Employees’ Deposit Linked Insurance Scheme Rule Change 2020: EPFO has decided to extend the minimum assurance benefit under the Employees’ Deposit Linked Insurance (EDLI) scheme
Employees’ Deposit Linked Insurance Scheme Rule Change 2020: Here’s good news for EPF-covered employees. The Employees’ Provident Fund Organisation (EPFO) has decided to extend the minimum assurance benefit under the Employees’ Deposit Linked Insurance (EDLI) scheme. A decision in this regard was taken in the 226th meeting of the Central Board of Trustees (CBT). Now, the benefit will be provided to the family members of a deceased employee, who dies while in service, even if he has worked in several firms in the year preceding his death. This benefit was previously not paid if the member worked in more than one establishment during a continuous period o 12 months preceding his death.
You might also be interested to read: BYJU’S To Provide Free Access To Learning App Amid Coronavirus Crisis
The decision to change the provision for providing the minimum assurance benefit comes two years after the CBT had decided to hike the minimum assurance limit to Rs 2.5 lakh from Rs 1.5 lakh in 2018. The assurance benefit an eligible employee can get under EDLI scheme is capped at Rs 6 lakh.
Source: Financial Express
