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.