Dear Member,
You are all requested to describe me the way of calculation of edli of an employee in respect of his wages and duration of service. What is the mean of limit of Rs60000 in edli.
Thanks and Regards
Vikas Kumar
Note: for 51f will come into use in case of death only, is it right?
From India, New Delhi
15You are all requested to describe me the way of calculation of edli of an employee in respect of his wages and duration of service. What is the mean of limit of Rs60000 in edli.
Thanks and Regards
Vikas Kumar
Note: for 51f will come into use in case of death only, is it right?
From India, New Delhi
dear
EDLI means employees deposited link insurance scheme.this is an insurance cover given by PF in case of death of an employee..01% of total wages paid towards this scheme every month.
in case of death an empoyee nominee will get benefit ranging from 35000 to 60000
as per their basic.
tks
j s malik
From India, Delhi
EDLI means employees deposited link insurance scheme.this is an insurance cover given by PF in case of death of an employee..01% of total wages paid towards this scheme every month.
in case of death an empoyee nominee will get benefit ranging from 35000 to 60000
as per their basic.
tks
j s malik
From India, Delhi
EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here deposit means average deposit in EPF. When an employee dies while in service, family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
1. Determination of Deposit.
Average of deposit of last twelve months as well as total service, will be calculated and whichever is less being taken for the calculation.
2. Determination of Compensation.
Upto Rs. 50,000/- he will get actual. Beyond first 50,000/- he will get 40% of the rest; subject to ceiling of Rs. 100,000/-.
Eg. a) Deposit Rs. 100,000
For 1st 50000 - 50000, Next 50000 - 20000
Total - Rs. 70,000 (will get full amount as it is not more than 100,000).
Eg. b) Deposit Rs. 200,000
For 1st 50000 - 50000, Next 150,000 - 60000
Total - Rs. 110000 (will get Rs.100,000 only as it ecxeeds 100,000).
Eg. c) Deposit Rs. 300,000
For 1st 50000 - 50000, Next 250,000 - 100,000
Total - Rs. 150,000 (will get Rs. 100,000 only as it exeeds 100,000/-)
But there is better Insurance schemes with the same premium, even without cosidering the deposits. With this type of better benefits, some of the organisations are exempted from EDLI. Instead they are providing in lieu of EDLI. There are schemes which specifies more than 100,000/- for natuaral death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
1. Determination of Deposit.
Average of deposit of last twelve months as well as total service, will be calculated and whichever is less being taken for the calculation.
2. Determination of Compensation.
Upto Rs. 50,000/- he will get actual. Beyond first 50,000/- he will get 40% of the rest; subject to ceiling of Rs. 100,000/-.
Eg. a) Deposit Rs. 100,000
For 1st 50000 - 50000, Next 50000 - 20000
Total - Rs. 70,000 (will get full amount as it is not more than 100,000).
Eg. b) Deposit Rs. 200,000
For 1st 50000 - 50000, Next 150,000 - 60000
Total - Rs. 110000 (will get Rs.100,000 only as it ecxeeds 100,000).
Eg. c) Deposit Rs. 300,000
For 1st 50000 - 50000, Next 250,000 - 100,000
Total - Rs. 150,000 (will get Rs. 100,000 only as it exeeds 100,000/-)
But there is better Insurance schemes with the same premium, even without cosidering the deposits. With this type of better benefits, some of the organisations are exempted from EDLI. Instead they are providing in lieu of EDLI. There are schemes which specifies more than 100,000/- for natuaral 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 CALCULATION.xls x