Section 119: Valuation of assets and liabilities
Reviewed by Finin2min Editorial Desk · Last reviewed 30 August 2026
Section 119 — Governs valuation of assets and liabilities and the rights, duties, powers or procedure expressly stated in this section. Key operative text: Each of the fund maintained by a Social Security Organisation or by an establishment under this Code shall have a valuation of its assets and liabilities made by a valuer or actuary, as the case may be, appointed, with the…
The Code was commenced in stages: section 142 had earlier commencement, S.O. 5319(E) brought the specified provisions into force from 21 November 2025, and later commencement instruments must be read with the current India Code footnotes for the remaining clauses.
Provision / India Code ↗ · Official Act PDF ↗ · 2026 Central Rules ↗
Finin2min analysis — what the section actually does
Operative clauses
- Each of the fund maintained by a Social Security Organisation or by an establishment under this Code shall have a valuation of its assets and liabilities made by a valuer or actuary, as the case may be, appointed, with the prior approval of the appropriate Government, by such Social Security Organisation or the establishment, as the case may be, in the following manner, namely:— (a) in case of Central Board,…
- Provided that the appropriate Government, if it considers necessary, may direct such valuation to be made at such intervals other than provided in this section.
Provisos, explanations & qualifications
- Provided that the appropriate Government, if it considers necessary, may direct such valuation to be made at such intervals other than provided in this section.
Thresholds and timelines in the text
- (b) in case of Corporation, once in every three years;
Actors expressly appearing in the text
Appropriate Government, Corporation / EPFO / Board
Full statutory text — Section 119
119. Valuation of assets and liabilities.— Each of the fund maintained by a Social Security
Organisation or by an establishment under this Code shall have a valuation of its assets and liabilities made
by a valuer or actuary, as the case may be, appointed, with the prior approval of the appropriate Government,
by such Social Security Organisation or the establishment, as the case may be, in the following manner,
namely:—
(a) in case of Central Board, annually;
(b) in case of Corporation, once in every three years;
(c) in case of any other Social Security Organisation or establishment, as specified by the appropriate
Government, by order:
Provided that the appropriate Government, if it considers necessary, may direct such valuation to be
made at such intervals other than provided in this section.How to apply this provision
- Primary statutory test — Each of the fund maintained by a Social Security Organisation or by an establishment under this Code shall have a valuation of its assets and liabilities made by a valuer or actuary, as the case may be, appointed, with the prior approval of the appropriate Government, by such Social Security Organisation or the establishment, as the case may be, in the following manner, namely:— (a) in case of Central Board,…
- Additional operative limb — Provided that the appropriate Government, if it considers necessary, may direct such valuation to be made at such intervals other than provided in this section.
- Qualification / exception to test — Provided that the appropriate Government, if it considers necessary, may direct such valuation to be made at such intervals other than provided in this section.
- Numerical or timing control — (b) in case of Corporation, once in every three years;
- Central Rule mapping — 30. Read the mapped provision together with this text rather than treating the concordance as a substitute for it.
- Evidence file — retain facts and records proving the role/status of: Appropriate Government, Corporation / EPFO / Board.
Rules, forms and cross-references
Direct 2026 Central Rule mapping
Forms mapped
No prescribed form is directly mapped in the current concordance.
Other sections cited in this text
Related Labour Hub resources
A direct concordance is not exhaustive. Central/State jurisdiction, schemes, authority appointments, saved instruments and later notifications may change the practical route without changing the section wording.
Worked example
For a worker/member seeking a benefit connected with valuation of assets and liabilities, the file should show coverage, service/contribution facts, the rule/scheme and prescribed form, and the calculation/payment. One statutory point to test is: “(b) in case of Corporation, once in every three years;” Also test the express qualification/proviso before concluding the result. Read the mapped Central Rule(s) 30.
Illustration only; it is not statutory text or a substitute for applying the actual facts, jurisdiction, current rule/scheme and official instrument.
Q&A — Section 119
What does Section 119 of the Social Security Code cover?
Section 119 — Governs valuation of assets and liabilities and the rights, duties, powers or procedure expressly stated in this section. Key operative text: Each of the fund maintained by a Social Security Organisation or by an establishment under this Code shall have a valuation of its assets and liabilities made by a valuer or actuary, as the case may be, appointed, with the…
What is the main legal requirement or power in Section 119?
The first operative clause identified from the official text is: “Each of the fund maintained by a Social Security Organisation or by an establishment under this Code shall have a valuation of its assets and liabilities made by a valuer or actuary, as the case may be, appointed, with the prior approval of the appropriate Government, by such Social Security Organisation or the establishment, as the case may be, in the following manner, namely:— (a) in case of Central Board,…” Read it with the remaining subsections and any proviso below.
Does Section 119 contain a proviso or explanation?
Yes. A qualification extracted from the official text is: “Provided that the appropriate Government, if it considers necessary, may direct such valuation to be made at such intervals other than provided in this section.”
What time limit, percentage or amount appears in Section 119?
The provision contains this numerical/time expression: “(b) in case of Corporation, once in every three years;” Apply it only in the clause and context in which it appears.
Which 2026 Central Rules are linked to Section 119?
The current concordance maps Section 119 to Central Rule(s) 30.
Is Section 119 currently operative?
The Code was commenced in stages: section 142 had earlier commencement, S.O. 5319(E) brought the specified provisions into force from 21 November 2025, and later commencement instruments must be read with the current India Code footnotes for the remaining clauses.
Source & verification trail
Act: Code on Social Security, 2020 — official India Code PDF ↗
Central Rules: Social Security (Central) Rules, 2026 — G.S.R. 344(E), 8 May 2026 ↗
Official library: Ministry of Labour & Employment — Labour Codes ↗
Source check: 20 August 2026. Individual professional interpretation should be re-reviewed when the section, rules, notification, scheme, State overlay or controlling judgment changes.