The Union Cabinet has approved the Pradhan Mantri Swasthya Suraksha Nidhi (PMSSN) as a single non-lapsable reserve fund for share of Health from the proceeds of Health and Education Cess levied under Section 136-b of Finance Act, 2007.
It has been approved to encourage an enhanced access to universal & affordable health care through availability of earmarked resources, while ensuring that the amount does not lapse at the end of financial year.
In the budget speech 2018, the Finance Minister had also announced replacement of existing 3 percent Education Cess by 4 percent Health and Education Cess.
Click here for official press release:
EPFO Could Create Separate Fund for New Subscribers