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Employees’ Deposit Linked Insurance: Every employee who does private job gets the advantage of this scheme – Employees Deposit Linked Insurance Scheme If you are in a private job you will get benefit of this scheme

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If you do private jobs and come under EPFO, then you will also get the benefit of Employees Deposit Linked Insurance (EDLI). Actually, every member of EPFO ​​comes under the purview of this scheme. The EDLI scheme began in 1976. In this scheme, the death of a private job person gets financial assistance to his family members. However, this scheme is very old, but most people doing private jobs are not aware of this scheme.

How much financial assistance is available on death now?

Employees’ Deposit Linked Insurance ,Edli) In the scheme, on the death of the EPFO ​​member, his family member gets a minimum of 2.5 to maximum financial assistance of Rs 7 lakh. Prior to 2021, financial assistance was between 1.5 lakh and 6 lakh rupees. It was increased in 2021. The duration of this scheme was extended for three years, which was ending on April 27, 2024. However, the government had decided to extend this benefits to the next order. This means that this scheme will continue indefinitely and there is no need to issue any kind of notification of the government in this matter.

What changes have been made by EPFO ​​in the scheme last month?

Last month, EPFO ​​announced some changes in the EDLI scheme. The proposal to change the rules of the scheme was approved in the meeting of the Central Board of Trustees (CBT) of the EPFO ​​led by Union Labor Minister Mansukh Mandavia. It was said that if the employee dies in the first year of starting the job, he will get a financial assistance of at least Rs 50,000 under the EDLI scheme. The EPFO ​​had said that this change in the rule would benefit more than 5,000 families.

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What are the benefits of changes in rules?

According to the new rule of the EDLI scheme, if the employee dies within six months of the first contribution in the EPF, his family will be entitled to EDLI’s benefits. The condition is that his name has not been eliminated from parole. Thousands of families were estimated to benefit from this change in the rule, as there are about 14,000 such cases every year. Earlier, the EDLI scheme did not get the benefits of the EDLI scheme when there was a little gap between two jobs. According to the new rule, the job of up to two months in the job will be considered as a Continuous service.

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