Union Minister Santosh Gangwar said that on April 28, a notification has been issued to implement the decision to increase the maximum sum assured under the EDLI scheme.
Union Minister Santosh Gangwar said that the Ministry of Labor and Employment on 28 April 2021 to implement the decision to increase the maximum sum assured under the EDLI scheme to Rs 7 lakh. Notification has been issued. Labor Secretary Apoorva Chandra said that the maximum sum insured will be applicable from the date of notification.
New Delhi. The central government has taken an important decision to give relief to employees in the midst of Corona crisis. Under this, the Trustee Board of the Employees Provident Fund Organization (EPFO) has increased the maximum sum assured under the Employees Deposit Linked Insurance Scheme, 1976 (EDLI Scheme, 1976) from Rs 6 lakhs to Rs 7 lakhs. . Explain that the Central Board of Trustees (CBT) of the EPFO headed by Labor Minister Santosh Gangwar had decided to increase the maximum sum insured under the EDLI scheme in a meeting held on 9 September 2020. The maximum amount of notification will be applicable from April 28 The CBT, in its meeting held on 9 September 2020, also decided to retain the minimum insurance amount of Rs 2.5 lakh after 14 February 2020. Union Minister Santosh Gangwar said that the Ministry of Labor and Employment has issued a notification on 28 April 2021 to implement the decision to increase the maximum insurance amount to Rs 7 lakh under the EDLI scheme. Labor Secretary Apoorva Chandra said that the maximum sum insured will be applicable from the date of notification. He also said that the minimum sum assured of Rs 2.5 lakh will be applicable from February 15, 2020. read this also- Mutual fund companies are giving special protection to investors in the coronary period! Free insurance up to 50 lakhs will be provided with SIPAmendment to apply minimum insurance amount in advance The Ministry of Labor and Employment had, through a notification on 15 February 2018, raised the minimum sum assured under the EDLI to Rs 2.5 lakh. This increase was made for two years. Its period ended on 15 February 2020. That is why the amendment has been notified again to continue beyond 15 February 2020 and keep it in force from the earlier date. According to the ministry, the interest of a person will not be affected by this. The CBT approved amendment to paragraph-22 (3) of EDLI Scheme, 1976 in September 2020 to increase the maximum sum insured from Rs 6 lakh to Rs 7 lakh. read this also- ICICI Bank made a big announcement for retail traders! Overdraft facility up to 25 lakhs will be available without paperwork
The family will get the benefit if death occurs during service The amendment in para-22 (3) of EDLI Scheme, 1976 is intended to provide relief to the families and dependents of those members of the scheme who die unfortunate while in service. In a meeting of CBT held in March 2020, EPFO Trustees recommended giving a minimum benefit of Rs 2.5 lakh to the family members of the deceased employee who died during service. Earlier, there was a provision that the minimum sum assured of Rs 2.5 lakh and maximum amount of Rs 6 lakh would not be given to the family of the member who has worked in more than one company in the 12 months before death.