The Employees’ Provident Fund Organisation (EPFO) has extended the enhanced life insurance cover under the Employees’ Deposit Linked Insurance (EDLI) scheme. Here’s what it means for employees and how employers must adjust to changes under the Employees’ State Insurance Corporation (ESIC).

What’s new for EPFO members?

Union Labour Minister Mansukh Mandaviya announced that the enhanced insurance benefits under EDLI will continue, ensuring a life cover of up to ₹7 lakh for over 6 crore EPFO members.

This extension, effective from April 28, 2024, follows a previous three-year enhancement period that ended in April.

Key highlights

Life Cover: Up to ₹7 lakh in life insurance, providing financial relief to families in case of the employee’s death.

Eligibility: The extension covers all EPFO members, including those who changed jobs frequently.

The EDLI scheme provides vital financial protection, complementing other benefits like provident fund contributions.

What changes for employers under ESIC?

For employers, there have been significant updates in the Employees’ State Insurance Corporation (ESIC) guidelines aimed at improving worker welfare.

ESIC provides medical benefits, cash benefits during sickness, and maternity leave for eligible employees.

Employers play a critical role in ensuring their workers are covered.

What employers should know

Employees covered by ESIC are entitled to medical care for themselves and their families. Employers should ensure that workers receive these benefits by promptly paying contributions.

Employers must ensure that these benefits are communicated to employees.

Employers need to ensure timely compliance with both EPFO and ESIC requirements, securing social security for workers.