Union Labor Minister Mansukh Mandaviya recently made an important announcement under the Employees Deposit Linked Insurance (EDLI) scheme. Under this scheme, all EPFO ​​members will now get the benefit of increased insurance benefits.

Enhanced insurance benefits

According to this new scheme, more than six crore EPFO ​​members will get life insurance protection of up to Rs 7 lakh. This decision will come into effect from April 28, 2024. Its purpose is to ensure that if a member dies, his family gets financial assistance.

History of the scheme

The EDLI scheme was started in 1976. Its main objective is to provide insurance benefits to the members of EPFO. When a member dies, his family can get some financial help. Earlier the maximum amount of benefit in this scheme was Rs 6 lakh.

Increase in profits

In April 2021, the government had issued a notification, in which it was decided to increase the insurance benefit under this scheme from Rs 2.5 lakh to Rs 7 lakh. This change was effective for three years, which will end on April 27, 2024.

Changes to the Terms of Service

Another important change has been made in this scheme. Earlier, there was a condition of 12 months of continuous service in an establishment. But now it has been relaxed. This means that even if an employee changes jobs, he will still be able to avail the benefits of this scheme.

Objectives and significance

The main objective of this expansion is that more and more people can take advantage of this scheme and their families can get financial security. This step is especially important for those workers whose main source of income is their job.

It is worth noting that this announcement of Mansukh Mandaviya will provide great relief to the members of EPFO. This scheme will not only increase the security of the employees but will also open the way for a secure future for their families.

This move is an important step towards strengthening the social security of workers in India.