Sir,
Please explain PF EDLI withdrawl (death ) formula.
Example:
Member DOB : 04.05.1950
DOJ In EPF : 01.03.1998
DOL In EPF 17.11.2010
LEft Reason: Death in home
Last 12 month PF average wages: 6500
EPS (8.33%) remitted stoped : 31.06.2008
Reason : 58 years crosed
Remitted member A/c : 12% + 12% from 01.07.2008
Pension Eligible or not
Pension formula for death case?
If eligible what formula?
EdLI What formula And Amt?
If give Exel working sheet formula?
Regards
Novapravin
From India, Madurai
Please explain PF EDLI withdrawl (death ) formula.
Example:
Member DOB : 04.05.1950
DOJ In EPF : 01.03.1998
DOL In EPF 17.11.2010
LEft Reason: Death in home
Last 12 month PF average wages: 6500
EPS (8.33%) remitted stoped : 31.06.2008
Reason : 58 years crosed
Remitted member A/c : 12% + 12% from 01.07.2008
Pension Eligible or not
Pension formula for death case?
If eligible what formula?
EdLI What formula And Amt?
If give Exel working sheet formula?
Regards
Novapravin
From India, Madurai
Dear Novapravin,
The membership in EPS is upto the date of completion of 58 years only. For a DOB of 4.5.1950, completion of 58 years is on 3.5.2008. He is eligible for pension from 4.5.2008 alongwith the salary. Family Pension / Table C (widow pension) is applicable only if the death happened on or before 3.5.2008. The Widow would have get a pension equal to member pension or widow pension as per Table c, whichever is higher, wherever applicable. But it is not applicable in this case as the date of death is after an age of 58 years.
I don't know, why the member has not availed pension while attaining the age of 58 years? His eligible pension will be Rs. 1207 (I shall attach the excel sheet) from 4.5.2008 to 17.11.2010 for a pensionable service of 13 years. The formula is 6500x13/70 = 1207.14 rounded to 1207.
From 18.11.2010 onwards widow will get 50% of member pension, i.e Rs. 604. If survived by children below an age of 25 years, two of them will get 25% of widow pension, i.e Rs.151 each till they attain the age of 25 years; in addition to the widow pension. In case death or remarriage of widow, child pension will become orphan pension which is three times of child pension, i.e 151x3= Rs. 453.
Regarding EDLI : Check whether he is under EDLI / EPF or in lieu of EDLI / Insurance agencies. In the 1st case it will be subject to the average of last twelve months' deposit or average of total service deposit in PF, whichever is less. For the 1st 50,000 of deposit, he will get the actual and for balance 40% subject to a total ceiling of Rs. 1,00,000.
If it is in lieu of EDLI, the insurance amount will be Rs. 1,02,000 (flat rate) for normal death. For accident death there may be provisions to give double benefits, i.e Rs. 2,04,000.
Abbas.P.s, ITI Ltd, Palakkad.
Ph. +91 9447 467 667
From India, Bangalore
517The membership in EPS is upto the date of completion of 58 years only. For a DOB of 4.5.1950, completion of 58 years is on 3.5.2008. He is eligible for pension from 4.5.2008 alongwith the salary. Family Pension / Table C (widow pension) is applicable only if the death happened on or before 3.5.2008. The Widow would have get a pension equal to member pension or widow pension as per Table c, whichever is higher, wherever applicable. But it is not applicable in this case as the date of death is after an age of 58 years.
I don't know, why the member has not availed pension while attaining the age of 58 years? His eligible pension will be Rs. 1207 (I shall attach the excel sheet) from 4.5.2008 to 17.11.2010 for a pensionable service of 13 years. The formula is 6500x13/70 = 1207.14 rounded to 1207.
From 18.11.2010 onwards widow will get 50% of member pension, i.e Rs. 604. If survived by children below an age of 25 years, two of them will get 25% of widow pension, i.e Rs.151 each till they attain the age of 25 years; in addition to the widow pension. In case death or remarriage of widow, child pension will become orphan pension which is three times of child pension, i.e 151x3= Rs. 453.
Regarding EDLI : Check whether he is under EDLI / EPF or in lieu of EDLI / Insurance agencies. In the 1st case it will be subject to the average of last twelve months' deposit or average of total service deposit in PF, whichever is less. For the 1st 50,000 of deposit, he will get the actual and for balance 40% subject to a total ceiling of Rs. 1,00,000.
If it is in lieu of EDLI, the insurance amount will be Rs. 1,02,000 (flat rate) for normal death. For accident death there may be provisions to give double benefits, i.e Rs. 2,04,000.
Abbas.P.s, ITI Ltd, Palakkad.
Ph. +91 9447 467 667
From India, Bangalore
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Comparitive analysis of old and amended provisions- PF, EPF and EDLI.pdf