To extend the benefits of life insurance to private sector employees, the government has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in 1976. With effect from 28.04. 2021, the EPFO has increased the maximum benefit to Rs. 7 lakh for the registered nominees of the deceased member.
THE EMPLOYEES' PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952. (Act No. 19 of 1952) 4th March, 1952. An Act to provide for the institution of provident funds, pension fund and deposit-linked insurance fund for employees in factories and other establishments.
The Employees' Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments.
What is Employee Pension Scheme 1995 or EPS 95? EPS 95, also called the Employee Pension Scheme 1995, is a type of social security scheme launched by the Employees' Provident Fund Organisation (EPFO) on 19th November 1995. The Employee Pension Scheme (EPS) intends to benefit employees post their retirement.