Air India as a government institution is included in the PF 1925 Act where the contribution to Provident funds is 10% by employers and 10% by employees.
About 7,453 Air Indian employees will receive a contribution of 2% of the extra employer in the provident’s fund account of 12% of their wages as an Employee Provider (EPFO) fund organization has Indian air air for social security coverage. Air India has applied voluntarily includes U / S 1 (4) of EPF and MP Act 1952 which has been permitted through Gazette notification on January 13 with the effect of December 1, 2021.
Previously, employees were included in the PF law in 1925, such as all government organizations, where contributions to Provident funds were 10% by employers and 10% by employees. Under the EPF Law which now includes Indian water, the minimum pension that is guaranteed ₹ 1,000 will be available for employees and families and dependents in the event of an employee’s death. The benefits of insurance are guaranteed that death members will be available in the minimum range of ₹ 2.50 lakh and maximum ₹ 7 lakh. There are no premiums charged to EPFO employees who cover this benefit.
“Since 1952-53, Air India and Indian Airlines are two separate companies covered by PF Act 1925. In 2007, the two companies joined into one company – Air India Ltd. Under the PB 1925 Law, the benefits of funds Provident 1925, available but There is no retirement scheme or insurance scheme. Employees are used to participate in an independent annuity-based retirement scheme. Based on the scheme parameters, accumulation which was once paid to employees. There is no minimum pension guarantee and there are no additional benefits in the event of a member of a member, “said a statement Ministry of Manpower and Labor.
Air India was officially handed over to the Tata Group after all the formalities of the divestment process were completed on January 27.
Previously, it was clarified that Air Indian employees will now be maintained for one year and there will be no layoffs. In the second year, if the old employee was fired then it would be considered a paid VRS.