RBI Grade BNABARD ESISEBI
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Context:
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EPFO has announced that weekends, holidays and job gaps up to 60 days will no longer be treated as a break in service while determining eligibility for insurance benefits under the Employees’ Deposit Linked Insurance (EDLI) scheme.
What will now be treated as continuous service?
- Weekends & weekly offs (Sat/Sun) between jobs
- National, gazetted, State & restricted holidays
- Job gap up to 60 days, if member worked in multiple EPF-covered establishments
Employees’ Deposit Linked Insurance (EDLI) Scheme
The EDLI Scheme (1976) is a compulsory life-insurance cover provided to all employees who are members of the Employees’ Provident Fund (EPF). It ensures a lump-sum financial benefit to the nominee/legal heir in case the employee dies while in service, regardless of cause, location, or duration of employment.
Key Features
- Automatic Cover
- No separate registration — coverage applies automatically to all EPF members.
- No Employee Contribution
- Employees pay ₹0. Contribution is entirely by the employer.
- Employer Contribution
- Employer pays 0.5% of basic wages + DA (up to a ceiling wage of ₹15,000).
- Insurance Benefit
- Lump-sum amount to nominee on death during service:
- Maximum payable: ₹7 lakh
- Minimum assured benefit also mandated
- Universal Coverage
- Covers death due to natural causes, illness, accident, workplace or elsewhere, even abroad.
