EPFO: The Employees’ Provident Fund Organization, which comes under the Ministry of Labor, has increased the Death Relief Fund of its employees. This fund will be released on the basis of the nomination of all the employees.
EPFO: Employees’ Provident Fund Organization has changed the rules related to the nomination of the members of the Central Board. A circular has also been issued by EPFO regarding this. Actually, some changes have been made to the Death Relief Fund in the event of the death of the employees of the Central Board of Trustees (CBT), which manages the EPFO. EPFO has doubled the amount given on the accidental death of its employees.
More than 30 thousand employees will get benefit
The Employees’ Provident Fund Organization (EPFO) has about 30 thousand employees across the country. This rule will apply to all of them. It has been said in the circular that ex gratia death relief fund has been created to help the family members of the employee in case of sudden death. In the circular issued by the EPFO, it has been said that the nominee of the deceased employee will be given double the amount.
Till now this amount was Rs 4.20 lakh for the nominee. The amount received after this order has been increased to Rs 8 lakh. However, only the nominees of non-Covid employees have been included in this. Meaning, if the death of the employee is due to normal reasons, then only this amount will be given to the family members.
Click here to read the full circular of EPFO…
Maximum amount will be 20 lakh rupees
The amount of accidental death has been increased from Rs 4.20 lakh to Rs 8 lakh. The EPFO has also decided that every third year, an attempt will be made to increase this amount by about 10 percent. The employees of EPFO had raised the demand that at least Rs 10 lakh and maximum Rs 20 lakh should be given in the Death Relief Fund. This amount will be for the employees of EPFO present across the country. This amount will be given from the Welfare Fund.
EPFO interest gift
EPFO has recently credited interest to its 6.47 crore subscribers. Interest at the rate of 8.50 percent has been given in the EPF account of EPFO for the financial year 2020-21. Information has been given by EPFO through its Twitter handle. It has been told that interest has been credited in the account of 6.47 crore subscribers of EPFO. At the same time, interest will continue to accrue on some inactive accounts as well.
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