EPFO

Family of deceased members of PF to receive Rs. 7 lakhs as insurance benefit under EDLI

 
Family of deceased members of PF to receive Rs. 7 lakhs as insurance benefit under EDLI. 
 
Ministry of Labour and Employment recently amended the Employees’ Deposit-Linked Insurance Scheme, 1976. By the said amendment the maximum assurance benefit payable upon the death of the employee under EDLI Scheme has been enhanced to Rs. 7 lakh from earlier maximum limit of Rs. 6 lakh. The salary multiple shall be 35 for working out the amount.
 
Though the notification issued in this regard does not mention covid-19 as the reason for the enhancement, apparently, the benefit has been enhanced to help private sector employees who died due to covid-19 pandemic .
 
The other changes are:
 
  • The minimum assurance benefit  payable under the scheme has been fixed as Rs. 2.50 lakhs w.e.f. 15.02.2020
  • The beieft payable under EDLI Scheme shall be extended to such beneficiaries where the deceased employee was a member of the Fund or a provident fund exempted under section 17 of the EPF & MP Act and was in employment for a continuous period of 12 months preceding the month in which he died, irrespective of change of establishment during the said period.

The above provisions shall remain effective for three years

  • Under EDLI Scheme, the power to grant exemption to a class of employees from the provisions of the scheme has been delegated to ACC(Zone).
  • The monetary fine payable under paragraph 29 of EDLI Scheme has been enhanced to Rs. 25,000.

Download Notification and EPFO letter Click Here >>

Share

Recent Posts

  • GST

Merely for wrong PIN code of consignor/ consignee goods can’t be seized u/s 129(3)

If address of consignor or consignee is correct, merely for wrong PIN code, the proceedings u/s 129 can not be…

21 hours ago
  • Income Tax

Notice u/s 143(2) void if type of scrutiny not mentioned i.e. limited, complete or compulsory manual

Notice u/s 143(2) without specifying whether it is a limited scrutiny or a complete scrutiny or a compulsory manual scrutiny…

22 hours ago
  • Income Tax

Once unaccounted income is admitted & attains finality, no protective addition can be made

Once unaccounted income is admitted and issue attains finality, no addition can be made on a protective basis for the…

1 day ago
  • Income Tax

Condonation of delay in filing Form 10B – ill-health of executive trustee, a bonafide reason

Condonation of delay in filing Form 10B/ITR. ill-health resulting in demise of executive trustee was a bonafide reason In a…

1 day ago
  • GST

Cancellation of GST registration would work against the interest of revenue – HC

Cancellation or Suspension of GST registration would be counterproductive and work against the interest of the revenue – HC In…

2 days ago
  • Income Tax

Validity of consolidated approval u/s 153D-ITAT Allahabad follows earlier decision over later one

ITAT Allahabad follows it previous decision on validity of consolidated approval u/s 153D, says it’s later decision was in violation…

2 days ago