Union Labour Minister Dr. Mansukh Mandaviya Chaired 237th Meeting of CBT of EPF

Current Context: Union Labour Minister Dr. Mansukh Mandaviya chaired the 237th meeting of the Central Board of Trustees (CBT) of the Employees' Provident Fund (EPF) on February 28, 2025, in New Delhi.

• During the meeting, the CBT recommended retaining the 8.25% annual interest rate on EPF deposits for the financial year 2024-25, consistent with the previous year.

Key decisions included:

• Enhancements in EDLI Scheme: Introduction of a minimum life insurance benefit of ₹50,000 for deaths within one year of service and coverage for non-contributory periods.
• Pension on Higher Wages (PoHW): 72% of applications related to the Supreme Court ruling on PoHW have been processed.
• Centralized Pension Payment System (CPPS): Successfully implemented across all regional offices, disbursing ₹1,710 crore to 69.35 lakh pensioners as of January 2025.

Question:

Q.1 What is the new minimum life insurance benefit under the Employees’ Deposit Linked Insurance (EDLI) scheme for deaths within one year of service?
a) ₹30,000
b) ₹50,000
c) ₹75,000
d) ₹1,00,000

Answer: b) The CBT introduced a minimum life insurance benefit of ₹50,000 under the EDLI scheme for employees who die within one year of service.