Hi, Anybody tell me what is the benefits in EDLI & Labour Welfare Fund for employees
From India, Madras
1From India, Madras
Hai,
Assurance Benefit :
The benefit provided under the Employees' Deposit Linked Insurance Scheme is called Assurance Benefit. On the death of the member while in service, the nominee or any other person entitled to receive the Provident Fund benefits will, in addition to the Provident Fund, receive the Assurance Benefit under Employees' Deposit Linked Insurance Scheme .
Scale of Assurance Benefit :
From 1-4-93 onwards the amount of Assurance Benefit payable is an amount equal to the average balance in the amount of deceased in the Fund during the preceding 12 months or during the period of his membership whichever is less, except where the average balance exceeds Rs. 25,000/- amount payable shall be Rs. 25,000/- plus 25% of the amount in excess of Rs.25,000/- subject to a selling of Rs. 35,000/-. The Form prescribed for claiming the Assurance Benefits under the Employees' Deposit Linked Insurance Scheme, 1976 , is Form 5(IF).
Labour Welfare Fund shall be utilized on the following activities:
(a)
Community and social education centres including Reading Rooms and Libraries;
(b)
Community necessities;
(c)
Games & sports;
(d)
Excursions, tours and holiday homes;
(e)
Entertainment and other forms of recreations;
(f)
Home industries and subsidiary occupations unemployed persons;
(g)
Corporate activities of social nature;
(h)
Cost of administering the Act (including the salaries, allowances, pension, provident fund and gratuity and any other fringe benefits of the staff) appointed for the purposes of the Act; and
(i)
Such other objects as would in the opinion of the State Government improve the standard of living and ameliorate the social conditions of labour.
From India, Pune
Assurance Benefit :
The benefit provided under the Employees' Deposit Linked Insurance Scheme is called Assurance Benefit. On the death of the member while in service, the nominee or any other person entitled to receive the Provident Fund benefits will, in addition to the Provident Fund, receive the Assurance Benefit under Employees' Deposit Linked Insurance Scheme .
Scale of Assurance Benefit :
From 1-4-93 onwards the amount of Assurance Benefit payable is an amount equal to the average balance in the amount of deceased in the Fund during the preceding 12 months or during the period of his membership whichever is less, except where the average balance exceeds Rs. 25,000/- amount payable shall be Rs. 25,000/- plus 25% of the amount in excess of Rs.25,000/- subject to a selling of Rs. 35,000/-. The Form prescribed for claiming the Assurance Benefits under the Employees' Deposit Linked Insurance Scheme, 1976 , is Form 5(IF).
Labour Welfare Fund shall be utilized on the following activities:
(a)
Community and social education centres including Reading Rooms and Libraries;
(b)
Community necessities;
(c)
Games & sports;
(d)
Excursions, tours and holiday homes;
(e)
Entertainment and other forms of recreations;
(f)
Home industries and subsidiary occupations unemployed persons;
(g)
Corporate activities of social nature;
(h)
Cost of administering the Act (including the salaries, allowances, pension, provident fund and gratuity and any other fringe benefits of the staff) appointed for the purposes of the Act; and
(i)
Such other objects as would in the opinion of the State Government improve the standard of living and ameliorate the social conditions of labour.
From India, Pune
EDLI is an insurance scheme dues on death of a PF member, in addition to the deposit in PF.
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/-.
[Previously the ceiling was Rs. 35,000. But the ceiling enhanced to Rs. 60,000 vide GSR 690(E) dated 26.9.2008 & to Rs. 1,00,000 vide GSR 523E). Even though it was decided to enhance again to Rs. 1,30,000 in the CBT (EPF) meeting dated 15.9.2010, the notification didn't come yet.]
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.
Regarding employee benefits this is advisable because if an employee die immediately after join EPF will get only a nominal amount equivalent to one month contribution to PF. But if it is in lieu of EDLI, minimum Rs. 1,02,000 is assured.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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/-.
[Previously the ceiling was Rs. 35,000. But the ceiling enhanced to Rs. 60,000 vide GSR 690(E) dated 26.9.2008 & to Rs. 1,00,000 vide GSR 523E). Even though it was decided to enhance again to Rs. 1,30,000 in the CBT (EPF) meeting dated 15.9.2010, the notification didn't come yet.]
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.
Regarding employee benefits this is advisable because if an employee die immediately after join EPF will get only a nominal amount equivalent to one month contribution to PF. But if it is in lieu of EDLI, minimum Rs. 1,02,000 is assured.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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.
LWF - Notification - 20th Jan 2015.pdf
PT LWF Slab.xls