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Tribune News Service
Ravi S Singh
New Delhi, January 29
The Employees Provident Fund Organisation (EPFO) admits Air India in its fold for the availability of advantages of Social Security protection of its workers.
In impact, this could allow Air India to avail the service of the Social Security wants of their workers.
Air India Ltd utilized for inclusion within the scheme below EPF & MP Act 1952, which has been upheld by EPFO with impact from December 1, 2021.
The social safety advantages can be supplied to round 7,453 workers for whom contributions have been filed by Air India with EPFO for the month of December 2021.
In the brand new dispensation, these workers of Air India will obtain an additional 2 per cent employer’s contributions of their Provident Fund Accounts at 12 per cent of their wages.
Earlier they have been coated below the PF Act of 1925, the place the contributions to the Provident Fund was at 10 per cent by employer and 10 per cent by worker,
EPF Scheme 1952, EPS 1995 and EDLI 1976 will now be relevant to the workers.
A assured minimal pension of Rs 1,000 can be out there to workers and pensions to household and dependents in case of the loss of life of an worker.
An assured insurance coverage profit in case of loss of life of a member can be out there within the vary of minimal Rs 2.50 lakh and most Rs 7 lakh. No premium is charged to the EPFO coated workers for this profit.
Since 1952-53, Air India and Indian Airlines have been the 2 separate firms that have been coated below PF Act 1925.
The firms merged below the identify Air India Ltd in 2007. Under the PF Act 1925, the good thing about Provident Fund was out there however there was no statutory pension scheme or insurance coverage scheme.
The workers used to take part in a self-contributory annuity-based pension scheme. Based on the scheme parameters, the accumulations was paid to the workers. There was no minimal pension assure and no further profit in case of the loss of life of a member.
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