Dear Madhu Jee,
The new employee will get the insurance benefit of 35 times of average salary as you rightly mentioned in para 2. However, the bonus amount will be 50% of his average balance or Rs.1,75,000 whichever is the least.
Regards,
Suresh
From India, Thane
246The new employee will get the insurance benefit of 35 times of average salary as you rightly mentioned in para 2. However, the bonus amount will be 50% of his average balance or Rs.1,75,000 whichever is the least.
Regards,
Suresh
From India, Thane
No, my question is different. Suppose an employee who had joined just three months back dies. His EDLI salary was rs 15000 and had contributed for 3 months and the total of that would be Rs 45000. Then what would be the average PF or EDLI contributing salary? Is it 45000 divided by 3 or Rs 15000 itself or 45000 divided by 12 or Rs 3750. In your calculation sheet if you put '0' against the months preceding his joining, the result will be like what I have sated second. But if you keep the cells blank, then the result will be different.
From India, Kannur
From India, Kannur
The average is for the number of months he or she worked, not for the entire year. For example, if a worker starts on March 1st and dies on May 31st, and his monthly salary is Rs.12000/-, he is entitled to an insurance benefit of Rs.12000*35=420000, as well as a bonus of 1440+440=1880*3=5640/2=2820. (50 percent of average EPF balance)
(12000*12%) = 1440+440(3.67 percent employer contribution) = 1880
Because we are displaying the salary for the previous 12 months, we can enter '0' and take the average of three months.
Regards,
Suresh
From India, Thane
(12000*12%) = 1440+440(3.67 percent employer contribution) = 1880
Because we are displaying the salary for the previous 12 months, we can enter '0' and take the average of three months.
Regards,
Suresh
From India, Thane
Ok. Understand. It is the average of the period actually worked and not the average of preceding 12 months per se. Thank you
From India, Kannur
From India, Kannur
following should be paid to nominee-
01. Full & Final Payment ( unpaid salary, Earn Leave if any )
02. Bonus ( if applicable)
03. EPF
04. EDLI
05. Pension from EPF dept. to their family
06. ESIC Funeral expenses ( if ESIC Member)
07. Penson from ESIC
08. Gratuity payment ( if service is less then 05 years then should be paid by LIC Gratuity Insurance, as mostly company insured their respective employee gratuity by LIC)
09. Insurance amount if any by the company
10. Contribution under the the death policy of company if any .
From India, Rudarpur
01. Full & Final Payment ( unpaid salary, Earn Leave if any )
02. Bonus ( if applicable)
03. EPF
04. EDLI
05. Pension from EPF dept. to their family
06. ESIC Funeral expenses ( if ESIC Member)
07. Penson from ESIC
08. Gratuity payment ( if service is less then 05 years then should be paid by LIC Gratuity Insurance, as mostly company insured their respective employee gratuity by LIC)
09. Insurance amount if any by the company
10. Contribution under the the death policy of company if any .
From India, Rudarpur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Death Gratuity Calculator for W.B.Govt employee.xls
Death while in service letter for pf death claim.docx