My Employee died in Jan 2021 in an accident, his nominee received EDLI insurance of 3 lacs (10k basic salary * 3o times)
But not received EDLI Bonus which should be 1.5 lacs - Please guide me on how to get it?
From India, Hyderabad
8But not received EDLI Bonus which should be 1.5 lacs - Please guide me on how to get it?
From India, Hyderabad
EDLI benefit is 30 times of 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 and the calculation is 35 times of average last 12-month salary (max.15000x35=5.25L) and the Bonus amount is 1.75L total 7L
Suresh
From India, Thane
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 and the calculation is 35 times of average last 12-month salary (max.15000x35=5.25L) and the Bonus amount is 1.75L total 7L
Suresh
From India, Thane
@Tom
accumulated fund under a/c 10 for one year approx for 10k salary basic would be around 833 per month and for full year not more than 10000, and 50% of which would be granted as bonus provided 12 calendar months ECR is paid of the employee (prior to death) which comes to 5000 approx and not 1.5 lacs or 1.75 lacs, it is dependent on the tenure of the contribution span.
Read the calculation sheet carefully provided by EPFO , it contain all summery of amounts credited
accumulated fund under a/c 10 for one year approx for 10k salary basic would be around 833 per month and for full year not more than 10000, and 50% of which would be granted as bonus provided 12 calendar months ECR is paid of the employee (prior to death) which comes to 5000 approx and not 1.5 lacs or 1.75 lacs, it is dependent on the tenure of the contribution span.
Read the calculation sheet carefully provided by EPFO , it contain all summery of amounts credited
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