Dear All,
It is understood from the above notification that until 08.01.2011, those who die immediately after registering with EPF will receive only a minimum amount equivalent to one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
According to the new notification, the EDLI amount will be calculated as follows:
1) Calculate the entitled amount based on PF deposit, subject to a ceiling of Rs. 1,00,000.
2) 20 times the salary subject to a salary ceiling of Rs. 6500. Based on this calculation, the ceiling will be Rs. 1,30,000. The higher amount between (1) and (2) will be provided as EDLI. Generally, 20 times the salary subject to a salary ceiling of Rs. 6500 will be guaranteed for EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, meaning the minimum is increased by 127.63 times!
Therefore, effective from 08.01.2011, there will be a minimum of 20 times the EDLI-applicable salary (which may vary based on the salary). The maximum amount will be Rs. 1,30,000.
Should you have any further queries, please call me on +91 9629488214.
Regards,
Pavan Kumar
From Australia
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It is understood from the above notification that until 08.01.2011, those who die immediately after registering with EPF will receive only a minimum amount equivalent to one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
According to the new notification, the EDLI amount will be calculated as follows:
1) Calculate the entitled amount based on PF deposit, subject to a ceiling of Rs. 1,00,000.
2) 20 times the salary subject to a salary ceiling of Rs. 6500. Based on this calculation, the ceiling will be Rs. 1,30,000. The higher amount between (1) and (2) will be provided as EDLI. Generally, 20 times the salary subject to a salary ceiling of Rs. 6500 will be guaranteed for EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, meaning the minimum is increased by 127.63 times!
Therefore, effective from 08.01.2011, there will be a minimum of 20 times the EDLI-applicable salary (which may vary based on the salary). The maximum amount will be Rs. 1,30,000.
Should you have any further queries, please call me on +91 9629488214.
Regards,
Pavan Kumar
From Australia
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Dear All,
It is understood from the above notification that until 08.01.2011, those who die immediately after registering with EPF will receive only a minimum amount equivalent to one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
According to the new notification, the EDLI amount will be calculated as follows:
1) Calculate the entitled amount based on PF deposit subject to a ceiling of Rs. 1,00,000.
2) 20 times the salary subject to a salary ceiling of Rs. 6500. Based on this calculation, the ceiling will be Rs. 1,30,000. The higher amount between (1) and (2) will be provided as EDLI. In general, 20 times the salary subject to a salary ceiling of Rs. 6500 will be guaranteed towards EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, meaning the minimum is enhanced by 127.63 times!
Therefore, effective from 08.01.2011, there will be a minimum of 20 times the EDLI applicable salary (which may vary depending on the salary). The maximum amount will be Rs. 1,30,000.
If you have any further queries, please call me on +91 9629488214.
Regards,
Pavan Kumar
From Australia
Acknowledge(0)Amend(0)
It is understood from the above notification that until 08.01.2011, those who die immediately after registering with EPF will receive only a minimum amount equivalent to one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
According to the new notification, the EDLI amount will be calculated as follows:
1) Calculate the entitled amount based on PF deposit subject to a ceiling of Rs. 1,00,000.
2) 20 times the salary subject to a salary ceiling of Rs. 6500. Based on this calculation, the ceiling will be Rs. 1,30,000. The higher amount between (1) and (2) will be provided as EDLI. In general, 20 times the salary subject to a salary ceiling of Rs. 6500 will be guaranteed towards EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, meaning the minimum is enhanced by 127.63 times!
Therefore, effective from 08.01.2011, there will be a minimum of 20 times the EDLI applicable salary (which may vary depending on the salary). The maximum amount will be Rs. 1,30,000.
If you have any further queries, please call me on +91 9629488214.
Regards,
Pavan Kumar
From Australia
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Dear Pavan Kumar,
I have posted the same subject via citeHR/312446 at 3:40 PM on 22-01-2011 as below:
22-01-2011, 03:40 PM
abbasiti Join Date: May 2010
Location: Palakkad, Kerala
Posts: 836
Subject - Re: Amendment to EDLI Scheme made on 8.1.2011
Dear all,
The above notification on EDLI amendment will create a revolution in the history of EDLI. Till 08.01.2011, those who die immediately after registering with EPF will receive only a minimum amount of one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
As per the new notification, the EDLI amount will be calculated as follows: 1) Calculate the entitled amount based on PF deposit subject to a ceiling of Rs. 1,00,000. 2) 20 times the salary subject to a salary ceiling of Rs. 6500. According to this calculation, the ceiling will be Rs. 1,30,000. Out of the above (1) & (2), whichever is higher will be given as EDLI. In general, 20 times the salary subject to a salary ceiling of Rs. 6500 will be guaranteed towards EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, i.e., the minimum is enhanced by 127.63 times!
Therefore, effective 08.01.2011, there will be a minimum of 20 times the applicable salary for EDLI (this may vary subject to salary). The maximum will be Rs. 1,30,000.
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
530I have posted the same subject via citeHR/312446 at 3:40 PM on 22-01-2011 as below:
22-01-2011, 03:40 PM
abbasiti Join Date: May 2010
Location: Palakkad, Kerala
Posts: 836
Subject - Re: Amendment to EDLI Scheme made on 8.1.2011
Dear all,
The above notification on EDLI amendment will create a revolution in the history of EDLI. Till 08.01.2011, those who die immediately after registering with EPF will receive only a minimum amount of one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
As per the new notification, the EDLI amount will be calculated as follows: 1) Calculate the entitled amount based on PF deposit subject to a ceiling of Rs. 1,00,000. 2) 20 times the salary subject to a salary ceiling of Rs. 6500. According to this calculation, the ceiling will be Rs. 1,30,000. Out of the above (1) & (2), whichever is higher will be given as EDLI. In general, 20 times the salary subject to a salary ceiling of Rs. 6500 will be guaranteed towards EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, i.e., the minimum is enhanced by 127.63 times!
Therefore, effective 08.01.2011, there will be a minimum of 20 times the applicable salary for EDLI (this may vary subject to salary). The maximum will be Rs. 1,30,000.
Abbas.P.S
From India, Bangalore
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One of our employees expired due to an electric shock. He worked with us until December 31, 2010, and then went to work in a workshop where he passed away on January 18. That workshop did not have any PF coverage. Will his nominees receive EPF pension and EDLI benefits? He was a bachelor.
Krishnakumar
From India, Kochi
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Krishnakumar
From India, Kochi
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If I am not mistaken it is subject to a member of PF for period of 12 months. Please clarify. Raj
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Those who enrolled in PF with one day attendance will be entitled to get EDLI, on the event of death of the member. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Mr. Abbas, can you please help me out in giving a clear picture of the advantages of taking up LIC instead of EDLI? Currently, we are opting for LIC over EDLI, but after the recent amendment, I am a bit confused about the actual benefits of choosing LIC. I would also like to know if there are any disadvantages associated with this decision.
From India, Bangalore
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From India, Bangalore
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