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EPFO panel approves raising insurance cover to Rs 5.5 lakh

"The Employees' Provident Fund Organisation's Pension and EDLI Implementation Committee has approved the proposal to raise the maximum insurance benefit to Rs 5.5 lakh for its over six crore members under its Employees' Deposit Linked Insurance Scheme in a meeting held here today," a source said.

 
 
The contribution of central government is calculated at the rate of 1.16 per cent of the monthly wages of the members contributing to the scheme.
The comments come as EPFO said on Thursday it would invest in stocks this year for the first time.
The investment would begin with 1 per cent of EPF-related money which could eventually go up to 15 per cent, Union Minister of State for Labour Bandaru Dattatreya said.
However, these employers would have to make payments electronically through Internet banking after September this year.
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