Maximizing Employee Protection: Unlocking EPF Benefits through the Employee Deposit Linked Insurance Scheme (EDLI)

Introduction:

As professionals, we strive for financial security and peace of mind, not just for ourselves but also for our loved ones. In India, the Employee Provident Fund (EPF) has been instrumental in providing employees with long-term savings and social security benefits. Within the EPF framework, the Employee Deposit Linked Insurance Scheme (EDLI) stands out as a vital component, offering valuable life insurance coverage to employees. In this article, we will explore the benefits of the EDLI scheme and guide you through the process of availing these benefits.

Understanding the EDLI Scheme:

The Employee Deposit Linked Insurance Scheme (EDLI) is a comprehensive insurance scheme introduced by the Employees' Provident Fund Organization (EPFO). It serves as a safety net for employees, ensuring financial protection for their families in the unfortunate event of their untimely demise during their employment tenure.

Key Benefits of the EDLI Scheme:

1. Life Insurance Coverage:

The EDLI scheme offers life insurance coverage to employees. The insurance amount is calculated as a multiple of the employee's average monthly salary and dearness allowance, subject to a maximum limit of Rs. 7 lakh. This coverage provides a crucial financial cushion for the employee's family, helping them navigate challenging times.

2. No Additional Contribution:

One of the most significant advantages of the EDLI scheme is that employees are not required to make any additional contributions towards the insurance premium. The entire premium is borne by the employer, making it an attractive benefit that enhances financial security for employees at no extra cost to them.

3. Universal Coverage:

The EDLI scheme is designed to benefit all employees eligible for EPF, irrespective of their salary level or designation. This means that every employee, regardless of their income, can access life insurance coverage through the scheme. It ensures equitable protection for all employees, fostering a sense of security within the workforce.

4. Hassle-Free Access:

The process of availing EDLI benefits is relatively straightforward, thanks to the streamlined procedures put in place by the EPFO. There is no requirement for employees to undergo a medical examination or adhere to a waiting period to access the benefits. This ease of access ensures that employees can quickly secure the financial protection they deserve.

Process of Availing the EDLI Benefits:

1. Employer's Role:

• Employers play a critical role in facilitating the EDLI scheme. They are responsible for submitting the EDLI declaration form and ensuring accurate and timely payment of the monthly insurance premium to the EPFO.

• Employers must maintain up-to-date nominee details for all employees, as this information will be crucial during the claim process.

2. Employee's Responsibility:

• Employees should ensure that their employers have their nominee details correctly documented and updated.

• It is advisable to review and verify the accuracy of the nominee's information periodically to avoid any complications during the claim process.

Claiming the Benefits:

In the unfortunate event of an employee's demise, the family members or legal heirs can follow these steps to claim the EDLI benefits:

• Inform the employer about the employee's passing as soon as possible.

• The employer will guide the family members through the necessary documentation, including the completion of the EDLI claim form.

• Submit the completed claim form, along with supporting documents such as the death certificate, nominee details, and other required paperwork, to the EPFO office.

Conclusion:

The Employee Deposit Linked Insurance Scheme (EDLI) adds an extra layer of financial protection to employees covered under the EPF. With its life insurance coverage and ease of access, the scheme ensures that employees and their families can face unforeseen circumstances with greater confidence. By understanding the benefits and availing the EDLI scheme, employees can secure their family's future, providing a much-needed safety net during challenging times. Employers play a pivotal role in facilitating the scheme, ensuring accurate documentation and timely premium payment. Together, the EPF and the EDLI scheme foster a supportive work environment, reinforcing the importance of employee welfare and financial security.

Basic 4 Keys to Hire a Talent

Basic 4 Keys to hire a Talent

For a Recruiter, Recruitment and Talent Hiring is the biggest task, role and challenge to get hire an appropriate and best candidate to complete the mission of organization.

Recruitment and talent hiring is a time taken process when you are choosing a suitable candidate to get lined-up for further technical round and to get selected to come him or her on board.

“Recruitment and Selection of a candidate is like a picking up a good mango from a tree of mangoes that has all the qualities as you want or looking for.”

Setting the criteria is most important key part for choosing or picking the perfect profile. To pick a perfect candidate, screening, marking key skills and hash tags are playing biggest role to choose from various online or offline job boards or portals. It is very effective to sharing the Job Roles, Profile and Responsibilities first to the candidate as well.

4 Basic Keys or Steps to hire:

1. Job description and Key Result Areas must be fixed before hiring or posting relevant jobs and opportunities into Job Boards / Portals.
2. Source as per defined Job Roles and Key Responsibilities
3. Criteria must be mapped before proceeding to post the Job like Years of Experience, Domain Area, Salary Range, Pre & Post Qualification experience, Required Qualification, Location preferred etc.
4. Job Posting must start with mentioned basic criteria:

• Job Location
• Job Roles,
• Job Profile,
• Job responsibilities,
• Required experience range Min to Max,
• Required salary range Min to Max,
• Required essential qualification,
• Joining time

I am sharing just a basic fundamental hiring tips. The list is shared with an intent to help all beginner recruiters. I will appreciate if readers can add their observation add more to this list :).

Even God is neither “Experienced” nor “Skilled” – Every Second is Startup

It is not my justification or purpose to tell or point out to God to be efficient and inefficient, but an effort to share that no one borne as skilled and experienced.

“God in not Great” written by Chritopher Hitchens, it was written about to “Religions” but I’m writing to understand that even God is neither “Experienced” nor “Skilled”.

In this world of Globalization everyone is engaged to enhance their skills and working hard to get experienced. Everyone seeking and looking for inspirations from best motivational speakers, taking motivation from hollywood or bollywood movies or films, following to their Guru’s to keep updated with Spiritual knowledge and following.

But still the question is remaining the same that is, who is knowledgeable?, Who is more experienced? Or who is more skilled?

If anyone tried to get right answer of said mentioned questions it result becomes “ZERO”.

From our ancestors, we are getting knowledge of our culture and rites. There are many religions in this world and all religions have their own rules, cultures and rites.

In every second many people are being born and died. And at the same time other people are working hard to get survived for their self and family.

“Take the risk of thinking for yourself”

If everything is right then, why things are running differently? Actually God is taking experience and enhancing their skills too. So I believe that “GOD is NOT EXPERIENCED or SKILLED”. God is Learning from everything whatever present in this world and by living life.

Similarly, every creature in this world learns something every day in order to strengthen itself. When a lion hunts and fails, then he tries to hunt more efficiently. And this sequence moves forward. He does not learn to lose and gets sustained skill.

People kick up to luck and say that I did not get this (things) or failed to get it (things), while at that time they should have continued to do karma and hard work. The sensible thing behind the life is that God is working on enhancing own self skill and experience.

In ancient times, God used to give any blessing to his devotee without any thought and had to repent to him several times later. But they were never stop to give blessings to their devotees. The devotees used to perform extreme penance till the blessing received. Where, “Penance reflects karma” and “Blessings show the result of work done”.

Believe on your work done and learn instead of blaming or kick up to luck and choose your own “HARD WORD” or “WORK HARD”. If God is getting experience from us then we are waiting for what. Learn from everything this world is our; Not to be as feeling of jealous, but learn to teach and teach to learn. Learning from failures and mistakes are playing most important role in our life.

Learning is never ending process; don’t lose it so get it to get experienced and skilled.

Views and opinions are requested.