How Centre plans to benefit Covid-hit families through EPFO: List of benefits
- Under the EPFO’s Employees’ Deposit Linked Insurance (EDLI) scheme, all surviving dependent family members of this scheme are eligible to avail benefits of EDLI in case of death in harness of the member.
Amid the ongoing second wave of coronavirus disease (Covid-19), the Union labour ministry on Sunday announced a slew of measures under the Employees' Provident Fund Organisation (EPFO) scheme to address the fear and anxiety of those who lost their lived ones due to the pandemic.
The ministry in a statement said that the social security cover by the central government is sought to be provided to the workers without any additional cost to the employer.
Under the EPFO’s Employees’ Deposit Linked Insurance (EDLI) scheme, all surviving dependent family members of this scheme are eligible to avail benefits of EDLI in case of death in harness of the member.
Here's a list of Centre's benefits under EPFO scheme for Covid-19 hit families
- Amount of maximum benefit has been increased from ₹6 lakh to ₹7 lakh to the family members of a deceased employee.
- Minimum assurance benefit of ₹2.5 lakh to eligible family members of deceased employees who was a member for a continuous period of 12 months in one or more establishments preceding his death in place of existing provision of continuous employment in the same establishment for 12 months. It will benefit contractual/casual labourers, who were losing out on benefits due to condition of continuous one year in one establishment.
- Restoration of provision of minimum ₹2.5 lakh compensation retrospectively, i.e., from February 15, 2020.
- In coming 3 years, the actuary has estimated that eligible family members will get an additional benefit of ₹2,185 crore from EDLI fund in the years 2021-22 to 2023-24.
- Number of claims on account of death under the scheme has been estimated to be about 50,000 families per year including increase in claims taking into account estimated death of about 10,000 workers, which may occur due to Covid-19.