Hello Professional HR & Business Veterans,
Please find attached the latest, Central Government notified the amendment of paragraph 22 (1) of Employees’ Deposit Linked Insurance Scheme, 1976, from 18-6-2010 fixing a ceiling of Rs.1,00,000/-. The relevant notification is attached.
From India, Mumbai
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539Please find attached the latest, Central Government notified the amendment of paragraph 22 (1) of Employees’ Deposit Linked Insurance Scheme, 1976, from 18-6-2010 fixing a ceiling of Rs.1,00,000/-. The relevant notification is attached.
From India, Mumbai
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Life insurance benefits for Pension Fund employees have increased to Rs.1 lakh under the Deposit-linked Insurance Scheme (EDLI).
The EDLI Scheme has been amended. In the event of death during employment, the family member/nominee will receive the following:
- If the average balance is more than Rs.50,000, then the insurance amount will be Rs.50,000 plus 40% of the excess, up to a maximum of Rs.1,00,000.
From India, Madras
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The EDLI Scheme has been amended. In the event of death during employment, the family member/nominee will receive the following:
- If the average balance is more than Rs.50,000, then the insurance amount will be Rs.50,000 plus 40% of the excess, up to a maximum of Rs.1,00,000.
From India, Madras
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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 receive some compensation based on his/her deposit. To 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 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 get 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Examples:
a) Deposit Rs. 100,000
For the first Rs. 50,000 - Rs. 50,000, Next Rs. 50,000 - Rs. 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed Rs. 100,000).
b) Deposit Rs. 200,000
For the first Rs. 50,000 - Rs. 50,000, Next Rs. 150,000 - Rs. 60,000
Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
c) Deposit Rs. 300,000
For the first Rs. 50,000 - Rs. 50,000, Next Rs. 250,000 - Rs. 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000/-).
However, there are better insurance schemes with the same premium, even without considering the deposits. With these better benefits, some organizations are exempted from EDLI. Instead, they provide alternatives to 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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Determination of Deposit:
The average deposit of the last twelve months as well as 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 get 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Examples:
a) Deposit Rs. 100,000
For the first Rs. 50,000 - Rs. 50,000, Next Rs. 50,000 - Rs. 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed Rs. 100,000).
b) Deposit Rs. 200,000
For the first Rs. 50,000 - Rs. 50,000, Next Rs. 150,000 - Rs. 60,000
Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
c) Deposit Rs. 300,000
For the first Rs. 50,000 - Rs. 50,000, Next Rs. 250,000 - Rs. 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000/-).
However, there are better insurance schemes with the same premium, even without considering the deposits. With these better benefits, some organizations are exempted from EDLI. Instead, they provide alternatives to 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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When we talk about 50000/- average balance, does it mean average balance per year in PF Account?
From India, New Delhi
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From India, New Delhi
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Can anybody let me know what are the minimum eligibility creteria to claim Maternity Benefit under Maternity Act?
From India, New Delhi
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From India, New Delhi
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Can anybody let me know what are the minimum eligibility criteria to clam Maternity Benefits under Maternity Act.
From India, New Delhi
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From India, New Delhi
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Hello Everybody,
Please update as EDLI Death Benefit is increased to ₹1,30,000/- maximum. If somebody had earned a maximum wage of ₹6500 for the last twelve months multiplied by twenty or the average twelve months' wage multiplied by twenty but not more than ₹1,30,000/- in any case. Please refer to "The Gazette of India" Extraordinary Part - II - Section 3 - Subsection (i) dated January 8, 2011 (No.8).
Suresh Singh
From India, New Delhi
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Please update as EDLI Death Benefit is increased to ₹1,30,000/- maximum. If somebody had earned a maximum wage of ₹6500 for the last twelve months multiplied by twenty or the average twelve months' wage multiplied by twenty but not more than ₹1,30,000/- in any case. Please refer to "The Gazette of India" Extraordinary Part - II - Section 3 - Subsection (i) dated January 8, 2011 (No.8).
Suresh Singh
From India, New Delhi
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Hello, everyone.
Can anybody help with the calculation of EDLI Death Benefit? The details are as follows:
Date of Joining: 01-07-2017
Date of Death: 18-09-2017 (only 2 and a half months)
PF Earnings:
July 17: 11,700.00
Aug 17: 13,000.00
Sep 17: 2,167.00
Total: 26,867.00
PF Contribution (12%):
July 17: 1,404.00
Aug 17: 1,560.00
Sep 17: 260.00
Total: 3,224.00
Please help me calculate the Death Benefit of the deceased employee.
Regards,
Sashidahran
From India, Kochi
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Can anybody help with the calculation of EDLI Death Benefit? The details are as follows:
Date of Joining: 01-07-2017
Date of Death: 18-09-2017 (only 2 and a half months)
PF Earnings:
July 17: 11,700.00
Aug 17: 13,000.00
Sep 17: 2,167.00
Total: 26,867.00
PF Contribution (12%):
July 17: 1,404.00
Aug 17: 1,560.00
Sep 17: 260.00
Total: 3,224.00
Please help me calculate the Death Benefit of the deceased employee.
Regards,
Sashidahran
From India, Kochi
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