EPFO aboard Air India to provide social security coverage to employees | News about personal finance
EPFO aboard Air India to provide social security coverage to employees |  News about personal finance

EPFO aboard Air India to provide social security coverage to employees | News about personal finance

New Delhi: Employees Provident Fund Organization (EPFO) has boarded Air India to offer social security coverage to airline employees. More than 7,400 employees of Air India, for whom Air India has contributed to the EPFO ​​for the month of December 2021, will start receiving the benefits.

Here is the list of benefits that can be received by Air India benefits below

– Air India employees will receive an additional 2% of the employer contributions on their Provident Fund accounts to 12% of their salary. Previously, Air India employees were covered by the PF Act of 1925, where contributions to the Provident Fund were 10% of the employer and 10% of the employee.

– In addition, the EPF Scheme 1952, EPS 1995 and EDLI 1976 will now apply to Air India employees.

– In addition, Air India employees will receive a guaranteed pension of Rs 1000. In the event of the employee’s death, the workers’ family members will continue to receive the benefits.

The insured insurance benefit in case of death of a member will be in the range of minimum Rs 2.50 lakhs and maximum Rs 7 lakhs. No additional premium is charged to the EPFO-covered employees for this service.

According to a report from PIB, Air India and Indian Airlines, since 1952-53, were two separate companies covered by the PF Act 1925. In 2007, both companies were merged into a single company – Air India Ltd. Also read: Budget 2022: 5 Union budgetary tradition changes introduced for the first time under the Modi government

While the employees enjoyed the benefits of the maintenance fund, the benefits of a statutory pension scheme or insurance scheme were missed. There were other self-financing annuity-based pension schemes in which employees had voluntarily invested. Also read: WhatsApp boss said THIS about the launch of an iPad app

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