PENSION SCHEMES FOR FAMILIES WHO LOST THEIR PARENTS OR GUARDIANS TO COVID-19 (2021 to 2022)

19 may 2021 The central government announced to help families who lost the earning member due to corona virus pandemic. The government will be providing pension to those families breadwinner due to COVID-19 pandemic and enhanced and liberalised insurance compensation.

Prime minister Narendra Modi said that his government stands in solidarity with their families. He also said that through these pension schemes, efforts are being made to migrate financial difficulties that may be faced by them.

The government pension scheme includes :Family pension under employees State Insurance operation (ESIC)

The government is extending the ESIC pension scheme for employment related death case to even those who have died due to covid-19 pandemic. Dependent family member of such person’s will provide a pension equivalent to 90% of the average daily wage drawn by the worker as per the existing norms.

Employee Provident Fund Organisation- employees deposit linked Insurance Scheme (EDLI)

BENEFITS OF THIS PENSION SCHEMES (EDLI)

1. Help the families of employees who have lost their life due to corona virus disease.

2. The amount of maximum insurance benefits has been increased from rupees 6 lakh to rupees 7 lakh.

3. The provision of a minimum insurance benefit of rupees 2.5 lakh has been restored and will apply retrospectively from February 15, 2020 for the next three years.

4. To benefit families contractual / casual workers the condition of continuous employment in only one establishment has been liberalised.

5. Benefits those families of even those employees who may be changed in jobs in the last 12 months preceding his death.

6. Children who have lost parents to COVID-19 pandemic will also get a monthly stipend after turning 18 and a found of Rs 10lakh when they turn 23from PM-CARES fund.

7.The children will be associated to get an education loan for higher education and PM-CARES will pay the intrest on loan.

Apply on this pension scheme for the branch office ESI corporation.

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