Dear Seniors,
Kindly provide the basis of calculation of EDLI benefits as of date and at the same time if anybody highlight the basis of calculation of Pension and family pension under EPF and MP Act.
Thanks & regards
From India, Kolkata
9Kindly provide the basis of calculation of EDLI benefits as of date and at the same time if anybody highlight the basis of calculation of Pension and family pension under EPF and MP Act.
Thanks & regards
From India, Kolkata
Hi Buddy,
I) Pension will be calculated on the following formula
Pension= Pensionable Salary + Pensionable Service Divided By 70
*Pensionable Service means last drawn 12 month salary.
II) For EDLI:
It is a insurance scheme which will be paid in account of death.
Under this scheme nominee will get maximum 20 month wages or 3 lac rupees with admissible increase of 20% (on 3Lac) , hence total amount would be 3.6 Lac rupees.
With Regards
Mr.Thumbs Up
From India, Chennai
I) Pension will be calculated on the following formula
Pension= Pensionable Salary + Pensionable Service Divided By 70
*Pensionable Service means last drawn 12 month salary.
II) For EDLI:
It is a insurance scheme which will be paid in account of death.
Under this scheme nominee will get maximum 20 month wages or 3 lac rupees with admissible increase of 20% (on 3Lac) , hence total amount would be 3.6 Lac rupees.
With Regards
Mr.Thumbs Up
From India, Chennai
Dear Mr. Praveen,
Thanks for your reply but I still have a confusion whether the EDLI calculation is still 20 times and 20% or it has been revised to 30 times with 1.5 lac Bonus subject to a max of Rs. 6 lac. Kindly confirm.
Calculation of Pension is also not very clear that If Pensionable service is last 12 month drawn salary then what stands for "Pensionable salary "
Thanks & regards
From India, Kolkata
Thanks for your reply but I still have a confusion whether the EDLI calculation is still 20 times and 20% or it has been revised to 30 times with 1.5 lac Bonus subject to a max of Rs. 6 lac. Kindly confirm.
Calculation of Pension is also not very clear that If Pensionable service is last 12 month drawn salary then what stands for "Pensionable salary "
Thanks & regards
From India, Kolkata
Hi Buddy,
For EDLI, Still there is no revision as far as my knowledge goes.
For pension,
Sorry I wrote wrongly on my above post, Pensionable service means the total service as a PF member and Pensionable salary means last drawn 12 month salary.
With Regards
Mr.Thumbs Up
From India, Chennai
For EDLI, Still there is no revision as far as my knowledge goes.
For pension,
Sorry I wrote wrongly on my above post, Pensionable service means the total service as a PF member and Pensionable salary means last drawn 12 month salary.
With Regards
Mr.Thumbs Up
From India, Chennai
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SALARY SHEET CALCULATION.xls