The Employees’ Provident Fund Organisation (EPFO) has increased the life insurance cover offered under the Employees’ Deposit Linked Insurance (EDLI) scheme. Let’s find out what this means for employees and how employers should adapt to the changes under the Employees’ State Insurance Corporation (ESIC).
What is the new rule for EPFO members?
- Union Labour Minister Mansukh Mandaviya announced that the enhanced insurance benefits under EDLI will continue, ensuring life insurance of up to ₹7 lakh for over 6 crore EPFO members.
- The extension will be effective from April 28, 2024, following the previous three-year extension period that ended in April.
Employees get these benefits
Insurance Cover: Life insurance cover of up to ₹7 lakh provides financial relief to families in case of death of the employee.
Eligibility: The extension covers all EPFO members, including those who have changed jobs frequently. The EDLI scheme provides significant financial security, complemented by other benefits such as provident fund contributions.
What are the changes for companies under ESIC?
- For employers, significant updates have been made to the Employees’ State Insurance Corporation (ESIC) guidelines aimed at improving employee welfare.
- ESIC provides medical benefits, cash benefits during illness and maternity leave to eligible employees.
- Employers play a vital role in making sure their employees are covered.
What do employers need to know?
- Employees covered by ESIC are entitled to medical care for themselves and their families. Employers must ensure that employees receive these benefits by paying contributions on time.
- Employers should ensure that these benefits are communicated to employees.
- Employers have to ensure timely compliance of both EPFO and ESIC requirements, thereby ensuring social security for workers.
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