EPFO has issued an important notification. According to reports, 6 crore employees will benefit from this.
A portion is compulsorily deducted from the salary of the employees in an organization and deposited in this EPF. Employees and owners deposit certain amount here
Employees Provident Fund Organization (EPFO) administers this fund under the Employees Provident Fund and Others Act, 1952. It offers attractive rates of return, which are higher than the rates offered in banks.
It will ensure life insurance coverage of up to Rs 7 lakh to over 6 crore EPFO members.
The EDLI project was launched in 1976. Its objective is to provide insurance benefits to the members of the Employees' Provident Fund so that in case of death of an EPFO member, his family members do not have to face financial problems. Financial assistance may be provided to each member's family.
As per the recently released notification, the employees will be given a life insurance benefit of Rs.7 lakh.
This rule came into effect from 28 April 2024. That means around 6 crore workers will benefit from this.
