EPFO onboards Air India for social security coverage to service the Social Security needs of their employees. Air India Ltd applied for voluntarily covered u/s 1(4) of the EPF & MP Act 1952 which has been allowed vide gazette notification dated 13.01.2022 w.e.f. 01-12-2021.
The social security benefits will be provided to around 7,453 employees for whom contributions have been filed by Air India with EPFO for the month of December 2021. These Employees of AIR INDIA now will be entitled to following benefits:
Since 1952-53, Air India and Indian Airlines were the two separate companies that were covered under PF Act 1925. In 2007, both the companies merged into one company- Air India Ltd. Under the PF Act 1925, benefit of Provident Fund was available but there was no statutory pension scheme or insurance Scheme. The employees used to participate in self-contributory annuity-based pension scheme. Based on the scheme parameters, the accumulations used to be paid to the employees. There was no minimum pension guarantee and no extra benefit in case of death of a member
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