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Industry Specific-Mines Central Ministry of Coal Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948

The Ministry of Coal issues Coal Mines Pension (Amendment) Scheme, 2023

17-Feb-2023 | G.S.R. 119(E)

The Ministry of Coal has issued Coal Mines Pension (Amendment) Scheme, 2023 to further amend Coal Mines Pension Scheme, 1998, effective from 17th February, 2023.
The key highlights of the amendments are: -
i. Earlier Pensionable age meant the age of superannuation. It has now been amended as follows: -
a. Pensionable age means the age of sixty years.
b. Superannuation means superannuation in relation to an employee who is a member of the Pension Scheme means the attainment of sixty years of age by the said employee on which employment is vacated.
ii. The nomination regarding spouse and family particulars given under the Provident Fund Scheme and the Pension Scheme shall be the same.
iii. Every employer of the employee shall submit to the commissioner within fifteen days of the close of every month a return of contributions for the preceding month towards the pension fund along with the detail of contribution towards provident fund.
iv. With effect from the 1st October, 2017, every employer shall be responsible for payment of 7% of the payable basic and variable dearness allowance of the employee to be transferred to the fund.
v. Where an employee having completed 10 years of pensionable service and would be attaining the age of fifty years, the amount of monthly pension payable to such employee shall be determined on the basis specified in Schedule-2.

For more details, please refer the document.

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