Pension Scheme for MSME Sector

GOVERNMENT OF INDIA

MINISTRY OF LABOUR AND EMPLOYMENT

LOK SABHA

UNSTARRED QUESTION NO 1091

ANSWERED ON 27.07.2015

1091 . N.K. PREMACHANDRAN

Will the Minister of LABOUR AND EMPLOYMENT be pleased to state:-

(a) whether the Government proposes to introduce any welfare and pension scheme for the employees of the Micro, Small and Medium Enterprises (MSMEs) sector in the country;

(b) if so, the details thereof;

(c) the details of the retirement benefits presently extended to the employees of the MSME sector;

(d) whether the Government has received any representation from employees of various MSMEs for introducing the pension scheme;

(e) if so, the details thereof along with the action taken by the Government thereon; and

(f) whether the Government proposes to introduce welfare scheme for employees retired from Hindustan Machine Tools (HMT) and if so, the details thereof?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT (SHRI BANDARU DATTATREYA)

(a) to (e): To provide pension and other social security benefits to workers including those employed in Micro, Small and Medium Enterprises (MSMEs), Government has enacted various Acts, including:

(i) The Employees’ Compensation Act, 1923.

(ii) The Employees’ State Insurance Act, 1948.

(iii) The Employees’ Provident Fund & Miscellaneous Provisions (EPF&MP) Act, 1952.

(iv) The Payment of Gratuity Act, 1972.

(v) The Maternity Benefit Act, 1961. 

Benefits under these Acts are available to the workers, including those in the MSME sector, which are coverable as per the threshold limit prescribed in the respective Acts.

(f): There is no proposal to introduce welfare scheme for employees of Hindustan Machine Tools (HMT) Limited. However, a proposal for attractive Voluntary Retirement Scheme (VRS) for employees of certain subsidiaries of HMT is under consideration.

Source: LokSabha.nic.in