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
Acknowledge(0)
Amend(0)
6Thank you.
From India, Mumbai
Acknowledge(0)Amend(0)
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
Acknowledge(2)
Amend(0)
From India, Bangalore
Acknowledge(2)Amend(0)
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
Acknowledge(0)Amend(0)
From India, Thane
Acknowledge(0)Amend(0)
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
Acknowledge(0)Amend(0)
From India, Delhi
Acknowledge(0)Amend(0)
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
Acknowledge(3)
Amend(0)
From India, Thane
Acknowledge(3)Amend(0)
EDLI New Rule:
The average monthly wages drawn (subject to a maximum of 15,000.00) during the 12 months preceding the month in which the employee 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 6 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 = 6,923.00
PF contribution @12%: 831.00 + Employer share towards EPF @3.67% = 254.00 + EPS @8.33% = 577.00, Total EPF Balance = 1,085 + Int.
EDLI calculation: 10,000 x 30 = 3 Lacs + 50% of EPF balance i.e. 543.00.
EDLI Benefits would be 3,00,543.00 + Pension to widow and child up to 2 children of age up to 25 years + EPF balance.
The said provision shall be in force for the first 2 years from 15/02/2018.
From India, Secunderabad
Acknowledge(3)
Amend(0)
The average monthly wages drawn (subject to a maximum of 15,000.00) during the 12 months preceding the month in which the employee 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 6 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 = 6,923.00
PF contribution @12%: 831.00 + Employer share towards EPF @3.67% = 254.00 + EPS @8.33% = 577.00, Total EPF Balance = 1,085 + Int.
EDLI calculation: 10,000 x 30 = 3 Lacs + 50% of EPF balance i.e. 543.00.
EDLI Benefits would be 3,00,543.00 + Pension to widow and child up to 2 children of age up to 25 years + EPF balance.
The said provision shall be in force for the first 2 years from 15/02/2018.
From India, Secunderabad
Acknowledge(3)Amend(0)
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
Acknowledge(2)
Amend(0)
From India, Hyderabad
Acknowledge(2)Amend(0)
Bonus calculation: 50% of the 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
Acknowledge(0)Amend(0)
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
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
EDLI CALCULATION Insurance & Bonus 50% of average balance..xls
Death while in service letter for pf death claim.docx
Circular Dated 28-10-2016 for settlement of PF Death Case Claims within 7 days.pdf