Government imposed new rules on EPF, nominee to receive Rs. 7 lakh

New Delhi: In the Corona era, there is a relief news for the family of 4.5 crore people across the country. Now,

A huge relief during coronavirus to 4.5 crore by center. Now, on the sudden death of any Employee Provident Fund member, the nominee will get Rs 7 lakh of insurance.

Earlier, it was 6 lakh rupees now increasing by one lakh The EPFO’s Pension-EDLI Committee has approved it. The preparations have been started to replace the pension scheme 1995 with a new scheme.

Employees’ Provident Fund Organization has started Employees Deposit Linked Insurance Scheme since 1976 on sickness, accident, untimely or natural death of shareholder. In this regard, EPFO ​​Central Board of Trustees member Harbhajan Singh said, ‘the pension committee has approved the new decision. High Power Committee has been constituted. The formal seal will be put up at the CBT meeting on Wednesday. The minimum insurance amount will be 2.5 lakh’.

According to media reports, he said that on the lines of NPS, a new pension scheme is being introduced for PF members. The agenda has been given to the board members but the provisions have not been cleared, so all the members of the Pension-EDLI Committee on Monday will make the provisions.

Further added, Members raised questions on introducing new pension scheme without demand. However even the Supreme Court has said that pension is the right of employees. The new pension scheme of EPFO ​​is beyond comprehension.

On the sudden death of the shareholder, the nominee or legal heir can claim Form-5 for the sum assured. If the nominee is a minor, the Guardian can claim on his behalf. For this, the insurance company will have to give death certificate, succession certificate and bank details. If the claim is not paid within 30 days, the nominee will get an additional 12% interest.