Could somebody help me that EDLI goes to a/c no 21, does it calculate on 6500 or actual basic?
From India, Lucknow
11From India, Lucknow
Dear Rana
That EDLI gotes to A/c No. 21 and it is calculated on the Basic, if the amount is less than 6,500/- then it will be on actual or the amount of basic is more than Rs. 6,500/- then it will be calculated only on Rs. 6,500/- only.
From India, Gurgaon
That EDLI gotes to A/c No. 21 and it is calculated on the Basic, if the amount is less than 6,500/- then it will be on actual or the amount of basic is more than Rs. 6,500/- then it will be calculated only on Rs. 6,500/- only.
From India, Gurgaon
Employees Deposit Linked Insurance Scheme
The purpose of the scheme is to provide life insurance benefits to employees who are already covered under PF/FPF. The employer has pay contribution equal to 0.50% of the total wages of employees in addition, administrative charges of 0.01% of total wages. [Notification no. AO 503(E) dated 28th July 1976 issued u/s 6C (2) of PF Act].
The employee does not contribute any amount to the scheme. The salary limit for coverage of employees is same as that of Provident Fund.
Exemption from the scheme can be obtained from RPFC if LIC Group Gratuity scheme is adopted by employer. If exemption is granted, only inspection charges @ 0.005% are payable to PF authorities.
courtesy citeHR
From India, Kochi
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Comparitive analysis of old and amended provisions- PF, EPF and EDLI.pdf