The Employees’ Deposit Linked Insurance (Amendment) Scheme, 2018

Feb 20, 2018 | by Avantis RegTech Legal Research Team

A |  A

Ministry of labour & Employment vide notification dated February 15, 2018 has further amended the Employees’ Deposit Linked Insurance Scheme, 1976. Vide this amendment-

·       In paragraph 22 in sub-paragraph (3), clause (i), shall be substituted which reads as- the average monthly wages drawn (subject to a maximum of Rs.15000), during the 12 months preceding the month in which he died, multiplied by 30 times plus 50% 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 27A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding 12 months or during the period of his membership, whichever is less subject to a ceiling of Rs.1,50,000:

Provided that the assurance benefit shall not be less than Rs. 2,50,000.

Provided further that the assurance benefit shall not exceed Rs. 6,00,000:

The provisions of the first proviso of clause (i) of sub-paragraph (3) of paragraph 22 shall be in force for a period of 2years from the date of publication of this Scheme in the Official Gazette.”

[G.S.R. 170(E)]




Related Updates

Alternate Text

Get updates on the go on RuleZbook Mobile App.