In a significant move aimed at providing enhanced social security to employees, the government has announced the extension of increased insurance benefits under the Employees’ Deposit Linked Insurance (EDLI) scheme.
This ensures that over 6 crore EPFO members will continue to receive life cover of up to Rs 7 lakh.
The Centre has decided to extend providing benefits of Employees’ Deposit Linked Insurance (EDLI) Scheme to all subscribers of Employees’ Provident Fund Organisation and their family members till further notice. The benefits have ended in April 2024. Labour Minister Mansukh Mandaviya, meanwhile, met stakeholders in gig and platform sectors on implementing a social security scheme for workers employed there.
The EDLI scheme, launched in 1976, was to provide insurance benefits to members of the EPFO and to ensure that the families of members get financial assistance in case of death of the member. The minimum and maximum benefits under the EDLI scheme were enhanced from ₹1.5 lakh and ₹6 lakh to ₹2.5 lakh and ₹7 lakh respectively in 2021 and the benefits were valid for a period of three years, which came to an end on April 27, 2024.
Union Labour Minister Mansukh Mandaviya has announced the extension of the enhanced insurance benefits with retrospective effect from April 28, 2024.
This means that EPFO members who passed away after this date will continue to be eligible for the higher insurance coverage.
- Source: News / Media Source
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