Car Allowance Subject to Epf
This major decision that was taken at the meeting was the increment of the the EPF. The sum insured for personal accident cover is INR.
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A minimum pension of Rs1000 was also approved.
. What is personal accident cover in car insurance policies. This is payable for all establishments that have or are employing 20 or more people and are engaged in an industry listed under one of the 180 industries under Section 6 of Act with 12 of the basic pay Daily Allowance food concession along with retaining allowance if there are any up to a maximum of Rs15000 each month. Personal accident cover in car insurance policies covers accidental death or disablements.
At this particular meeting a major decision was taken pertaining to the EPFO. The limit of the Employees Provident Fund Scheme was changed from Rs6500 to Rs15000. Employees Provident Fund EPF Scheme.
This is a much higher percentage in comparison to when it was Rs6500. If the ownerdriver of the car suffers accidental death or becomes fully or partially disabled in an accident the cover pays a lump sum amount.
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