Dear All, 1. What is the benifit by adopting EDLI lic scheme ? 2. What are all the disadvantages of EDLI PF scheme? Can any one help me in this matter; Reg, Prasanna
From India, Bangalore
1From India, Bangalore
Dear Venkat,
My above posting was on 14.08.2010. On 08.01.2011 EPFO amended the scheme. As per the new provision, in addition to the above calculation another calculation viz. 20 times of salary subject to a salary ceiling of 6500 (Amount ceiling will be 6500 x 20 = 130000) was also introduced and whichever is higher of these two will be taken into account. From 01.09.2014 onwards 20 times is enhanced to 24 times and ceiling salary enhanced to 15000. Hence the amount 24 x 15000 = 360000.
Abbas.P.S
From India, Bangalore
My above posting was on 14.08.2010. On 08.01.2011 EPFO amended the scheme. As per the new provision, in addition to the above calculation another calculation viz. 20 times of salary subject to a salary ceiling of 6500 (Amount ceiling will be 6500 x 20 = 130000) was also introduced and whichever is higher of these two will be taken into account. From 01.09.2014 onwards 20 times is enhanced to 24 times and ceiling salary enhanced to 15000. Hence the amount 24 x 15000 = 360000.
Abbas.P.S
From India, Bangalore
Dear Mr Abbas,
Thanks for your elaborated clarification, I've gone through the latest circular which is also attached for reference but no where it was mentioned 24 times of Rs.15000/-. Don't mistake me I shall be thankful if you substantiate for the evidence in the form of circular etc..
-Venkat
From India, Chennai
Thanks for your elaborated clarification, I've gone through the latest circular which is also attached for reference but no where it was mentioned 24 times of Rs.15000/-. Don't mistake me I shall be thankful if you substantiate for the evidence in the form of circular etc..
-Venkat
From India, Chennai
Dear Mr. Venkat,
You might not have seen that 20 times is enhanced to 24. But the 2nd paragraph of the notification which you have posted can be reproduced as under.
" 2. Additionally, the benefits under paragraph 22 of this scheme shall be increased by 20% in addition to the benefits admissible under sub-paragraph (1), (2) & (3) of paragraph 22."
20% of 20 is 4. i.e 20 times will be increased by 20% resulting to 24 times.
Abbas.P.S
From India, Bangalore
You might not have seen that 20 times is enhanced to 24. But the 2nd paragraph of the notification which you have posted can be reproduced as under.
" 2. Additionally, the benefits under paragraph 22 of this scheme shall be increased by 20% in addition to the benefits admissible under sub-paragraph (1), (2) & (3) of paragraph 22."
20% of 20 is 4. i.e 20 times will be increased by 20% resulting to 24 times.
Abbas.P.S
From India, Bangalore
Friends,
The latest official Gazette notification is w.e.f 15-02-2018 with regard to enhancement in the EDLI benefits.
Suppose an employee is deceased on 02-02-2018, whether the nominee/claimants are eligible for the benefits under the revised amendment.
thank you,
Sreedhara Murthy B N
From India, Bengaluru
The latest official Gazette notification is w.e.f 15-02-2018 with regard to enhancement in the EDLI benefits.
Suppose an employee is deceased on 02-02-2018, whether the nominee/claimants are eligible for the benefits under the revised amendment.
thank you,
Sreedhara Murthy B N
From India, Bengaluru
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Epf EDLI Amdmt Scheme 2018.pdf
Group Insurance Scheme in Lieu Of EDLI.doc