EPFO has brought new updates for the employees earning more than 15 thousand salary, which includes many things like life insurance on PF account to inclusion of Aadhaar-UAN linking.
Now the coverage covered under the Employee Deposit Link Insurance Scheme 1976 has been increased from Rs.6 lakh to Rs.7 lakh.
Lucknow. Along with getting more than 15 thousand salary, if your PF is also deducted, then important information has come out for you. EPFO has brought some new updates for you. In this, things like life insurance available on PF account to Aadhaar-UAN linking have been included. This means that the insurance coverage under the Employee Deposit Link Insurance Scheme 1976 has been increased from 6 lakhs to 7 lakhs now.
In the video shared by EPFO through Twitter, Regional PF Commissioner Kartikeya Singh informed that due to EPFO, insurance facility can be availed through three schemes. In this, the Employee Deposit Link Insurance Scheme 1976 is prominent. Due to this, all the employees whose EPF is maintained automatically become members of this scheme. Also, neither any kind of premium has to be paid. In this, a grant of 0.5 percent of the salary is deposited every month on behalf of the employer. Apart from this, if the employee dies due to any accidental reason, then along with the amount of PF, the amount of insurance is also made available to the nominee.
Due to this, the insurance amount received was increased by the EPFO in April. Earlier it was Rs 6 lakh, which has now become 7 lakh. Also, in the form of minimum assurance benefit, people used to get a benefit of Rs 2.5 lakh, those who had lapsed this benefit, it will be made available to them. This decision was taken only because of Corona. Efforts are being made at this time to start the facility of e-nomination due to EPFO. Due to which you can file your nomination sitting at home.
At the same time, while keeping his point about Aadhaar linking, he also said that for a long time, discussions are being held about linking UAN and Aadhaar, only after which now the employee will now be directly connected to EPFO and many types of facilities. will be entitled to. Also, if the Aadhaar is not linked by September 1, the money will not be deposited in the employer’s account.
Apart from this, Dhirendra Kumar, CIO of Value Research, says that this is a very good start. But it is quite new and better than many earlier provisions. This is very helpful for those low-salary class people who are unable to buy their own insurance separately. Apart from this, EPFO should provide such facility that people can deposit the premium themselves inside it.
