Suppose if employee has pf balance of last 12 months is 25000 and he dies in an accident how much death benefit he will get. Pls clear with calculation and if have 70000 then what will be the benefits?
From India, Mumbai
6From India, Mumbai
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
From India, Delhi
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 balnce.
the said provision shall be in force for first 02 years from 15/02/2018
From India, Secunderabad
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 balnce.
the said provision shall be in force for first 02 years from 15/02/2018
From India, Secunderabad
“(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
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
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
From India, Hyderabad
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SAMPLE Employee Attrition Calculation sheet for FY 09-10 .xls