{"id":269450,"date":"2022-07-02T12:30:41","date_gmt":"2022-07-02T07:00:41","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269450"},"modified":"2023-01-07T18:09:02","modified_gmt":"2023-01-07T12:39:02","slug":"sidbi-modifies-10-contribution-to-a-fixed-percentage-which-will-be-decided-by-the-bank-vide-sidbi-defined-contributory-new-pension-amendment-regulations-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/02\/sidbi-modifies-10-contribution-to-a-fixed-percentage-which-will-be-decided-by-the-bank-vide-sidbi-defined-contributory-new-pension-amendment-regulations-2022\/","title":{"rendered":"SIDBI modifies 10% contribution to a fixed percentage which will be decided by the Bank vide SIDBI (Defined Contributory New Pension) [Amendment] Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">On 21-06-2022, the Small Industries Development Bank of India notified Small Industries Development Bank of India (Defined Contributory New Pension) [Amendment] Regulations, 2022 in order to amend\u00a0 <a href=\"http:\/\/www.scconline.com\/DocumentLink\/FmeU15s7\">Small Industries Development Bank of India (Defined Contributory New Pension) Regulations, 2012<\/a>. These Amendments will have a retrospective effect and comes into force with effect from January 01, 2020.<\/p>\n<h4>Key points:<\/h4>\n<ul>\n<li style=\"text-align: justify;\">The Regulation 4.1.1 deals with <b>Rate of contributions\/subscriptions<\/b> provides that the subscriber employees will have to contribute a fixed percentage of Pay and DA which will be decided by the bank from time to time, whereas previously they had to contribute 10%. The provision states that the bank will make contribution\/subscription at the rates as decided by itself from time to time, whereas previously the Bank had to match the amount paid by the Subscriber Employee.<\/li>\n<li style=\"text-align: justify;\">The newly amended Regulation 5.2 states that instead of the contributions\/subscriptions including a 10% of Pay and Dearness Allowance (DA) in the case of default, the contributions\/subscriptions will now include a fixed percentage of Pay and DA as decided by the Bank from time to time and the prevailing rates on the respective date(s) will apply.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>On 21-06-2022, the Small Industries Development Bank of India notified Small Industries Development Bank of India (Defined Contributory New Pension) [Amendment] Regulations, <\/p>\n","protected":false},"author":67011,"featured_media":277720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[3090,49963,30761],"class_list":["post-269450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-bank","tag-da","tag-sidbi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SIDBI modifies 10% contribution to a fixed percentage which will be decided by the Bank vide SIDBI (Defined Contributory New Pension) [Amendment] Regulations, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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These Amendments shall come into force with effect from April\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/SIDBI1-1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/SIDBI1-1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/SIDBI1-1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/SIDBI1-1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/SIDBI1-1.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270947,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/01\/legislations-monthly-roundup-july-2022\/","url_meta":{"origin":269450,"position":1},"title":"Legislations | Monthly RoundUp [July, 2022]","author":"Bhumika Indulia","date":"August 1, 2022","format":false,"excerpt":"Around 50 Legislation Updates | Relating to Controlled Delivery (Customs) Regulations, 2022, Bullion exchange units, Legal Metrology, Work from Home for the Unit, Project Screening Committee, Biodegradable plastic, Zero coupon zero principal, Note Authentication and Fitness Sorting Parameters and International Trade Settlement in Indian Rupees MINISTRY OF CORPORATE AFFAIRS Obligations\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Monthly RoundUp","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":280938,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/01\/novermber-2022-legislation-monthly-roundup-15-stories-relating-to-e-waste-management-rules-new-emission-standards-notified-by-moefc-amendment-of-aadhaar-enrolment-and-update-regulations\/","url_meta":{"origin":269450,"position":2},"title":"[NOVEMBER 2022] Legislation Monthly Roundup | 15+ Stories relating to E- Waste Management Rules &amp; new emission standards notified by MoEFC; Amendment of Aadhaar (Enrolment and Update) Regulations by UIDAI; Rate of Family Pension revised by SIDBI and may more","author":"Editor","date":"December 1, 2022","format":false,"excerpt":"MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE Government notifies E-Waste (Management) Rules, 2022 The Central Government has notified the E-Waste (Management) Rules, 2022. 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