In a major development, India is changing its provident fund laws for seafarers, making them eligible for a pension, gratuity and provident funds when employed by foreign-flagged ships.
The Directorate General Of Shipping has given a proposal in this regard. The PF law used at present only covers those working on Indian ships. The 1966 Seamen’s Provident Fund Act governs Indian seafarers working in Indian vessels.
The amendment will introduce pension and gratuity into the PR schemes, which will...