"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 committee also approved a separate proposal to do away with the condition of two sets of calculations for computing sum assured for subscribers with less than 12 months of service and after completing 12 months, said the source.

After committee's nod, these proposals will be placed before the EPFO's apex decision making body the Central Board of Trustees' (CBT) headed by the Labour Minister in its meeting scheduled on September 16. Once the trustees give their nod, the EDLI scheme will be amended by a notification of the ministry. At present, in case of demise of a subscriber after one year continuous service in the same organisation, the nominee gets 20 times of average wage drawn during the past 12 months with 20 percent bonus on it.

With the wage ceiling of Rs 15,000 per month, the maximum amount assured works out to be Rs 3.6 lakh. The proposal provides that the maximum benefit should be raised to 30 times of the average pay drawn during preceding 12 months in addition to 50 percent of the average balance of the EPF account subject to a ceiling of Rs 1 lakh.

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