New Delhi: EPFO ​​Body Pension Fund Has Air Onboarded Air India Ltd.
for social security benefits such as PF, Pension and Insurance and has received contributions to around 7,453 employees for December from the airline, a statement of the Ministry of Manpower on Saturday.
Tata groups take over the airline ridden by debt from the Indian government.
Air India has submitted EPFO ​​coverage, which has been permitted, said the body retirement fund.
“Organization of the Provident Fund Epfo (Investment Employees) Onboarding Air India for social security coverage to serve their employees’ social security needs.
Air India Ltd.
applied to voluntarily includes U / S 1 (4) of the EPF & MP Law, 1952 permitted Gazette notifications on January 13, 2022 – with the effect of December 1, 2021, “said the ministry statement.
The benefits of social security will be given to around 7,453 employees for whom the contribution has been submitted by Air India with the EPFO ​​for December 2021, he added.
This Indian air employee will now be entitled to benefits as they will accept a 2 percent contribution of the extra employer in the Provident Fund (PF) account at 12 percent of their wages.
Previously they were borne with PF 1925 actions, where contributions to PF at 10 percent by employers and 10 percent by employees.
The EPF 1952 scheme, EPS 1995 (employee retirement scheme) and EDLI 1976 (Group Insurance) will now apply to employees.
The minimum pension that is guaranteed by RS 1,000 per month will be available for employees and retirement to the family and dependents if employee death occurs.
The benefits of insurance that are guaranteed if the death of members will be available in the minimum range of Rs 2.50 Lakh and a maximum of 7 lakh.
There are no premiums charged to EPFO ​​employees who cover this benefit.
The ministry informed that since 1952-53, Air India and Indian Airlines were two separate companies borne in the PF Law, 1925.
In 2007, the two companies joined into one company, Air India Ltd.
Under the PF Law, 1925, the benefits of provident funds are available but there are no retirement schemes or insurance schemes.
Employees are used to participate in an annuity-based retirement scheme contribute to themselves.
Based on the scheme parameters, the accumulation used to be paid to employees.
There is no minimum pension guarantee and there are no additional benefits in the event of a member of death.