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.

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