EPFO raised the death insurance benefits for subscribers of EDLI scheme, at a time the coronavirus pandemic wreaks havoc across the country. Employees
EPFO raised the death insurance benefits for subscribers of EDLI scheme, at a time the coronavirus pandemic wreaks havoc across the country. Employees’ Provident Fund Organisation (EPFO) has issued Gazette Notification under which the minimum death insurance has been increased to ₹2.5 lakh and the maximum to ₹7 lakh, from the earlier limits of ₹2 lakh and ₹6 lakh, respectively.
EMPLOYEES’ PROVIDENT FUND ORGANISATION
MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA
Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place, New Delhi-110066
E-File No: 27058
All ACC (Zones)
All RPFC (in Charge of ROs)
Subject: Gazette Notification No.GSR 299(E) dated 28.04.2021 – Reg.
Please find enclosed a copy of above mentioned notification issued by the Ministry of Labour & Employment amending the Employees’ Deposit-Linked Insurance Scheme, 1976.
2. The said notification provides for the following :
(i) The maximum assurance benefit payable under paragraph 22(3) of EDLI Scheme has been enhanced to Rs. 7 lakh from earlier maximum benefit of Rs.6 lakh (Under para 22(3) of the scheme, the salary multiple shall be 35).
(ii) The minimum assurance benefit payable under paragraph 22(3) of the EDLI Scheme has been fixed as Rs.2.50 lakh w.e.f. 15.02.2020 (i.e. with effect from the date of lapse of said benefit).
(iii) The benefit payable under paragraph 22(3) of 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.
(iv) Under paragraph 28(4) of EDLI Scheme, the power to grant exemption to a class of employees from the provisions of the scheme has been delegated to ACC (Zone).
(v) The monetary fine payable under paragraph 29 of EDLI Scheme has been enhanced to Rs.25,000.
3. The provisions as mentioned in sub-paragraph (i), (ii) & (ill) above shall remain in force for a period of three years from their date of publication in the Official Gazette.
4. It is requested to bring above scheme amendments to the notice of all employers as well as employees covered under your jurisdiction through appropriate modes of publicity.
5. It also intimated that all such proposals for grant of exemption from EDLI Scheme, 1976 that may have been forwarded to this office are required to be re-examined by concerned offices in light of above amendment for further n.a. In the pending exemption proposals where the establishment may have sought exemption for a “class of employees”, where such class may be regular employees of the establishment or any other such defined class, appropriate action for grant of exemption may be taken in accordance with relevant directions issued from time to time.
(This issues with the approval of ACC(HQ)(Pension))
Regional PF Commissioner-I (Pension)