Employees' Deposit-Linked Insurance (Second Amendment) Scheme 2024

Here are the key highlights of the amendments:

Effective Date: The amendments are deemed to have come into force on 28th April 2024.

Revised Assurance Benefits: In case of the death of an employee who was continuously employed for 12 months prior to their death:

• The benefit payable includes 35 times the average monthly wage (capped at ₹15,000/month), plus 50% of the average balance in the provident fund during the preceding 12 months (subject to a ceiling of ₹1,75,000).
• The minimum assurance benefit is ₹2.5 lakh.
• The maximum assurance benefit is ₹7 lakh.

Part-Time Employees: For part-time employees working across multiple establishments:Benefits are calculated based on the aggregate average wages from all establishments, subject to the wage ceiling of ₹15,000/month.