NEW DELHI: The amount of insurance compensation offered by EPFO’s group insurance scheme for employees who died of Covid-19 infection has been increased from Rs 6 lakh to Rs 7 lakh.
The Ministry of Labor announced the relationship on Sunday and announced additional benefits for employees under the EPFO and ESIC jurisdictions.
ESIC (Employee State Insurance), dying of Covid-19 Dependents of employee registered under corporation) will get a pension. The EPFO Employee Group Insurance Scheme Deposit Based Insurance (EDLI) has been increased from Rs 6 lakhs to Rs 7 lakhs.
With an increasing number of Covid-19 casualties, employees are more concerned about their family’s well-being. Therefore, additional facilities are being provided under the EPFO and ESIC, ”the Labor Ministry said. The social security facility is being offered at no additional burden to employers. An average of 90 percent of the pension will be available to the wife, mother, and children until they are 25 years old. If there is a girl, she will get married.
Dependents of the family of an employee registered on the ESIC web portal before being infected with Covid-19 are entitled to benefits if the employee dies of Covid. However, the employee must be registered with the ESIC online portal for at least 3 months before the arrival of Covid-19. Secondly, the employee must have been employed for at least 78 days and received a salary. The project will be available for a two-year period starting March 24, 2020.
EDLI Scheme Overview
Under the EPFO Employee Deposit Based Insurance Scheme (EDLI), all members of the PF holder’s family are eligible for benefits when the PF holder dies.
If the current employee dies, the employee does not have the minimum tenure clause to pay the pension to their dependents. If the employee is sick, 70 percent of the 91 days of the year will be paid as a sickness allowance.
On the death of an employee in the EDLI scheme, the Labor Ministry has issued a notification raising the maximum amount of insurance compensation for family dependents from Rs 6 to Rs 7 lakh. The minimum amount is set at Rs 2.5 lakh. These facilities are also available for contract-based employees.