Ministry of Labour and Employment has notified the Employees’ State Insurance (Central) Amendment Rules, 2024 on February 26, 2024. These amendments come into effect immediately upon publication in the official gazette.
Key Change:
- The amendment increases the financial limit for investment in securities other than those of the Central Government from Rs. 5 crore to Rs. 25 crore. This revision provides the Employees’ State Insurance Corporation (ESIC) with greater flexibility in managing its investments.
Background: A draft of these amendments was published for public feedback in December 2023. No objections or suggestions were received during the stipulated period.
Source: Ministry of Labour and Employment Notification No. G.S.R. 134(E) dated February 26, 2024.
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MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 26th February, 2024
G.S.R. 134(E).—Whereas, a draft containing certain rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), vide notification number G.S.R. 880(E), dated the 6th December, 2023, as required under sub-section (1) of section 95 of the Employees’ State Insurance Act, 1948 (34 of 1948), inviting objections and suggestions from all persons likely to be affected thereby before the expiry of a period of thirty days from the date on which the copies of the Official Gazette containing the said notification were made available to the public;
And whereas, the copies of the said Official Gazette were made available to the public on the 6th December, 2023;
And whereas, no objection or suggestion has been received from any person in respect of the said draft rules within the period specified above, for consideration by the Central Government;
Now, therefore, in exercise of the powers conferred by section 95 of the Employees’ State Insurance Act, 1948 (34 of 1948), the Central Government, after consultation with the Employees’ State Insurance Corporation, hereby makes the following rules further to amend the Employees’ State Insurance (Central) Rules, 1950, namely:-
1. (1) These rules may be called the Employees’ State Insurance (Central) Amendment Rules, 2024;
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Employees’ State Insurance (Central) Rules, 1950, in rule 29, in sub-rule (2), in the proviso, for the words “rupees five crores”, the words “rupees twenty–five crores” shall be substituted.
[F. No. S-65012/01/2023-SS-I]
ALOK CHANDRA, Senior Labour and Employment Adviser
Note: The principal rules were published in the Gazette of India vide notification number S.R.O. 212 dated the 22nd June, 1950 and last amended vide notification number G.S.R. 650(E) dated the 16th July, 2018.
