Govt announced benefits for families of Covid-hit EPFO, ESIC members and it includes pensions for dependents of insured persons with Employees’ State Insurance Corporation (ESIC). The government has also announced a hike in the maximum sum provided under the group insurance scheme. Employees’ Deposit Linked Insurance Scheme (EDLI) that is run by EPFO from 6 lakh to 7 lakh after making registration for EPFO. EPFO to allow second COVID-19 advance withdrawal of the deceased family members who have made EPF Registration through an online portal. In this article, we will discuss Govt announced benefits EPFO, ESIC members.
Govt announced benefits EPFO, ESIC members
The families of insured persons are supported under the ESIC scheme by providing the same benefits to the dependent families, who have made ESIC registration before the diagnosis of COVID and subsequent death due to it. As is received by the dependents of insured persons who pass away or die due to employment injury and two other conditions.
The first condition that needs to be satisfied to avail of the recent benefits announced is that the Insured person must have ESIC registration on the portal online three months before the diagnosis of COVID-19 resulting in his subsequent death.
The second condition that needs to be met is that the insured person must have been employed for wages and must have made a contribution for a minimum of 78 days should have been paid in respect of an insured person who passed away due to COVID-19.
The insured person and their dependents that passed away due to COVID-19, who satisfactorily fulfills the eligibility criteria, are entitled under ESIC and EPFO, to receive a monthly payment at the rate of 90% of the average daily wages that they earned during their life.
Under Employees’ Deposit Linked Insurance Scheme
Starting from March 24, 2020, this scheme will be effective for 2 two years Under the Employees’ Deposit Linked Insurance Scheme (EDLI) of EPFO, the dependent family members of the members of this EDLI scheme would also be entitled to avail the benefits of EDLI in case of death of the member.
Other benefits announced by Central Government
- Restoration of the provision of minimum compensation of 2.5 lakh retrospectively from 15th February 2020.
- It has been estimated by the ministry that in the coming three years all the eligible family members will get an additional benefit of Rs 2185 Crore from the EDLI fund from the period of 2021-2022 to 2023-2024.
- The number of families estimated under the scheme to get the benefits on the account of deaths is around 50,000 families every year. Also, it includes an increase in claims taking into account the deaths of estimated 10,000 workers which may occur due to COVID-19.
These welfare measures are much awaited by the deceased and their families of EPFO and ESIC members and workers who have lost their lives to COVID-19 and will help them in this tough time from financial struggle.
If you want any other guidance related to ESIC Registration or EPF Registration, please feel free to talk to our business advisors at 8881-069-069.
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