EPFO Latest Update: Employees’ Provident Fund Organization (EPFO) has extended the last date for adding nominees through online e-nomination.
The last date was 31st December 2021 which has been extended. However, as of now no deadline has been fixed for e-nomination. Explain that every member of EPFO gets the facility of insurance cover under the Employee Deposit Linked Insurance Scheme.
In this, a maximum of Rs 7 lakh is paid to the nominee under the insurance cover. Let us tell you that in the year 2021, the limit of the sum insured given under the Employee Deposit Linked Insurance Scheme 1976 (EDLI Scheme) has now been increased from Rs 6 lakh to Rs 7 lakh.
Under the latest amendment, now the claim for this insurance cover will be 35 times of the last basic salary + DA, which was 30 times earlier. Also, now there will be a maximum bonus of Rs 1.75 lakh, which was earlier Rs 1.50 lakh maximum. This bonus is considered to be 50% of the average PF balance during the last 12 months.
For example, if the basic salary + DA for the last 12 months is Rs 15000, then the insurance claim is (35 x 15,000) + 1,75,000 = Rs 7 lakh. This is the maximum claim.
