Insurance benefits to stay for PF subscribers

• The Centre has decided to extend providing benefits of Employees’ Deposit Linked Insurance (EDLI) Scheme to all subscribers of Employees’ Provident Fund Organisation and their family members till further notice.

Highlights:

• The Centre has decided to extend the benefits of the Employees’ Deposit Linked Insurance (EDLI) Scheme for all subscribers of the Employees’ Provident Fund Organisation (EPFO) and their families until further notice. The previous benefits had ended in April 2024.

Background of the EDLI Scheme:

• The EDLI scheme, initiated in 1976, aims to provide insurance benefits to EPFO members, ensuring financial assistance to their families in the event of the member's death. In 2021, the minimum and maximum benefits were increased from ₹1.5 lakh and ₹6 lakh to ₹2.5 lakh and ₹7 lakh, respectively. These enhanced benefits were valid for three years and expired on April 27, 2024.

Recent Decision:

• Labour Minister Mansukh Mandaviya approved the decision to make EDLI benefits applicable retrospectively from April 28, 2024, with no further notifications required for continuation. This move means that the benefits will remain in effect indefinitely.

Focus on Gig and Platform Workers:

• In parallel, Mr. Mandaviya met with stakeholders from the gig and platform sectors to discuss the implementation of a social security scheme for these workers. He highlighted the formation of a committee tasked with developing a framework for social security and welfare benefits tailored for gig and platform workers.

Meeting Highlights:

• Mr. Mandaviya chaired discussions with representatives from platform workers’ associations.
• He emphasized the importance of incorporating input from these associations to create an effective social security mechanism.
• The committee's objective is to gather perspectives from all relevant stakeholders to ensure comprehensive welfare solutions for gig and platform workers.

Prelims Takeaways:

• Employees’ Provident Fund Organisation
• Employees’ Deposit Linked Insurance (EDLI) Scheme