Employees’ Pension (Third Amendment) Scheme, 2024 – Penalty Rate on default in the payment of any contribution: Notification

Employees’ Pension (Third Amendment) Scheme, 2024 – Penalty Rate on default in the payment of any contribution: Notification

MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 14th June, 2024

G.S.R. 327(E).—In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995, namely:-

1. Short title and Commencement.— (1) This Scheme may be called the Employees’ Pension (Third Amendment) Scheme, 2024.

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

2. In the Employees’ Pension Scheme, 1995, in paragraph 5, for sub-paragraph (1), the following sub-paragraph shall be substituted, namely:-

“(1) Where an employer makes default in the payment of any contribution to the Employees’ Pension Fund, or in the payment of any charges payable under any other provisions of the Act or the Scheme, the Central Provident Fund Commissioner or such officer as may be authorised by the Central Government by notification in the Official Gazette in this behalf, may recover damages from the employer at the rate of one per cent of the arrear of contribution per month or part thereof.”

[F. No. R-15011/01/2022-SS-II]
ALOK MISHRA, Jt. Secy.

Note : The Employees’ Pension Scheme, 1995 was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide notification number G.S.R. 748(E), dated the 16th November, 1995 and was last amended vide notification number G.S.R. 2061(E), dated the 3rd May, 2023.