This compensation is available even if the employee dies in an accident and for any other reason. Compensation is available even if you die from a major infection such as corona.
The Employees Provident Fund Organization (EPFO) pays a nominee Rs. Provides compensation ranging from Rs 2.5 lakh to Rs 7 lakh. This compensation is available even if you die from a corona virus infection.
If a private company has more than 20 employees, that company must register under the EPFO system. Accordingly, the Provident Fund facility should be provided to the employees. 12% PF on salary and pension. The same amount has to be paid by the company to the member PF account.
Here 3.67% of the 12% paid by the company will go to the employee PF account. 8.33% or a maximum of Rs. 1,250 will be added to the employee pension scheme. 0.5% or a maximum of Rs. 75 Employees Deposit Linked Insurance (EDLI) policy goes for employees. To receive compensation under the EDLI scheme, the PF member must have worked continuously for one year.
Compensation will be paid to his nominee or heir if the employee who is paid under this EDLI scheme dies during the working period. The minimum compensation depending on the basic salary of the member is Rs. 2.50 lakhs and the maximum compensation is Rs. 7 lakhs.
This compensation is available even if the employee dies in an accident and for any other reason. Compensation is available even if you die from a major infection such as corona.
Compensation
If a member died 5- IF to complete the form, working with the company’s official signature shall apply. Enclosed is the nominee or heir’s canceled bank check, death certificate and heir certificate.
For other benefits including money in the deceased’s PF account, Form 20 (PF amount), Form 10D (Pension) must be completed and submitted.
This compensation will be available within seven working days. The compensation amount will be credited to the nominee’s bank account.
Bank Insurance: May 25 to May 31 is very important ..!
The Prime Minister’s Accident Insurance Policy (Prime Minister’s Suraksha Bhima Yojana – PMSBY) has a premium of Rs. 2 lakh coverage is provided. Prime Minister’s Life Insurance Policy (Prime Minister Jeevan Jyoti Bima Yojana – PMJJBY) with a premium of Rs. 2 lakh coverage is provided.
Both of these insurances are offered to bank savings account holders. The premium is taken into a bank savings account from May 25 to May 31 each year. It is important to keep the amount of Rs. 342 in the bank account during this period.
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