Return Of Members Of Insurance Fund Leaving Service During The Month Of...19

EMPLOYEES’ DEPOSIT-LINKED INSURANCE SCHEME, 1976:

Indian Constitution under ‘Directive Principles of State Policy’ provides that the state shall make useful provision towards ensuring social security for the employees among other directives.The EPF & MP act 1952 was the first act which was enacted by the Central Government as an important legislative initiative by the inspiration of Directive policy with the goal to provide social security to employees.The legislative enactments related to social security in the organized sector includes Employees’ Provident Funds and Miscellaneous Provisions Act 1952, Employees State Insurance Act 1948, the employee’s deposit-linked insurance scheme 1976 and Employees Pension Scheme 1995.The EDLI scheme was enacted as a part and parcel of the social benevolent legislations enacted by the Government of India in 1976.The socio economic condition of India traditionally had higher unemployment rates. In case, one of the family members becomes lucky enough to find a job rest of the family members become economically dependent upon him. When that person retires, the entire family lives on his retirement income / Pension. But several such situations came where the person died before completion of service.Other legislation such as EPF act and misc provisions act or employee pension schemes were not sufficient in solving the problems arising out of early death of an employee. This part of the problem was clearly left unaddressed.It is felt by the govt that social security aspect of employee is required to be looked into with greater importance in such situation. In this backdrop, the Act was amended to incorporate an insurance scheme through the promulgation of Employees’ Deposit Linked Insurance (EDLI) Scheme in 1976.The scheme helps the dependent family member by extending financial assistance in case of accident or death of an employee.This Scheme, like other social security schemes, was designed to guarantee at least a minimum level of financial support for the sustenance of dependent family members when the earning member dies or suffers a disability.


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