The Small Industries Development Bank of India on 14th November 2022, published the Small Industries Development Bank of India Pension [Amendment] Regulations, 2022 which shall be deemed to have come into force from 1st April 2021.
The Amendment is brought under regulation 41 which deals with family pension in which sub-regulation 5 has been substituted as follows:
The ordinary rate of family pension shall be thirty percent of the Pay, subject to a minimum of Rs. 3,500/- (Rupees Three Thousand Five Hundred only) per month and a maximum of Rs. 24,495/- (Rupees Twenty Four Thousand Four Hundred Ninety Five only) per month.
Explanation: In the case of a part-time employee, the minimum and maximum amounts of the family pension shall be in proportion to the rate of wages applicable.”
