Social Security Policy

EIBPL provides below social security benefits and insurances to its employees under this policy.

The Employees Provident Fund and Miscellaneous Provisions Act, 1952 All employees’ are covered under the Provident Funds & Miscellaneous Provisions Act. As per the Provident Fund Scheme:

  • Employees contribute 12% of the monthly basic salary.

  • Employer contributes 12% of the basic monthly deposited in various accounts.

Provident Fund savings are payable at retirement/death. Deposits in PF accrue an attractive rate of interest.

  • Amount withdrawal/loan against PF deposit in specific circumstances like construction/purchase of house, funds for major illness, marriage of self/dependents, education of dependents, natural calamities etc.
  • TM can nominate close relatives for benefits to be extended after death.

The Employees State Insurance Act, 1948 

  • All eligible employees are covered under the Employees State Insurance Act and are eligible to receive benefits as per the ESI scheme.
  • As per the Act, the employees are required to contribute 1.75% of Gross wages and the employer contributes 4.75% of Gross wages every month to the ESI Corporation.

The Payment of Gratuity Act, 1972

  • Gratuity shall be payable on termination of employment to an employee only after he/she has rendered continuous service for a minimum period of five years.

  • An employee shall be paid Gratuity @ 30 days Consolidated pay for every completed year of service or part thereof in excess of 6 months, subject to the rules and regulations of the Gratuity Act.

The Workmen’s Compensation Act, 1923

  • Group Medi-claim Policy: The eligible employees who are not covered under The Employees State Insurance Act, 1948, shall be covered under Group Medi-claim Policy along with his/her dependents.

  • Group Personal Accident Policy: Covers the employees in case of Accidental Death, Permanent Total Disability, Partial Permanent Disability, Total Temporary Disablity, etc. as a result of accident.

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