My employee died in January 2021 in an accident. His nominee received EDLI insurance of 3 lakhs (10k basic salary * 30 times). However, they have not received the EDLI Bonus, which should be 1.5 lakhs. Can you please guide me on how to obtain it?
From India, Hyderabad
8From India, Hyderabad
mention the service period / contributory period under the EPF / EPS mere date of death does not fix the amount payable
EDLI benefit is 30 times of the last 12 months' average PF salary (including all allowances less HRA). 1.5 lakh is the maximum bonus amount or 50% of his balance contribution, whichever is least.
Effective 28th April 2021, the benefit amount is enhanced to INR 7L. The calculation is 35 times the average last 12-month salary (max. 15000x35=5.25L), and the bonus amount is 1.75L, totaling 7L.
Suresh
From India, Thane
Effective 28th April 2021, the benefit amount is enhanced to INR 7L. The calculation is 35 times the average last 12-month salary (max. 15000x35=5.25L), and the bonus amount is 1.75L, totaling 7L.
Suresh
From India, Thane
Hi Tom,
The accumulated fund under account 10 for one year, approximately for a 10k salary basic, would be around $833 per month. For the full year, it would not exceed $10,000, 50% of which would be granted as a bonus provided 12 calendar months of ECR is paid by the employee (prior to death). This amounts to approximately $5,000 and not $1.5 lacs or $1.75 lacs, as it depends on the tenure of the contribution span.
Please read the calculation sheet carefully provided by EPFO; it contains a summary of all amounts credited.
The accumulated fund under account 10 for one year, approximately for a 10k salary basic, would be around $833 per month. For the full year, it would not exceed $10,000, 50% of which would be granted as a bonus provided 12 calendar months of ECR is paid by the employee (prior to death). This amounts to approximately $5,000 and not $1.5 lacs or $1.75 lacs, as it depends on the tenure of the contribution span.
Please read the calculation sheet carefully provided by EPFO; it contains a summary of all amounts credited.
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