Employees’ Deposit Linked Insurance Scheme, (EDILS) 1976. Also, the latest amendment seeks the restoration of commuted value of the pension to the Pensioners after 15 years of drawing commutation under the EPS 1995 scheme. Notification regarding Employees' Provident Fund Assistant Section Officer (Probationers) Examination Scheme, 2020 HO No. To extend the benefits of life insurance, the government has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in 1976, which becomes a part of the EPF Act. The core benefit of the EDLI Act is, the registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service. EDLI/3(39)SOM/2020/246 dated 17/07/2020 (243.8KB) 40 The meeting was virtual and the interest rate on EPF was also fixed for the financial year 2019-20. 6,00,000/- 75 per employee per month. Features of Employees Deposit Linked Insurance Scheme. Recent IT initiatives to make EPFO a paperless organization using the latest trends and technology. Employees Pension Scheme (EPS) Amendment 2019: Here's good news for lakhs of pensioners under Employee Pension Scheme!In a major decision, the Central Board of Trustees (CBT) EPF has approved the proposal to amend Employees' Pension Scheme (EPS) 1995 for the restoration of commuted value of pension to the pensioners after 15 years of drawing commutation. Employee Provident Fund (EPF): Employee Provident Fund (EPF) is a retirement benefit scheme … 15,000/- per month. The EPF has other associated facilities also such as Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance (EDLI). Amendment of paragraph 22(3) of Employees’ Deposit Linked Insurance (EDLI) Scheme, 1976. For EDLI – None. Employees’ Provident Fund Scheme, (EPS) 1952. The CBT has decided to increase the maximum sum assured under the Employees Deposit Linked Insurance (EDLI) Scheme 1976 from the current Rs 6 lakh to Rs 7 lakh. 75/-Calculation. If the basic salary goes above Rs. Here are the essential elements of EDLI, applied uniformly to all beneficiaries under the policy: EDLI applies to all employees with a basic salary under Rs. Under EDLI scheme, the family members of deceased employee will get minimum assurance benefit of Rs 2.5 lakh even if the member was employed in … 2. Here we will discuss the features of EPF EPS EDLI. 6 lakhs. For EPF – 3.67%. The contribution of Employer is calculated as. In the meet, the Board also approved an amendment in Para 28(4) of EDLI Scheme 1976 to delegate the power to Additional Central Provident Fund Commissioners to grant online exemption. Employees’ Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971)(EPS) Table below gives the rates of contribution of EPF, EPS, EDLI, Admin charges … 1. 3. HO No. 1,250/-For EDLI – 0.50 or max Rs. 7 lakhs from Rs. A-31011/1/2020-EXAM/14 dated 20/07/2020 (256.5KB) 41: Settlement of death claims on priority basis in events of industrial accidents etc. For EPS –8.33% or Rs. As per the EDLI (Amendment) Scheme, 2018 dated 21.02.2018: The Employer’s contribution must be 0.5% of the basic salary or a maximum of Rs. As a result, an increase in maximum assurance benefit to Rs. 15,000 per month, the maximum benefit is capped at Rs. Meaning, the latest amendment seeks to restore the original amount of pension after 15 years equal to the same amount as it would have been without commutation. For this, the Board has approved amendment in paragraph 22 (3) of EDLI 1976. 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