Hi Friends, Here with i am attaching the GO copy of amendment in enhancement of EDLI benefit. Hope it will be useful for all.
From India, Madras
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5From India, Madras
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Can anyone provide me with a copy of the latest amendment in the Workmen's Compensation Act, 1923, now known as the "Employees' Compensation (Amendment) Act, 2010"? I require the soft copy urgently in order to settle the issue.
Regards,
AK Sharma
Email: anilkumarsharma@praj.net
From India, Pune
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Regards,
AK Sharma
Email: anilkumarsharma@praj.net
From India, Pune
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Dear All,
Please tell me about VAT refund rules. If last year's invoice is missing from the accounting records, can we still claim the VAT benefit? Please provide me with the rules and detailed information regarding this matter.
Thanks,
Nagesh S Surwase
From India, Pune
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Please tell me about VAT refund rules. If last year's invoice is missing from the accounting records, can we still claim the VAT benefit? Please provide me with the rules and detailed information regarding this matter.
Thanks,
Nagesh S Surwase
From India, Pune
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I went through the GO, but I am unable to understand the contents. As I understand, the nominee of the members receives a fixed amount (Rs. 57,000???), in case of the member's death.
I would like to know: What would be the exact effect or impact of this amendment. Seniors, please respond.
From India, Pune
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I would like to know: What would be the exact effect or impact of this amendment. Seniors, please respond.
From India, Pune
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Dear Mr. Anil Sharma,
In reference to your query, please find here the desired information:
Parliament has passed the Workmen's Compensation (Amendment) Bill 2009, which primarily provides for the following:
a) Change of name of the Act to Employees Compensation Act 1923
b) Enhancement in minimum compensation payable from Rs. 80,000 to Rs. 1,20,000 (in case of death) and from Rs. 90,000 to Rs. 1,40,000 (in case of permanent disability) and funeral expenses from Rs. 2,500 to Rs. 5,000.
c) Reimbursement of actual medical expenses incurred during treatment of injury caused during the course of employment.
d) Increase in coverage by omission of restrictive clause in Schedule-II and inclusion of additional hazardous activities.
e) Disposal of cases of compensation by Commissioner within 3 months.
f) Empowerment of the Central Govt. to specify monthly wages for the purpose of compensation and enhance minimum rates of compensation from time to time.
A copy of the Bill is attached for your ready reference. It will become an Act after receiving the assent of the President and will come into force on such date as may be specified in the notification to be issued by the Govt.
With Regards,
Ashish K. Sharma
Sr. Manager - HR & Admin
DSC Limited
9990590444
From India, Gurgaon
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In reference to your query, please find here the desired information:
Parliament has passed the Workmen's Compensation (Amendment) Bill 2009, which primarily provides for the following:
a) Change of name of the Act to Employees Compensation Act 1923
b) Enhancement in minimum compensation payable from Rs. 80,000 to Rs. 1,20,000 (in case of death) and from Rs. 90,000 to Rs. 1,40,000 (in case of permanent disability) and funeral expenses from Rs. 2,500 to Rs. 5,000.
c) Reimbursement of actual medical expenses incurred during treatment of injury caused during the course of employment.
d) Increase in coverage by omission of restrictive clause in Schedule-II and inclusion of additional hazardous activities.
e) Disposal of cases of compensation by Commissioner within 3 months.
f) Empowerment of the Central Govt. to specify monthly wages for the purpose of compensation and enhance minimum rates of compensation from time to time.
A copy of the Bill is attached for your ready reference. It will become an Act after receiving the assent of the President and will come into force on such date as may be specified in the notification to be issued by the Govt.
With Regards,
Ashish K. Sharma
Sr. Manager - HR & Admin
DSC Limited
9990590444
From India, Gurgaon
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The notification mentions that the scheme shall come into force from the date of its publication in the Official Gazette. Any idea when the scheme is effective.. also if you could share the circular
From India, Mumbai
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From India, Mumbai
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I went through the GO but I am unable to understand the contents. As I understand, members' nominee gets a fixed amount (Rs. 57,000???) in case of the death of the member.
I would like to know: What would be the exact effect or impact of this amendment? Seniors, please respond.
From India, Pune
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I would like to know: What would be the exact effect or impact of this amendment? Seniors, please respond.
From India, Pune
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Dear Thanks for good information but I have one ? if employer take EDLI in LIC SCHEME so this employer entitle or not this amendment. Thanks Harish shah
From India, Ahmadabad
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From India, Ahmadabad
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Dear vkokamthankar,
EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here, deposit means the average deposit in EPF. When an employee dies while in service, the family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
Determination of Deposit:
The average deposit of the last twelve months as well as the total service will be calculated, and whichever is less will be taken for the calculation.
Determination of Compensation:
Up to Rs. 50,000/-, he will receive the actual amount. Beyond the first Rs. 50,000/-, he will receive 40% of the rest; subject to a ceiling of Rs. 100,000/-.
For example:
a) Deposit Rs. 100,000
For the 1st 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed 100,000).
b) Deposit Rs. 200,000
For the 1st 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will receive Rs.100,000 only as it exceeds 100,000).
c) Deposit Rs. 300,000
For the 1st 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds 100,000/-).
However, there are better insurance schemes with the same premium, even without considering the deposits. With these types of better benefits, some organizations are exempted from EDLI. Instead, they provide in lieu of EDLI. There are schemes that specify more than Rs. 100,000/- for natural death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here, deposit means the average deposit in EPF. When an employee dies while in service, the family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
Determination of Deposit:
The average deposit of the last twelve months as well as the total service will be calculated, and whichever is less will be taken for the calculation.
Determination of Compensation:
Up to Rs. 50,000/-, he will receive the actual amount. Beyond the first Rs. 50,000/-, he will receive 40% of the rest; subject to a ceiling of Rs. 100,000/-.
For example:
a) Deposit Rs. 100,000
For the 1st 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed 100,000).
b) Deposit Rs. 200,000
For the 1st 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will receive Rs.100,000 only as it exceeds 100,000).
c) Deposit Rs. 300,000
For the 1st 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds 100,000/-).
However, there are better insurance schemes with the same premium, even without considering the deposits. With these types of better benefits, some organizations are exempted from EDLI. Instead, they provide in lieu of EDLI. There are schemes that specify more than Rs. 100,000/- for natural death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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