{"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 v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\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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