Hi, Suggest the EDLI BASIC if Pf Basic is 10000 then EDLI basic would be 6500 or 10000
Please give any link to shows and prove the act also
One of the PF Inspector said that the EDLI BASIC should be = pf basic =10000 not 6500
Thanks & Regards
Sudhir
From India, Lucknow
Please give any link to shows and prove the act also
One of the PF Inspector said that the EDLI BASIC should be = pf basic =10000 not 6500
Thanks & Regards
Sudhir
From India, Lucknow
Hi Sudhir,
Find below the informations related with EDLI..
1. Short title, commencement and application. –
(1) The Scheme may be called the Employees’ Deposit-Linked Insurance Scheme, 1976.
(2) The provisions of this Scheme shall come into force on the 1st day of August, 1976.
(3) Subject to the provisions of sub-section (2) of section 16 and section 17(2A) of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, this Scheme shall apply to the employees of all factories and other establishments to which the said Act applies:
Provided that the provisions of this Scheme shall not apply to tea factories in the State of Assam.
2. Definitions. – In this Scheme, unless the context otherwise requires, –
(a)“Act” means the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952).
(b)“Assurance benefit” means a payment linked to the average balance in the Provident Fund Account of an employee, payable to a person belonging to his family or otherwise entitled to it in the event of death of the employee while being a member of the Fund.
(c) All other words and expressions used herein but not defined shall have the meaning respectively assigned to them in the Act or Employees’ Provident Funds Scheme, 1952.
3.Administration of the Scheme. – This Scheme shall be administered by the Central Board constituted under section 5A of the Act.
4. Regional Committee. – The Regional Committee set up under paragraph 4 of the Employees’ Provident Funds Scheme, 1952 shall advise the Central Board on such matters, in relation to the administration of this Scheme, as the Central Board may refer to it from time to time and in particular, on: -
(a)Progress of recovery of contributions, under this Scheme, both from factories and establishments exempted under Section 17 of the Act and other factories and establishments covered under the Act; and
(b)Expeditious disposal of prosecutions.
5. Delegation of power by the Central Board – (1) The Central Board may, by a resolution, empower its Chairman or the Commissioner or both, to sanction expenditure, subject to such limits as may be specified in the resolution, on contingencies, supplies and purchases of articles required for administering the Insurance Fund subject to financial provision in the budget, where such expenditure is beyond the limits upto which the Chairman or the Commissioner is authorized to sanction expenditure on any single item.
(2) The Central Board may also by a resolution empower its Chairman or the Commissioner or both, to appoint such officers and employees other than those mentioned in sub-sections (2) and (3) of section 5D of the Act, as the Chairman or the Commissioner may consider necessary for the efficient administration of this Scheme.
6. Administrative and financial powers of the Commissioner. – The Commissioner may, without reference to the Central Board, sanction expenditure on contingencies, supplies and services and purchase of articles required for administering the Insurance Fund, subject to financial provision in the budget and subject to the limits upto which he may be authorized to sanction expenditure on any single item from time to time by the Central Board.
7. Contribution. – (1) The contribution payable by the employer and the Central Government under sub-section(2) and sub-section(3) of section 6C of the Act, shall be calculated on the basis of the basic wages, dearness allowance (including the cash value of any food concession) and retaining allowance, if any, actually drawn during the whole month whether paid on daily, weekly, fortnightly or monthly basis:
Provided that where the monthly pay of an employee exceeds five thousand rupees, the contribution payable in respect of him by the employer and the Central Government shall be limited to the amounts payable on a monthly pay of five thousand rupees including dearness allowance, retaining allowance if any and cash value of food concession.
(2) Each contribution shall be calculated to the 3 nearest rupee, 50 paise or more to be counted as the next higher rupee and fraction of a rupee less than 50 paise to be ignored.
8. Mode of payment of contribution. – (1) The contribution by the employer shall be remitted by him together with administrative charges at such rate as the Central Government may fix from time to time under sub-section 4 of Section 6C of the Act, to the Insurance Fund within fifteen days of the close of every month by a separate bank draft or cheque or by remittance in cash in such manner as may be specified in this behalf by the Commissioner. The cost of remittance if any, shall be borne by the employer.
(2) It shall be the responsibility of the employer to pay the contribution payable by himself in respect of the employees directly employed by him and also in respect of the employees employed by or through a contractor.
(3) The Central Government shall credit its contribution to the Insurance Fund as soon as possible after the close of every financial year.
(4) The Commissioner shall deposit the bank draft or cheque received from the employers in the State Bank of India or any Bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970).
Hope it will help you to solve your query..
Regards,
Amit Seth.
From India, Ahmadabad
496Find below the informations related with EDLI..
1. Short title, commencement and application. –
(1) The Scheme may be called the Employees’ Deposit-Linked Insurance Scheme, 1976.
(2) The provisions of this Scheme shall come into force on the 1st day of August, 1976.
(3) Subject to the provisions of sub-section (2) of section 16 and section 17(2A) of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, this Scheme shall apply to the employees of all factories and other establishments to which the said Act applies:
Provided that the provisions of this Scheme shall not apply to tea factories in the State of Assam.
2. Definitions. – In this Scheme, unless the context otherwise requires, –
(a)“Act” means the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952).
(b)“Assurance benefit” means a payment linked to the average balance in the Provident Fund Account of an employee, payable to a person belonging to his family or otherwise entitled to it in the event of death of the employee while being a member of the Fund.
(c) All other words and expressions used herein but not defined shall have the meaning respectively assigned to them in the Act or Employees’ Provident Funds Scheme, 1952.
3.Administration of the Scheme. – This Scheme shall be administered by the Central Board constituted under section 5A of the Act.
4. Regional Committee. – The Regional Committee set up under paragraph 4 of the Employees’ Provident Funds Scheme, 1952 shall advise the Central Board on such matters, in relation to the administration of this Scheme, as the Central Board may refer to it from time to time and in particular, on: -
(a)Progress of recovery of contributions, under this Scheme, both from factories and establishments exempted under Section 17 of the Act and other factories and establishments covered under the Act; and
(b)Expeditious disposal of prosecutions.
5. Delegation of power by the Central Board – (1) The Central Board may, by a resolution, empower its Chairman or the Commissioner or both, to sanction expenditure, subject to such limits as may be specified in the resolution, on contingencies, supplies and purchases of articles required for administering the Insurance Fund subject to financial provision in the budget, where such expenditure is beyond the limits upto which the Chairman or the Commissioner is authorized to sanction expenditure on any single item.
(2) The Central Board may also by a resolution empower its Chairman or the Commissioner or both, to appoint such officers and employees other than those mentioned in sub-sections (2) and (3) of section 5D of the Act, as the Chairman or the Commissioner may consider necessary for the efficient administration of this Scheme.
6. Administrative and financial powers of the Commissioner. – The Commissioner may, without reference to the Central Board, sanction expenditure on contingencies, supplies and services and purchase of articles required for administering the Insurance Fund, subject to financial provision in the budget and subject to the limits upto which he may be authorized to sanction expenditure on any single item from time to time by the Central Board.
7. Contribution. – (1) The contribution payable by the employer and the Central Government under sub-section(2) and sub-section(3) of section 6C of the Act, shall be calculated on the basis of the basic wages, dearness allowance (including the cash value of any food concession) and retaining allowance, if any, actually drawn during the whole month whether paid on daily, weekly, fortnightly or monthly basis:
Provided that where the monthly pay of an employee exceeds five thousand rupees, the contribution payable in respect of him by the employer and the Central Government shall be limited to the amounts payable on a monthly pay of five thousand rupees including dearness allowance, retaining allowance if any and cash value of food concession.
(2) Each contribution shall be calculated to the 3 nearest rupee, 50 paise or more to be counted as the next higher rupee and fraction of a rupee less than 50 paise to be ignored.
8. Mode of payment of contribution. – (1) The contribution by the employer shall be remitted by him together with administrative charges at such rate as the Central Government may fix from time to time under sub-section 4 of Section 6C of the Act, to the Insurance Fund within fifteen days of the close of every month by a separate bank draft or cheque or by remittance in cash in such manner as may be specified in this behalf by the Commissioner. The cost of remittance if any, shall be borne by the employer.
(2) It shall be the responsibility of the employer to pay the contribution payable by himself in respect of the employees directly employed by him and also in respect of the employees employed by or through a contractor.
(3) The Central Government shall credit its contribution to the Insurance Fund as soon as possible after the close of every financial year.
(4) The Commissioner shall deposit the bank draft or cheque received from the employers in the State Bank of India or any Bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970).
Hope it will help you to solve your query..
Regards,
Amit Seth.
From India, Ahmadabad
Dear sir,
The EDLI will be calculated on the wages for PF either 6500 or 10000 per month.
e.g.
if you are deducting pf amt on 6500 then it will be calculated on 6500
if you are deductiing pf amt on 10000 then it will be calculated on 10000
Regards
Satish
From India, Baleshwar
The EDLI will be calculated on the wages for PF either 6500 or 10000 per month.
e.g.
if you are deducting pf amt on 6500 then it will be calculated on 6500
if you are deductiing pf amt on 10000 then it will be calculated on 10000
Regards
Satish
From India, Baleshwar
Hello Friends, Where is it notified that PF limit is 10000? I came to know this thing first time. Will anybody clear my doubt with proof ? Purshottam Saini
From India, Calcutta
From India, Calcutta
Hello,
Donot get confussed the literal brief on EDLI is as below-
1. Contribution on EDLI is restricted to 6500/- (basic) as the ceiling on p.f contribution as per act is 6500/-.
2. EDLI benefit is restricted to 60,000/- only in case of eventuality.
3. To get the benefit one should have continuos contribution for 36months.
Hence apply your commonsense that if benefits are restricted than why you should pay above the basic ceiling because legally you are to contribute maximun upto the ceiling of 6500/. If you pay above that it is a drain of money as you will not get any additional benefit.
R.K.P
Donot get confussed the literal brief on EDLI is as below-
1. Contribution on EDLI is restricted to 6500/- (basic) as the ceiling on p.f contribution as per act is 6500/-.
2. EDLI benefit is restricted to 60,000/- only in case of eventuality.
3. To get the benefit one should have continuos contribution for 36months.
Hence apply your commonsense that if benefits are restricted than why you should pay above the basic ceiling because legally you are to contribute maximun upto the ceiling of 6500/. If you pay above that it is a drain of money as you will not get any additional benefit.
R.K.P
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