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snswamy
1

Thank u Sir,
In our organization EPF amount (12%) is being deducted on total basic, da, vda and EPS (8.33%) is being deducted on ceiling amount i.e. Rs.6500/- (basic+da+Vda) only. on which wages will be taken for EDLI contribution ? Wheather EPF wages or ceiling wages?
can anybody please reply
S.N.SWAMY

From India, Hyderabad
abbasiti
517

Dear S.N.Swamy,

Ceiling of Rs. 6500 is applicable for EDLI. I shall make a brief on EDLI, based on the latest amendment.

EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here deposit means average deposit in EPF. When an employee dies while in service, family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.

1. Determination of Deposit.

Average of deposit of last twelve months as well as total service, will be calculated and whichever is less being taken for the calculation.

2. Determination of Compensation.

Upto Rs. 50,000/- he will get actual. Beyond first 50,000/- he will get 40% of the rest; subject to ceiling of Rs. 100,000/-.

Eg. a) Deposit Rs. 100,000

For 1st 50000 - 50000, Next 50000 - 20000

Total - Rs. 70,000 (will get full amount as it is not more than 100,000).

Eg. b) Deposit Rs. 200,000

For 1st 50000 - 50000, Next 150,000 - 60000

Total - Rs. 110000 (will get Rs.100,000 only as it ecxeeds 100,000).

Eg. c) Deposit Rs. 300,000

For 1st 50000 - 50000, Next 250,000 - 100,000

Total - Rs. 150,000 (will get Rs. 100,000 only as it exeeds 100,000/-)

But there is better Insurance schemes with the same premium, even without cosidering the deposits. With this type of better benefits, some of the organisations are exempted from EDLI. Instead they are providing in lieu of EDLI. There are schemes which specifies more than 100,000/- for natuaral death and double benefits for accidental death.

Abbas.P.S, ITI Ltd, Palakkad 678 623.

Ph. +91 9447 467 667

From India, Bangalore
rahul nigam
respected sir
In case we have not recieved exemtion certificate from pf commiosion under section 2 (17) of pf act 1952, and deposit the edli premium under lic scheme, then what is our responsibilities.

From India, Indore
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