Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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Employees Deposit Linked Insurance Scheme was introduced with effect from 1st August, 1976 by the Government. It acts as an incentive to the members to save more in their Provident Fund Account. As the name of the Scheme says, the benefit is linked to the amount of accumulation in the Provident Fund Account of the member.
The need for regular income in old age post superannuation sprouted in India as the result of a combination of important economic, demographic, social and political developments.
In the Indian context, Social security is a comprehensive approach designed to prevent deprivation, assure the individual of a basic minimum income for himself and his dependents and to protect the individual from any uncertainties.
A Social Security Division has been set up under the Ministry of Labour and Employment. The division deals with framing of social security policy for the workers, administration of all the legislations relating to social security and implementation of the various social security schemes.
There are various Private Pension Schemes-Occupational and Individual Scheme available in market: Occupational pension schemes are arrangements established by employers to provide pension and related benefits for their employees, A defined benefit occupational pension scheme is often based on final salary, In defined contribution arrangement, the employer makes regular payments into a pension fund, and the fund is used to buy a pension when the employee retires, It is also possible for an individual to make contributions under an arrangement they themselves make with a provider. These schemes are termed as Individual or Personal pension schemes.
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