Section 76 in Life Insurance Corporation of India (Staff) Regulations, 1960
76. Provident Fund.
- [(1) Every employee of the Corporation, other than an employee on probation or an employee appointed on temporary basis or an employee who is contributing to an approved Superannuation fund, shall contribute to the Provident Fund at 8-1/3 per cent of the aggregate of his [basic pay including special pay] [Notified in Gazette of India, Part-IV dated 2.3.1968 and Part-III Section 4 dated 7.8.1971.] and if he is a transferred employee, on that portion of the personal pay which shall be equal to the amount by which his [basic pay including special pay] [Notified in Gazette of India, Part-IV dated 2.3.1968 and Part-III Section 4 dated 7.8.1971.] from time to time in the Corporation falls short of his [basic pay including special pay] [Notified in Gazette of India, Part-IV dated 2.3.1968 and Part-III Section 4 dated 7.8.1971.] as on 31.8.1956. The Corporation shall contribute to the Fund every month an amount equal to the actual contribution of each member subject to a maximum of 8-1/3 per cent of the aggregate of the [basic pay including special pay] [Notified in Gazette of India, Part-IV dated 2.3.1968 and Part-III Section 4 dated 7.8.1971.] and if he is a transferred employee, on that portion of the personal pay which shall be equal to the amount by which his [basic pay including special pay] [Notified in Gazette of India, Part-IV dated 2.3.1968 and Part-III Section 4 dated 7.8.1971.] from time to time in the Corporation falls short of his [basic pay including special pay] [Notified in Gazette of India, Part-IV dated 2.3.1968 and Part-III Section 4 dated 7.8.1971.] as on 31.8.1956. A separate Trust shall be established in respect of such Fund.]Explanation : [Deleted] [Notified in Gazette of India, Part-IV dated 2.3.1968 and Part-III Section 4 dated 7.8.1971.](1A)[ Where an employee is an employee in [Class II or] [Notified in Gazette of India, Part-III Section 4 dated 4.5.1974.] Class III or Class IV the provisions of sub-regulation (1) shall with effect from 1st April, 1973, apply as if for the figure "8-1/3" appearing therein, the figure "10" had been substituted.](1B)[ Where an employee is an employee in Class I, the provisions of sub-regulation (1) shall with effect from (1st April, 1973) apply as if for the figure "8-1/3" appearing therein the figure "10" had been substituted.] [Notified in Gazette of India, Part-III Section 4 dated 10.7.1976.][The provisions of sub-rule (1), (1A), and (1B) shall not apply to an employee who has joined the services of the Corporation on or after 1st April, 2010.Provided that an employee who has joined the services of the Corporation on or after 1st April, 2010 shall be governed by the defined contribution pension scheme to be framed by the Corporation.] [Notified in Gazette of India, Part-II Section 3(i) dated 8.10.2010, GSR No. 829(E).](2)[ In the case of transferred employees of the Oriental Government Security Life Assurance Company Limited, who are contributing to the Pension Fund of that Company which is being continued with modifications as a separate Fund for such employees only, they shall be entitled to Pension according to the Rules of that Fund. [Such employees may, however, be permitted to contribute to the Provident Fund established by the Corporation but the Corporation shall not be required to make any contribution to the Provident Fund in respect of such employees] [Notified in Gazette of India, Part-IV dated 20.1.1962.].
