Amendments of Act XIV of 1976:

In the Employees' Old-Age Benefits Institution Act, 1976 (XIV of 1976), the Following amendments shall be made, namely:-

(1) in section 1, in sub-section (4),
      (a) in clause (i),

(i)  For the word "ten" occurring twice, the word "five" shall be substituted
(ii) For the colon at the end, a full stop shall be substituted and thereafter the
     proviso shell be omitted; and

     (b) in clause (ia) for the word "twenty", the word "five" shall be substituted;

(2) in section 9, in sub-section (1), for word "six" the work "five" shell be
     substituted;

(3) in section 22, in sub-section (2), in clause (ii) for the full stop at the end, a
     colon shell be substituted and thereafter the following proviso shell be added
     namely:-
                 "Provided that nothing in this section shell apply to an employee insured
                  under this Act on or after Ist day of July, 2008."

(4) in section 47, clause (e) shell be omitted ; and

(5) In the Schedule,-
     (a) for paragraph (2), the following shell be substituted, namely:-

          "(2) The monthly wages of an insured person, referred to in paragraph
                 (1), shell be calculated on the basis of wages on which contribution were
                 paid in respect of the twelve calendar months immediately preceding the
                 date on which insured person fulfils the conditions for entitlement to any
                 benefits under this Act;

                Provided that the old-age pension or invalidity pension payable to an
                insured person and survivor's pension payable to the survivors of the
                deceased insured person shall not be less than two thousand rupees per
                month for  pension commencing on or after 1st day of July 2008."; and

  (b)         in paragraph (3) for the figure "2007" the figure "2008" shell be
               substituted.