The Covid-19 pandemic has resulted in manifold increase in the problems faced by the people across sections in the society. Several families have lost their active bread earners, inflicting trauma and pushing other members towards an uncertain future.
To provide a helping hand, the Employees' Provident Fund Organisation (EPFO) is going to extend a maximum sum of Rs 7 lakh under the Employees’ Deposit Linked Insurance Scheme 1976 (EDLI Scheme) to the families of the active employees who have lost their lives due to the COVID-19 pandemic.
The Employees' Deposit Linked Insurance Scheme 1976 (EDLI Scheme) is an insurance scheme providing life insurance benefits to all employees who are members of the Employees' Provident Funds (EPF) Scheme.
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The EDLI Scheme is supported by a nominal contribution at 0.5% of monthly wages, upto the maximum wage limit of Rs 15,000 by the employers.
Employees do not make any contribution for availing the insurance cover.
Earlier, the EPFO had tweeted, “As an Amendment in EDLI Scheme, 1976, Family and Dependents of EPF Members can now avail financial assistance during COVID-19 Pandemic.”
Salient Features of EDLI Scheme:
-Maximum assured benefit up to Rs 7 lakh paid to nominee or legal heir of EPF member, if death occurs while in service.
-Minimum assurance benefit of Rs 2.5 lakh, if deceased member was in continuous employment for 12 months prior to his/her death.
-Auto enrolment of PF members in EDLI scheme.
-Benefit directly credited to the bank account of nominee or legal heir.