EPFO has recently announced good news for the employees of EPF (Employee Provident Fund). If an individual saves the EPF for over 20 years, they will award him/her with a loyalty benefit of up to Rs. 50000 at the time of retirement. A senior official of EPF declared, and this will be under EDLI scheme.
The Central Board of Trustees (CBT) has suggested amending the Employees’ Deposit Linked Insurance Scheme (EDLI) and sent out the circulars stating the same. He said that the individuals with a Basic salary of Rs.5000 would be provided with Rs. 30000, Individuals with Rs.5000-10000 basic salary will be provided with Rs.40000 and persons with more than Rs.10000 basic salary will be provided with Rs. 50000. So this is good news for all the pensioners who did more than 20 years of service.
Initially, the money would be credited for two years on a pilot basis, and later on, the officials will participate in a meeting and take the further decisions. The services will be provided even if the individual saved the EPF for less than 20 years in cases of physically challenged people. EPFO board also declared that if a subscriber dies, then they will support the respective families by providing a minimum amount of Rs.2.5 lakhs.
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