In a move that brings significant financial security to over 6 crore members of the Employees Provident Fund Organisation ( EPFO ), Union Labour Minister Mansukh Mandaviya has announced the extension of enhanced insurance benefits under the Employees Deposit Linked Insurance ( EDLI ) scheme.
The extension, which comes into effect retrospectively from April 28, 2024, ensures that EPFO members continue to benefit from life insurance coverage of up to ₹7 lakh.
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The EDLI scheme, launched in 1976, provides insurance coverage to EPFO members, offering financial support to their families in the event of the member’s death. Over the years, the scheme has undergone several revisions to increase the scope and benefits for members. In 2018, the government introduced a minimum insurance cover of ₹1.5 lakh under the scheme. By 2021, the maximum benefits had been raised to ₹7 lakh.
Previously, the enhanced benefits under the EDLI scheme were set to expire on April 27, 2024, after a three-year period. However, with this extension, EPFO members are assured continued protection without any interruptions in their coverage.
One of the key features of the EDLI scheme is its ability to provide insurance without any additional contributions from members, making it a valuable safety net for millions of workers across the country.
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As India strives towards its goal of becoming a $5 trillion economy, initiatives like the extension of EDLI benefits are crucial in ensuring that workers remain financially protected. This move not only provides peace of mind to employees but also aligns with the government’s vision of enhancing social security for all.
For EPFO members, this extension brings a renewed sense of security, knowing that their families will continue to be financially supported in the unfortunate event of their passing.
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