheme, 1976 or opted for special voluntary retirement under the General Insurance Officers’ Special Voluntary Retirement Scheme, 2004 or the General Insurance Employees’ Special Voluntary Retirement Scheme, 2004 or opted for voluntary separation under General Insurance (Public Sector) Officer’s Golden Gate Scheme for Voluntary Separation, 2009, as the case may be, after rendering qualifying service for a minimum period of twenty years;
Provided that the benefit of increase of qualifying service by maximum five years as stipulated in sub-paragraph (5) of paragraph 30 of this Scheme shall not be admissible to such employees.
Note: (4) sub-paragraphs (11) or (13), shall also apply, mutatis mutandis, to employees who opted for voluntary retirement under sub-paragraph (a) of paragraph 4A of the General Insurance (Termination, Superannuation and Retirement of Officers and Development Staff) Scheme, 1976 or under clause (a) of sub-paragraph (iii) of paragraph 12 of the General Insurance (Rationalisation and Revision of Pay Scales and other Conditions of Service of Supervisory, Clerical and Subordinate Staff) Scheme, 1974 and the benefit of increase of qualifying service by maximum five years as stipulated in sub-paragraph (5) of paragraph 30 of this Scheme shall be admissible to such employees.”.
4. In the said Scheme, in paragraph 7, after sub-paragraph (9), the following sub-paragraph shall be inserted,
namely:-
“(10) the amount consisting of –
(i) accumulated contributions of the Corporation or a Company to the Provident Fund and interest accrued thereon transferred by the Trust of Provident Fund;
(ii) contribution of the Corporation or a Company to the Provident Fund that may accrue to the employees or retired employees or families of deceased employees or families of retired and deceased employees, if any, revision of scales of pay is effected from a date prior to the said date;
(iii) accumulated contributions of the Corporation or a Company to the Provident Fund and interest accrued thereon, non-refundable withdrawal, if any, made from the Corporation’s contribution or Company’s contribution and interest on such non-refundable withdrawal, if any, refunded by the employees or retired employees or families of deceased employees or families of retired and deceased employees;
(iv) one-time contribution to the Fund paid by the employees or retired employees or families of deceased employees or families of retired and deceased employees;
pursuant to provisions of sub-paragraphs (10), (11), (12) and (13) of paragraph 3 of the Scheme,
5. In the said Scheme, in paragraph 40, in sub-paragraph (5), after clause (g), the following clause shall be inserted, namely:-
“(h) who opts to be governed by this Scheme in terms of sub-paragraph (11) of paragraph (3), on the date on which application for commutation is received by the Corporation or the Company, as the case may be, if such date falls within one year from the date of retirement or, on the date of the medical certificate given by a medical officer approved by the Corporation or a Company, as the case may be, if the date of application for commutation falls beyond one year from the date of retirement.”.
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