New Delhi: Updated qualifying requirements for the Employees’ Deposit Linked Insurance (EDLI) plan have been formally announced by the Ministry of Labour and Employment, guaranteeing eligible EPFO subscribers a minimum assurance benefit of Rs 2.5 lakh.
The updated standards streamline implementation across establishments by making clear the circumstances in which the guaranteed benefit is applicable.
To be eligible for the minimal payout under the new standards, a subscriber must have worked continuously for the same company for at least 12 months before their death.
The scheme’s disbursal method, which had previously been interpreted differently by claimants and employers, is now more transparent and consistent.
Given growing worries about the financial vulnerability of low-income workers and their families, the notification is viewed as a component of the government’s larger initiative to strengthen social security for workers in the formal sector.
The EDLI plan, which was introduced as a component of the EPF framework, offers life insurance coverage connected to provident fund contributions. It is anticipated that a more predictable and accountable claims process would benefit both companies and employees now that the updated conditions are clearly outlined.
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