Defined Contributory New Pension (Amendment) Regulations

“Small Industries Development Bank of India (Defined Contributory New Pension) [Amendment] Regulations, 2022”

HRDV No. L001268839/Staff. 35B.—In exercise of the powers conferred by sub-section (1) of Section 52 of the Small Industries Development Bank of India Act, 1989 (39 of 1989), the Board of Directors of the Small Industries Development Bank of India hereby makes the following amendments to the Small Industries Development Bank of India (Defined Contributory New Pension) Regulations, 2012 (hereinafter referred to as Original Regulations):-

1. These Regulations may be called the Small Industries Development Bank of India (Defined Contributory New Pension) [Amendment] Regulations, 2022.
   
2. These Amendments shall come into force with effect from January 01, 2020.
   
3. The Regulation 4.1.1 of the Original Regulations shall be substituted by the following:
   
   “4.1.1.A. Every Subscriber Employee shall have to make a contribution at a fixed percentage, as decided by the Bank from time to time, of Basic Pay plus Dearness Allowance (DA), and arrears thereof, if any, paid by the Bank to the Subscriber Employee, by authorizing the Bank to make requisite deduction for credit in the Tier-I Pension Account.
   
   4.1.1.B The Bank will make contribution/subscription at the rates as decided by the Bank from time to time, in the Tier-I Pension Account.”
   
4. The Regulation 5.2 of the Original Regulations shall be substituted by the following:
   
   “The contributions / subscriptions to be made includes the fixed percentage of Basic Pay plus Dearness Allowance (DA), as decided by the Bank from time to time, and arrears thereof, if any, and it is clarified that the Bank shall deduct the same in case the Subscriber Employee commits default in the payment of his / her contributions / subscriptions at the rates prevailing on respective date(s), in respect of the past contributions/subscriptions on and from the date the Subscriber Employee becomes eligible for the benefit under the Scheme”

Certified that the Board of Directors of Small Industries Development Bank of India in its meeting held on May 17, 2022 at Mumbai had approved and adopted the Small Industries Development Bank of India (Defined Contributory New Pension) [Amendment] Regulations, 2022.

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