EPFO Hikes Insurance Cover up to rupees 6 Lakh
Dear All,
As per the article appeared in The Economic Times, New Delhi Edition, the labour ministry has agreed to significantly enhance insurance benefits under the Employees Deposit Linked Insurance (EDLI) Scheme of the retirement fund body EPFO.
The new limit is up 66% to 6 lakh as against rupees 3.6 lakh, now besides doing away with the mandatory requirement of continues employment of one year under current employer before being eligible for insurance benefits.
The scanned copy of the article is attached here with for your information.
This move of Central Board of Trustees (CBT) is likely to incentivize 4 crore subscribers of the scheme to stay put in the EPFO and comes when government is working towards making National Pension System (NPS) as an alternative to EPFO, thus threatening the existence of the EPFO.
You are requested to go through the article.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi,
Secretary
