Exemption from Provident Fund Insurance Scheme: employers may obtain conditional relief where employees receive superior life insurance benefits. The amendment authorises the Central Government to notify conditional exemptions from the Insurance Scheme where employees receive more favourable life insurance benefits without separate contribution, and allows the Scheme to provide for similar exclusions. It imposes employer obligations when an exemption applies: maintain accounts and returns for insurance benefits or funds, make prescribed investments, permit inspections and pay charges, preserve the quantum of benefits unless government permits reduction, and transfer departing employees' accumulated insurance credits to the new employer's insurance fund or the Deposit linked Insurance Fund within prescribed time.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption from Provident Fund Insurance Scheme: employers may obtain conditional relief where employees receive superior life insurance benefits.
The amendment authorises the Central Government to notify conditional exemptions from the Insurance Scheme where employees receive more favourable life insurance benefits without separate contribution, and allows the Scheme to provide for similar exclusions. It imposes employer obligations when an exemption applies: maintain accounts and returns for insurance benefits or funds, make prescribed investments, permit inspections and pay charges, preserve the quantum of benefits unless government permits reduction, and transfer departing employees' accumulated insurance credits to the new employer's insurance fund or the Deposit linked Insurance Fund within prescribed time.
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