My employee died in January 2021 in an accident. His nominee received EDLI insurance of 3 lakhs (10k basic salary * 30 times). However, they have not received the EDLI Bonus, which should be 1.5 lakhs. Can you please guide me on how to obtain it?
From India, Hyderabad
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8From India, Hyderabad
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mention the service period / contributory period under the EPF / EPS mere date of death does not fix the amount payable
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Read the notification carefully, and match with the calculation data sent by department,
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EDLI benefit is 30 times of the last 12 months' average PF salary (including all allowances less HRA). 1.5 lakh is the maximum bonus amount or 50% of his balance contribution, whichever is least.
Effective 28th April 2021, the benefit amount is enhanced to INR 7L. The calculation is 35 times the average last 12-month salary (max. 15000x35=5.25L), and the bonus amount is 1.75L, totaling 7L.
Suresh
From India, Thane
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Effective 28th April 2021, the benefit amount is enhanced to INR 7L. The calculation is 35 times the average last 12-month salary (max. 15000x35=5.25L), and the bonus amount is 1.75L, totaling 7L.
Suresh
From India, Thane
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Hi Tom,
The accumulated fund under account 10 for one year, approximately for a 10k salary basic, would be around $833 per month. For the full year, it would not exceed $10,000, 50% of which would be granted as a bonus provided 12 calendar months of ECR is paid by the employee (prior to death). This amounts to approximately $5,000 and not $1.5 lacs or $1.75 lacs, as it depends on the tenure of the contribution span.
Please read the calculation sheet carefully provided by EPFO; it contains a summary of all amounts credited.
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The accumulated fund under account 10 for one year, approximately for a 10k salary basic, would be around $833 per month. For the full year, it would not exceed $10,000, 50% of which would be granted as a bonus provided 12 calendar months of ECR is paid by the employee (prior to death). This amounts to approximately $5,000 and not $1.5 lacs or $1.75 lacs, as it depends on the tenure of the contribution span.
Please read the calculation sheet carefully provided by EPFO; it contains a summary of all amounts credited.
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