PF: Now you will get more insurance cover on your PF and along with this the bonus will also increase.
Now you will get more insurance cover on your Provident Fund forever.
According to exclusive information received by CNBC Awaaz, the Ministry of Labor has decided to continue the additional benefit under the Employee Deposit Linked Insurance Scheme forever.
The Ministry of Labor has taken a big decision. The additional benefit will be continued forever. The amount of life insurance has been increased to a maximum of Rs 7 lakh. This will be applicable to every employee involved in EPFO.
The amount will be decided on the basis of the average salary of 12 months. The minimum amount of insurance will be Rs 2.5 lakh. The bonus amount has been increased from Rs 1,50,000 to Rs 1.75 lakh. Earlier the government had implemented this additional benefit for 3 years.
Now the government has decided to implement it permanently. This decision has been taken on the basis of the existing sufficient funds with the EPFO.
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