EPFO wants employers to embrace digital signature
EPFO wants employers to embrace digital signature As per EPFO, the insurance benefits under EDLI will continue to offer life cover of up to Rs 7 lakh
Earlier this month, the Employees Provident Fund Organisation (EPFO), the retirement fund body, approved the use of e-sign as part of the e-governance plan. In reality, electronic signatures, or e-signs, have been introduced to the e-governance agenda to emphasize the necessity of safe verification. There are standards in place that outline the potential legal consequences of abuse or misuse. As a result, employers must carefully adhere to the procedures outlined. There are additional procedures in place for managing Digital Signature Certificates (DSC) and e-Sign.
The verification procedure has been simplified with the most latest requirements, ensuring compliance and security. The Central PF Commissioner had already issued circulars mandating the usage of DSCs. An employer or approved signatory must register at least one DSC with the EPFO.
The EPFO has expanded life insurance coverage under the Employees’ Deposit Linked Insurance (EDLI) scheme. The same was stated by Union Labour Minister Mansukh Mandaviya.
With the upgrades, EDLI will continue to provide a life cover of up to Rs 7 lakh for more than six crore EPFO members from April 28, 2024. This will benefit the families of members—even if they have changed occupations frequently—in the event of their death.
The EDLI system offers cash assistance in addition to provident fund contributions and other perks.
Stay tuned, to PeopleManager.co.in for further updates on the evolving workplace paradigm.
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