Suppose an employee has a PF balance of the last 12 months of 25,000, and he dies in an accident. How much death benefit will he receive? Please clarify with calculations. Additionally, if he has 70,000 in his PF account, what will be the benefits?
Thank you.
From India, Mumbai
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9Thank you.
From India, Mumbai
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Dear friends, Regarding EDLI, salary ceiling is Rs.15000. As of now entitled amount is 24 times. Hence maximum compensation towards EDLI is 15000x24 = Rs. 3,60,000. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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EDLI will be last 12 months average PF wage(the wage on which PF is being deducted subject to a ceiling of 15000) X 24
From India, Thane
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From India, Thane
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grateful, if anybody could provide the detailed calculation of EDLI benefit based on latest amendment with examples; particularly how benefit on average balances is calculated.
From India, Delhi
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From India, Delhi
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Please see the amendment circular dated 15/02/2018 of EPFO on EDLI . This is self explanatory & should answer all your queries
From India, Thane
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From India, Thane
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EDLI NEW RULE:
The average monthly wages drawn (subject to a maximum of 15000.00) during the 12 months preceding the month in which he died, multiplied by 30 times plus 50% of the average balance in the account of the deceased in the Fund, whichever is less, subject to a ceiling of 1,50,000/-:
Provided that the assurance benefit shall not be less than 2.5 lakh rupees. Provided further that the assurance benefit shall not exceed 06 lakh rupees.
Example: Employee DOJ: 01/01/2018, DOD: 20/02/2018, PF salary: 10,000/-
EPF Deduction: 10,000 / 26 (working days) x 18 Present Days = 6923.00,
PF contribution @12% 831.00 + Employer share towards EPF @3.67% = 254.00 + EPS @8.33% = 577.00, Total EPF Balance = 1085 + Int.
EDLI calculation: 10,000 x 30 = 03 Lacs + 50% of EPF balance i.e. 543.00.
EDLI Benefits would be 3,00,543.00 + Pension to widow and child up to 02 children of age up to 25 years + EPF balance.
The said provision shall be in force for the first 02 years from 15/02/2018.
From India, Secunderabad
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The average monthly wages drawn (subject to a maximum of 15000.00) during the 12 months preceding the month in which he died, multiplied by 30 times plus 50% of the average balance in the account of the deceased in the Fund, whichever is less, subject to a ceiling of 1,50,000/-:
Provided that the assurance benefit shall not be less than 2.5 lakh rupees. Provided further that the assurance benefit shall not exceed 06 lakh rupees.
Example: Employee DOJ: 01/01/2018, DOD: 20/02/2018, PF salary: 10,000/-
EPF Deduction: 10,000 / 26 (working days) x 18 Present Days = 6923.00,
PF contribution @12% 831.00 + Employer share towards EPF @3.67% = 254.00 + EPS @8.33% = 577.00, Total EPF Balance = 1085 + Int.
EDLI calculation: 10,000 x 30 = 03 Lacs + 50% of EPF balance i.e. 543.00.
EDLI Benefits would be 3,00,543.00 + Pension to widow and child up to 02 children of age up to 25 years + EPF balance.
The said provision shall be in force for the first 02 years from 15/02/2018.
From India, Secunderabad
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“(i) the average monthly wages drawn (subject to a maximum of fifteen thousand rupees), during the
twelve months preceding the month in which he died, multiplied by thirty times plus fifty per cent. of
the average balance in the account of the deceased in the Fund or of a provident fund exempted under
section 17 of the Act or under paragraph 27 or 27A of the Employees’ Provident Funds Scheme,
1952, as the case may be, during the preceding twelve months or during the period of his
membership, whichever is less subject to a ceiling of one lakh and fifty thousand rupees:
Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees:
Provided further that the assurance benefit shall not exceed six lakh rupees" This is how the gazzete dated15/02/18 which is effective from 15/02/18 reads. Nagaraju please note. This provision is to take care of people who dies before completing 1 year EPF. Read my attachment of gazzete.
From India, Thane
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twelve months preceding the month in which he died, multiplied by thirty times plus fifty per cent. of
the average balance in the account of the deceased in the Fund or of a provident fund exempted under
section 17 of the Act or under paragraph 27 or 27A of the Employees’ Provident Funds Scheme,
1952, as the case may be, during the preceding twelve months or during the period of his
membership, whichever is less subject to a ceiling of one lakh and fifty thousand rupees:
Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees:
Provided further that the assurance benefit shall not exceed six lakh rupees" This is how the gazzete dated15/02/18 which is effective from 15/02/18 reads. Nagaraju please note. This provision is to take care of people who dies before completing 1 year EPF. Read my attachment of gazzete.
From India, Thane
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How do we consider the bonus amount while calculating the EDLI
From India, Hyderabad
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From India, Hyderabad
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If any member not completed 12 months and died before completing. Suppose for 9 months he did the service. Can you please share details calculation as per current amendment.
From India, Hyderabad
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From India, Hyderabad
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Bonus calculation: 50% of balance PF amount, with a maximum amount of 175,000.
In cases where the contribution is less than 12 months: average PF balance up to 50,000. For contributions exceeding 50,000: average PF balance plus 40% of the excess over 50,000, with a maximum limit also applicable.
From India, undefined
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In cases where the contribution is less than 12 months: average PF balance up to 50,000. For contributions exceeding 50,000: average PF balance plus 40% of the excess over 50,000, with a maximum limit also applicable.
From India, undefined
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SAMPLE Employee Attrition Calculation sheet for FY 09-10 .xls