Several social security programs have been introduced under the Employees’ Provident Fund Organisation (EPFO).
Recently, the Employees’ Provident Fund Organisation (EPFO) shared a post on X (formally Twitter) saying, “Employees’ Deposit Linked Insurance (EDLI) Scheme, 1976, is an important social security measure.
Here are the main features of the EDLI scheme.”
Employees' Deposit Linked Insurance (EDLI) Scheme, 1976, is an important social security measure. Here are the main features of the EDLI scheme#epf #epfonews #epfowithyou #SocialSecurity #PF #employees #services #AmritMahotsav #insurance pic.twitter.com/3zX9OUhTwL
— EPFO (@socialepfo) January 6, 2024
Salient features of the EDLI scheme
The features of features of the EDLI scheme are as follows:
- Maximum assured benefit up to Rs. 7 lakh paid to the nominee or legal heir of EPF member, if death occurs while in service.
- Minimum assurance benefit of ₹2.5 lakh, if deceased member was in continuous employment for 12 months prior to his/her death.
- Minimal contribution by employer @0.5% of employees’ monthly wages, up to wage ceiling of ₹15,000.
- No contribution paid by employee.
- Auto-enrollment of PF members in EDLI Scheme.
- Benefit directly credited to the bank account of nominee or legal heir.
EDLI benefits are available only to the family members/nominees nominated by the member during his lifetime or to surviving family members in case of the death of the member while he was in employment.
Recently, The Employees’ Provident Fund Organisation (EPFO) has extended the last date to upload wage details for higher pension by 5 months.
To ensure that employers process these remaining Applications for Validation of Options / Joint Options, the Chairman, CBT EPF has kindly approved the proposal to grant another extension of time for the employers to upload wage details online, etc till 31st May 2024.
More than 3.6 lakh Applications for Validation of Option / Joint Options are still pending with the employers for processing.
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