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EPFO Insurance Cover: Good news for EPF account holders, up to 7 lakh insurance cover

new Delhi: The insurance amount of EPF account holders has increased. The Central Board has approved the amendment of the Employees’ Deposit Linked Insurance Scheme, 1976. With which the present maximum profit can be increased from 6 lakh to 7 lakh rupees. In the event of unfortunate death of serving employees through this amendment, the family will now get financial assistance of Rs seven lakh instead of six lakh. Also Read – Big decision on EPFO ​​- Interest on PF fixed, crores of people will get this benefit

The decision was taken in the 227th meeting of the Central Board of Trustees (CBT) of the EPF chaired by Minister of State for Labor and Employment Santosh Gangwar on Wednesday. In view of the extraordinary situation arising out of Corona, the Central Board also reviewed the agenda related to interest rate. The Central Board has recommended the Central Government to keep the same rate of 8.50 percent. This will include 8.15 percent from ETFs (exchange traded funds) and loan income, and the remaining 0.35 percent capital gains by December 31, 2020. Also Read – How To Check EPF Balance On Umang App Online: How To Check EPF Balance On Umang App, Follow These Steps

The Central Board commended the EPFO ​​personnel for continuing the services smoothly even during the Kovid epidemic. The Central Board was also made aware of the relief measures announced by the Central Government for establishments and members under the Pradhan Mantri Garib Kalyan Yojana, which has been successfully implemented by the EPFO ​​on the digital platform. Also Read – EPF Account: Now merging of new and old PF account is easy, know the whole process here

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Kim Diaz

Kim recently joined the team, and she writes for the Headline column of the website. She has done major in English, and a having a diploma in Journalism.

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