Speed Post News Network
New Delhi : The EPFO has put onboard Air India for social security coverage to service the Social Security needs of their employees. Air India Ltd applied for voluntarily covered u/s 1(4) of the EPF & MP Act 1952 which has been allowed vide gazette notification dated January 13, 2022 w.e.f. December 1, 2021.
The social security benefits will be provided to around 7,453 employees for whom contributions have been filed by Air India with EPFO for the month of December 2021, accordong to a PIB release..
These Employees of AIR INDIA now will be entitled to following benefits :
- The employees will receive extra 2% employer’s contributions in their Provident Fund Accounts at 12% of their wages. Earlier they were covered under the PF Act of 1925, where the contributions to the Provident Fund was at 10% by employer and 10% by employee,
- EPF Scheme 1952, EPS 1995 and EDLI 1976 will now be applicable to the employees.
- A guaranteed minimum pension of Rs 1,000 will be available to employees and pensions to family and dependents in case of death of employee.
- An assured insurance benefit in case of death of member will be available in the range of minimum Rs.2.50 lakh and maximum Rs 7 lakh. No premium is charged to the EPFO covered employees for this benefit.