Posted by & filed under Provident Fund - (Notification -Circulars), Provident Fund Benefits.

 This Scheme may be called the Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2021

  • Who was in the employment of the same establishment & was in employment is to be inserted
  • The claim amount under ELDI is 35 times the average monthly salary in the past 12 months subject to a maximum of 7 lakh (5.25 lakh basic + 1.75 lakh bonus).
  • The average monthly wages are drawn (subject to a maximum of fifteen thousand rupees), during the twelve months preceding the month in which he died, multiplied by thirty-Five times plus fifty percent. of the average balance in the account of the deceased in the Fund or of a provident fund exempted under section 17 of the Act or under paragraph 27 or 27 A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding twelve months or during the period of his membership, subject to a ceiling of one lakh and Seventy-Five thousand rupees (Whichever is less has been omitted)
  • The assurance benefit shall not be less than two lakh and fifty thousand rupees
  • For declaring false information or false submission of return Employer shall be punishable with imprisonment which may extend to one year or with fine the punishment is Rs Twenty-Five Thousand or with both
  • The scheme shall be in force for a period of three years with effect from the date of publication of this Scheme in the Official Gazette
  • The Scheme is given effect retrospectively from the 15th day of February 2020, which will not adversely affect the interests of any person

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