Central Government Notifies Implementation of New Regulations for EPS

The Ministry of Labour and Employment in India has issued a notification that certain provisions of the Code on Social Security, 2020 shall come into effect on May 3, 2023. These provisions relate to the Employees’ Pension Scheme, 1995, and include sub-sections of section 15 and 16, as well as section 143.

Additionally, sub-sections of section 164 will repeal corresponding provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The notification was issued by Vibha Bhalla, Joint Secretary, and can be found on the Ministry’s website as a PDF link.

EPS Undergoes Changes as Per New Notification by the Central Government

MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 3rd May, 2023

S.O. 2060(E).- In exercise of the powers conferred by sub-section (3) of section 1 of the Code on Social Security, 2020 (36 of 2020) read with section 14 of the General Clauses Act, 1897 (10 of 1897), the Central Government hereby appoints the 3rd day of May, 2023, as the date on which the following provisions of the said Code shall come into force, namely:-

(i) sub-section (3) of section 15, in so far as it relates to the Employees’ Pension Scheme, 1995;

(ii) clause (a) of sub-section (1) of section 16, in so far as it relates to the Employees’ Pension Scheme, 1995;

(iii) clause (b) of sub-section (1) of section 16;

(iv) sub-section (2) of section 16, in so far as it relates to the Employees’ Pension Scheme, 1995;

(v) section 143, in so far as it applies in giving effect to the provisions of sub-clause (ii) of clause (b) of sub-section (1) of section 16 in relation to the Employees’ Pension Scheme, 1995;

(vi) sub-section (1) of section 164 to repeal the corresponding provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952) specified in item 3 thereof; and

(vii) clause (b) of sub-section (2) of section 164 in so far as it relates to the Employees’ Pension Scheme, 1995.

[F. No. R-15011/02/2023-SS-II]
VIBHA BHALLA, Jt. Secy.

Source

PDF Link

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