MLE updates - June 2016

(1.)     Administrative guidelines for proceedings under Section 7A of the EPF & MP Act 1952

Notification dated June 7, 2016:

This scheme may be called the Employees’ Provident Funds (Fourth Amendment) Scheme 2016

Applicability:

To all the Companies

Crux of Notification:

-      As per this notification the Central Government hereby makes the following scheme to amend the Employees’ Provident Funds Scheme 1952.

-      The scheme shall be called the Employees’ Provident Funds (Fourth Amendment) Scheme 2016

-      This scheme shall come into effect on the date of its publications

-      In para 38 and para 48 to include the words “or through PayGov Platform” after the words “State Bank of India or any other Nationalized Bank”

(2.)     Employees’ Deposit Linked Insurance (Amendment) Scheme 2014 G.S.R 543 (E) Gazette Notification increasing benefits under the EDLI Scheme 1976 dated May 24, 2016 

Notification:

Notification no: EDLI/Amendment Scheme 2014/ 5662 dated June 7, 2016

Applicability:

To all the Companies

Crux of Notification:

-      As per this notification the government of India has made important amendments whereby the benefits of EDLI Scheme have been increased to Rs. 6,00,000/-.

-      The amendments in the EDLI scheme 1976 increases the quantum of benefits substantially in order to ensure uniformity in the application of the amendments.

-      Also, this notification amends the application software made by IS division, however, in the meantime EDLI claims will be regulated as mentioned in the notification.