Retirement fund body EPFO’s subscribers will get loyalty-cum-life benefit of up to 50 thousand rupees at the time of retirement for contributing to the scheme for 20 years or more.
The EPFO board has decided that the benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years.
The Employees’ Provident Fund Organisation’s, EPFO, apex decision making body, the Central Board of Trustees, has recommended a minimum sum assured of 2.5 lakh rupees in the event of death of a subscriber.
The benefits will be available to members after government approval. Initially, these will be provided for two years on a pilot basis and will be reviewed thereafter.
The board has recommended such benefits in view of a huge corpus of over 18 thousand crore rupees in the fund. At present, the dependants of the deceased get a sum assured of up to 6 lakh rupees. There is no provision of minimum insurance and any benefit for surviving members or in cases of permanent disability under the scheme.