Insurance benefit for EPF members raised to Rs. 6 lakh

Hyderabad, Sep 16 (IANS) The insurance benefit for dependants of employees’ provident fund members has been raised to Rs. 6 lakh, an official statement said on Wednesday.

“In a major decision, the Central Board of Trustees (CBT) enhanced the insurance benefits under the Employees Deposit Linked Insurance Scheme (EDLIS), 1976 admissible to dependants of EPF members from the present maximum of Rs.3,60,000 to Rs.6,00,000,” said the labour and employment ministry.

The decision was taken at a meeting of the CBT, the apex decision making body of Employees’ Provident Fund Organisation (EPFO), under the chairmanship of Labour Minister Bandaru Dattatreya here.

The initiative would benefit four crore EPF contributing members, the statement said adding that last year, about Rs.180 crore was paid to 30,000 beneficiaries.

The board also recommended removal of the eligibility condition of continuous one year employment under current employer for insurance benefit.

During the meeting, the minister assured that a special meeting would be convened soon to redress career progression issues for the staff of EPFO.

Meanwhile, the Board also approved a proposal of engaging public sector enterprise ‘EdCIL Ltd’ for handling recruitment work of EPFO.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here