To combat the financial difficulties faced by the families of the active employees who have lost their lives due to the COVID-19 pandemic, the Employees’ Provident Fund Organisation (EPFO) is going to provide a maximum sum of Rs 7 lakh under the Employees’ Deposit Linked Insurance Scheme 1976 (EDLI Scheme).
EDLI Scheme for COVID-19: To combat the financial difficulties faced by the families of the active employees who have lost their lives due to the COVID-19 pandemic, the Employees’ Provident Fund Organisation (EPFO) is going to provide a maximum sum of Rs 7 lakh under the Employees’ Deposit Linked Insurance Scheme 1976 (EDLI Scheme).
EPFO has recently tweeted from its official Twitter handle regarding the financial assistance to the family and dependents of the EPF members during the COVID-19 pandemic. The tweet from the official EPFO Twitter handle said, “As an Amendment in #EDLI Scheme, 1976, Family and Dependents of #EPF Members can now avail financial assistance during #COVID-19 #Pandemic.”
The benefits provided under the amendment in EDLI scheme, 1976 are as follows:
1) The maximum sum assured has been enhanced to Rs 7 lakh from the earlier sum which was Rs 6 lakh
2) The minimum sum assured for beneficiaries of the deceased employees who were in continuous employment for 12 months prior to their death, has been fixed at Rs 2.5 lakh
3) The benefits have been extended to such beneficiaries where the deceased employees fall under these two categories:
a) The employee was a member of EPF or Provident Fund exempted under Section 17 of EPF and MP Act
b) The employee was in employment for a continuous period of 12 months preceding month in which the person has died, irrespective of the change of establishment during the same period
Recently, the EPFO tweeted about the salient features of the EDLI Scheme, 1976. The salient features of the scheme are as follows:
1) It provides maximum assured benefit up to Rs 7 lakh to be paid to the nominee or legal heir of the EPF member if death occurs while in service
2) The minimum assurance benefit is of Rs 25 lakh in case the deceased member was in continuous employment for 12 months prior to his or her death
3) The minimal contribution by employer @0.5 per cent of employees’ monthly wages, up to wage ceiling of Rs 15,000
4) No contribution has to be paid by the employees
5) There will be auto enrolment of the PF members in the EDLI scheme
6) The benefits will be directly credited to the bank account of the nominee or legal heir
For further details, one can login to the official EPFO website at epfindia.gov.in.
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