EPFO Update:– Good news is coming for EPFO employees. If you are also a job holder, this news will benefit you because EPFO has given a significant gift to 6 crore subscribers of the country.
Union Labor Minister Mansukh Mandaviya announced increased insurance benefits under the Employee Deposit Linked Insurance Scheme (EDLI) scheme for all the Employees’ Provident Fund Organization (EPFO) members yesterday. This move will ensure life insurance cover of up to Rs 7 lakh to more than six crore EPFO members.
Mandaviya told reporters here that the scheme has been extended with retrospective effect from April 28, 2024. The EDLI scheme, launched in the year 1976, aims to provide insurance benefits to the members of the Employees’ Provident Fund Organization (EPFO) so that some financial assistance can be ensured to each member’s family in the event of the member’s death.
In 2018, a minimum insurance cover of Rs 1.5 lakh was introduced under the scheme. Till April 2021, the maximum benefit to the legal heir of the deceased employee was limited to Rs 6 lakh as per the criteria defined in the EDLI scheme.
Subsequently, the government increased the minimum and maximum benefits under the scheme to Rs 2.5 lakh and Rs 7 lakh for the next three years through a notification issued on April 28, 2021.
The condition of 12 months of continuous service in an establishment was also relaxed to cover employees who changed jobs during that period. These benefits were practical for three years, ending on April 27, 2024.