EPFO’s big decision, insurance amount on PF increased to seven lakh rupees

New Delhi The Ministry of Labor has increased the maximum insurance amount to Rs seven lakhs under the Employees Deposit Linked Insurance (EDLI) Scheme, 1976 in EPFO, which was till now Rs six lakhs. The Board of Trustees of the Employees’ Provident Fund Organization (EPFO), under the chairmanship of Labor Minister Santosh Gangwar, decided to raise this limit to seven lakh on September 9 last year.

EPFO keeps minimum sum assured at Rs 2.5 lakh

The minimum insured amount under the scheme has been kept at Rs 2.5 lakh, which has been decided to continue even after February 14, 2020.

Labor Secretary Chandra said – Notification of maximum Sum Insured will be applicable from the day of issue

Labor Secretary Apoorva Chandra said that this maximum limit of seven lakh rupees will be applicable from the day of notification. The minimum time limit of Rs 2.5 lakh expired on February 14, 2020 and will be considered applicable from the next day i.e. February 15.

EDLI’s benefit will be given to the family of the deceased employee

The board also decided in a March meeting last year that even if the employee worked in more than one company in the period up to 12 months before the month of death, his family would still get the benefit of EDLI.