New Delhi: In the last few days, the Employees’ Provident Fund Organization (EPFO) has changed many of its rules. Apart from this, it has also announced the launch of many new facilities for the convenience of crores of members.
Meanwhile, the pension body has also introduced new rules for the Deposit Linked Insurance Scheme (EDLI). The Employees’ Provident Fund Organization has made this amendment in EDLI in the meeting of the Central Board of Trustees (CBT) held recently. Let us tell you that in this meeting, the CBT had decided to retain the EPF interest rates for the financial year 2025.
Changes in the rules for minimum insurance
EPFO has changed the rules for minimum insurance for short service. Now if a member dies before completing the service period, his family will get a life insurance benefit of Rs 50,000. This move of the pension body is expected to benefit 5,000 people every year.
In these cases, you will get the benefit of EDLI scheme
Earlier, if a member died after a long gap in EPF contribution, he did not get the benefit of Deposit Linked Insurance Scheme (EDLI). But after the change in the rule, if a member dies before 6 months from the last contribution deposited by him, then he will be given this benefit. However, it is mandatory for his name to be in the employer’s list. This amendment of EPF is likely to benefit more than 14,000 such cases every year.
Gap between one job and another will not be considered
At the same time, the third biggest change in the pension body is related to the recognition of service continuity. Actually, earlier if there was a gap of one or two days during the job like Sunday or any festival holiday, then the member did not get the benefit of EDLI. This used to happen because the continuity in service was not complete, but now a gap of up to two months between one job and another will be considered as service continuity. With this step of EPFO, members will be able to avail EDLI benefits ranging from Rs 2.5 lakh to Rs 7 lakh and it is expected to help in 1,000 cases every year.
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