Dear Sir/Madam,
Kindly guide me about the current EDLI amendment of 24th May 2016, where the EDLI coverage has been enhanced to 6 lakhs.
Amendment says (Basic Salary X 30 Times + 50% of the Average PF balance during the preceding 12 months or during his membership, whichever is less, subject to a celing of Rs.1.5 Lakhs) . The first part is clear , we can take the basic salary * 30 times , the second part needs some clarification on the calculation part.
Grateful if anyone could help me .
Thanks
Smitha
From India, Kochi
Kindly guide me about the current EDLI amendment of 24th May 2016, where the EDLI coverage has been enhanced to 6 lakhs.
Amendment says (Basic Salary X 30 Times + 50% of the Average PF balance during the preceding 12 months or during his membership, whichever is less, subject to a celing of Rs.1.5 Lakhs) . The first part is clear , we can take the basic salary * 30 times , the second part needs some clarification on the calculation part.
Grateful if anyone could help me .
Thanks
Smitha
From India, Kochi
Dear Smitha,
For calculation of 2nd part, members average contribution for the preceding 12 months as well as total service will be calculated and whichever is less out of the two will be taken into for EDLI subject to ceiling of Rs. 1,50,000/-. This will be added to the 1st part which is subject to a ceiling of Rs. 4,50,000/-. Accordingly ceiling for the total amount will be Rs. 6,00,000/-.
Abbas.P.S,
ITI Limited,
PALAKKAD - 678 623.
From India, Bangalore
517For calculation of 2nd part, members average contribution for the preceding 12 months as well as total service will be calculated and whichever is less out of the two will be taken into for EDLI subject to ceiling of Rs. 1,50,000/-. This will be added to the 1st part which is subject to a ceiling of Rs. 4,50,000/-. Accordingly ceiling for the total amount will be Rs. 6,00,000/-.
Abbas.P.S,
ITI Limited,
PALAKKAD - 678 623.
From India, Bangalore
Dear Smitha,
For the second part half of the average contribution for preceding 12 months as well as total service will be calculated and whichever less out of the two will be taken into account. This will be added (subject to a ceiling of Rs. 150000) with the 1st part subject to a total ceiling of Rs. 600000.
Abbas.P.S
ITI Ltd.,
PALAKKAD
From India, Bangalore
For the second part half of the average contribution for preceding 12 months as well as total service will be calculated and whichever less out of the two will be taken into account. This will be added (subject to a ceiling of Rs. 150000) with the 1st part subject to a total ceiling of Rs. 600000.
Abbas.P.S
ITI Ltd.,
PALAKKAD
From India, Bangalore
Thank You Abbas.
We have taken the exemption from EDLI(EDLI Insurance coverage plus accident coverage). In that case , how we will calculate the average 50% balance , for eg, in case of new joinees , we are unaware of their PF balance . We plan to give graded structure based on their PF Wage, but doubtful whether we can go by that structure.
Kindly guide
Thanks
Smitha
From India, Kochi
We have taken the exemption from EDLI(EDLI Insurance coverage plus accident coverage). In that case , how we will calculate the average 50% balance , for eg, in case of new joinees , we are unaware of their PF balance . We plan to give graded structure based on their PF Wage, but doubtful whether we can go by that structure.
Kindly guide
Thanks
Smitha
From India, Kochi
Dear Smitha,
In case you have taken exemption from EDLI, there should not be any concern regarding EDLI payment (limit). The Insurance Company pays the amount. There are some formulas (based on last basic, total service period, NCP days, etc.). Half Yearly / Annual Return is being submitted to ins. com. regarding the members data.
In case of Death of any member, you have to inform the same to Ins. Co. There is some claim Forms on which member detail is being provided and accordingly the Insurance Co. process the claim.
This is on basis of my exp. on the matter. I used to deal those things long back.
For more detail you have to co-ordinate with the Ins. Co. If there is any updation, pls share the same for our knowledge as well.
From India, Delhi
In case you have taken exemption from EDLI, there should not be any concern regarding EDLI payment (limit). The Insurance Company pays the amount. There are some formulas (based on last basic, total service period, NCP days, etc.). Half Yearly / Annual Return is being submitted to ins. com. regarding the members data.
In case of Death of any member, you have to inform the same to Ins. Co. There is some claim Forms on which member detail is being provided and accordingly the Insurance Co. process the claim.
This is on basis of my exp. on the matter. I used to deal those things long back.
For more detail you have to co-ordinate with the Ins. Co. If there is any updation, pls share the same for our knowledge as well.
From India, Delhi
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EDLI 18 June 2010 amendment.pdf