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EPF Members To Get Extended ELSI Benefit In This Case Also

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If you are an employee provident fund (EPF) subscriber, here is good news for you!As per the changes made to the EDLI scheme, the EPFO has decided to increase the benefit as part of Employees' Deposit Linked Insurance (EDLI) scheme. As per the previous regime, in a case when the deceased employee served more than one organization during a continuous term of 12 months just preceding his or her death, then the family members were not provided the relief.

 
EPF Members To Get Extended ELSI Benefit In This Case Also

Employees' Deposit Linked Insurance (EDLI) Scheme

As per the EDLI scheme, all EPF members are automatically covered and as part of which employee's nominee in the case of the former's demise during service will be paid between Rs. 2.5 lakh to Rs. 6 lakh.


ELSI Rule Change 2020

But after the amendment has been implemented, family members of deceased employee will be eligible for ELSI benefit even in a case when the employee worked with more than one organization the year preceding his or her death.

In 2018, the government increased minimum assurance limit from Rs. 1.5 earlier to R. 2.5 lakh currently. Further, an eligible employee under ELSI scheme can get an assurance benefit of up to Rs. 6 lakh.

"The Board recommended to extend the provision of minimum assurance benefit of Rs. 2.5/3 Lakh, payable to family members of deceased employee who dies while in service. Earlier, the benefit of minimum assurance of Rs. 2.5 Lakh and maximum assurance amount of Rs.6 Lakh was not payable where the member worked in more than one establishment during a continuous period of 12 months preceding the month of death. Now Board has approved to extend these benefits even if a member had worked in multiple establishments," the Ministry of Labour and Employment said in a statement on March 5.

GoodReturns.in

Read more about: epf epfo elsi scheme insurance
Story first published: Wednesday, March 11, 2020, 15:19 [IST]
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