Employees’ Deposit-Linked Insurance (Second Amendment) Scheme 2024

Employees’ Deposit-Linked Insurance (Second Amendment) Scheme 2024 – amendment in scale of assurance on death of employee

MINISTRY OF LABOUR AND EMPLOYMENT

Notification 

New Delhi, the 18th November, 2024

G.S.R. 715(E)—In exercise of the powers conferred by section 6C read with sub-section (1) of section 7 of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Deposit-Linked Insurance Scheme, 1976, namely:-

1. (1) This Scheme may be called the Employees’ Deposit-Linked Insurance (Second Amendment) Scheme 2024.

(2) It shall come be deemed to come into force on the 28th of April 2024.

2. In the Employees’ Deposit – Linked Insurance Scheme, 1976 (hereinafter referred to as the said Scheme), in paragraph 22, for sub-paragraph (3), the following sub-paragraph shall be substituted, namely:-

(3) On the death of an employee, who is a member of the Fund or of a provident fund exempted under section 17 of the Act, as the case may be, and was in employment for a continuous period of twelve months, preceding the month in which he died, the persons entitled to receive the provident fund accumulations of the deceased shall, in addition to such accumulations to be paid an amount, equal to—-

(i) the average monthly wages drawn (subject to a maximum of fifteen thousand rupees), during the twelve months preceding the month in which he died, multiplied by thirty-five times plus fifty per cent. of the average balance in the account of the deceased in the fund or of a provident fund exempted under section 17 of the Act or under paragraph 27 or 27 A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding twelve months subject to a ceiling of one lakh seventy five thousand rupees;

Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees;

Provided further that the assurance benefit shall not exceed seven lakh rupees;

(ii) the amount of benefit under sub-paragraph (i),

whichever is higher.

Explanation.- In the case of a part-time employee who is a member of the Fund or of a provident fund under section 17 of the Act, as the case may be, who was serving in more than one factory or establishment for a continuous period of twelve months, preceding the month in which he died, the quantum of benefit under this Scheme shall be determined with reference to the average wages of the aggregate of all the wages wherever he was continuously working for more than twelve months, subject to the wage ceiling of fifteen thousand rupees.

[F. No. R-16011/01/2024-SS-II]

ALOK MISHRA, Jt. Secy.

Note: The Employees’ Deposit Linked Insurance Scheme, 1976 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 488(E), dated the 28th July, 1976 and was last amended vide notification number G.S.R. 330(E) dated 14.06.2024

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