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Family Pension to be given to dependents of those who lost their lives due to Covid under Employees State Insurance Corporation
Insurance benefits under the EDLI scheme enhanced and liberalized
These schemes will help mitigate financial difficulties faced by the families: PM

In addition to the measures announced under PM CARES for Children- Empowerment of Covid affected children, Government of India has announced further measures to help families who have lost the earning member due to Covid. They will provide pension to families of those who died due to Covid and an enhanced & liberalised insurance compensation.

PM said that his Government stands in solidarity with their families. He also said that through these schemes, efforts are being made to mitigate financial difficulties that may be faced by them.

Family Pension under Employees State Insurance Corporation (ESIC)

To help family live a life of dignity and maintain a good standard of living, benefit of ESIC pension scheme for employment related death cases is being extended to even those who have died due to Covid. Dependent family members of such persons will be entitled to the benefit of pension equivalent to 90% of average daily wage drawn by the worker as per the existing norms. This benefit will be available retrospectively with effect from 24.03.2020 and for all such cases till 24.03.2022.

Employees Provident Fund Organization- Employees’ Deposit Linked Insurance Scheme (EDLI)

The insurance benefits under the EDLI scheme have been enhanced and liberalized. Apart from all other beneficiaries, this will in particular help the families of employees who have lost their lives due to COVID.

Amount of maximum insurance benefit has been increased from ₹ 6 lakh to ₹ 7 lakh
The provision of minimum insurance benefit of ₹ 2.5 lakh has been restored and will apply retrospectively from 15th February 2020 for the next three years
To benefit families of contractual/ casual workers, the condition of continuous employment in only one establishment has been liberalized, with benefit being made available to families of even those employees who may have changed jobs in the last 12 months preceding his death.

Detailed guidelines of these schemes are being issued by the Ministry of Labour and Employment.

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PM to inaugurate InFinity Forum on 3rd December
November 30, 2021
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The Forum will focus on the theme of 'Beyond'; with various sub themes including ‘FinTech beyond boundaries’, ‘FinTech beyond Finance’ and ‘FinTech Beyond Next’

Prime Minister Shri Narendra Modi will inaugurate InFinity Forum, a thought leadership Forum on FinTech, on 3rd December, 2021 at 10 AM via video conferencing.

The event is being hosted by International Financial Services Centres Authority (IFSCA), under the aegis of Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021. Indonesia, South Africa and the U.K. are partner countries in the first edition of the Forum.

InFinity Forum will bring together the leading minds of the world in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving humanity at large.

The agenda of the Forum will focus on the theme of 'Beyond'; with various sub themes including FinTech beyond boundaries, with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness; FinTech beyond Finance, by having convergence with emerging areas such as SpaceTech, GreenTech and AgriTech to drive sustainable development; and FinTech Beyond Next, with focus on how Quantum Computing could impact the nature of Fintech industry in the future and promote new opportunities.

The forum will witness participation from over 70 countries. Key speakers at the Forum includes Finance Minister of Malaysia Tengku Mr. Zafrul Aziz, Finance Minister of Indonesia Ms Sri Mulyani Indrawati, Minister of Creative Economy Indonesia Mr. Sandiaga S Uno, Chairman and MD, Reliance Industries Mr. Mukesh Ambani, Chairman & CEO SoftBank Group Corp. Mr. Masayoshi Son, Chairman and CEO, IBM Corporation Mr. Arvind Krishna, MD and CEO Kotak Mahindra Bank Limited Mr. Uday Kotak, among others. NITI Aayog, Invest India, FICCI and NASSCOM are some of the key partners to this year's Forum.

About IFSCA

The International Financial Services Centres Authority (IFSCA), headquartered at GIFT City, Gandhinagar Gujarat, has been established under the International Financial Services Centres Authority Act, 2019. It works as a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India.