a) Insurance benefit is the average balance of the Provident Fund during the last 12 months (Provided that such balance does not exceeds Rs.1,00,000/- INR)
b) Insurance cover would be equal to Rs.50,000 plus 40% of the amount in excess of Rs.50,000 subject to a maximum of Rs.1,00,000.
c) The contribution @ 0.50% of each employee's salary is payable by the Employer to the Provident Fund Authorities.
For example:
a) If PF deposit is Rs.50,000, EDLI Benefit – Rs. 50,000
b) If PF deposit Rs. 1,00,000, EDLI Benefit – Rs.70,000 (50,000+20,000)
(For 1st 50,000 – 50,000, Next 50,000 – 40% of 50,000 i.e. Rs.20,000)
c) Deposit Rs. 2,00,000 EDLI Benefit – Rs.1,00,000 (50,000+50,000)
(For 1st 50,000 – 50,000, Next 1,50,000 – 40% of 1,50,000 i.e. Rs.60,000 - Total - Rs. 1,10,000 (will get Rs.1,00,000 only as it exceeds 1,00,000).
Now my concern is limit is 3.6 lakh and wage ceiling is 15000 then as per above example if i am wrong pls clear
a) insurance benefit is average balance of PF fund during last 12 months (provided not exceed 360000/ INR)
b)Insurance cover would be equalto 50000 plus 40% of amount excess of rs 50000 subject to 360000
and if pf balance is suppose 30000 then what will be the benefits.
From India, Mumbai
6b) Insurance cover would be equal to Rs.50,000 plus 40% of the amount in excess of Rs.50,000 subject to a maximum of Rs.1,00,000.
c) The contribution @ 0.50% of each employee's salary is payable by the Employer to the Provident Fund Authorities.
For example:
a) If PF deposit is Rs.50,000, EDLI Benefit – Rs. 50,000
b) If PF deposit Rs. 1,00,000, EDLI Benefit – Rs.70,000 (50,000+20,000)
(For 1st 50,000 – 50,000, Next 50,000 – 40% of 50,000 i.e. Rs.20,000)
c) Deposit Rs. 2,00,000 EDLI Benefit – Rs.1,00,000 (50,000+50,000)
(For 1st 50,000 – 50,000, Next 1,50,000 – 40% of 1,50,000 i.e. Rs.60,000 - Total - Rs. 1,10,000 (will get Rs.1,00,000 only as it exceeds 1,00,000).
Now my concern is limit is 3.6 lakh and wage ceiling is 15000 then as per above example if i am wrong pls clear
a) insurance benefit is average balance of PF fund during last 12 months (provided not exceed 360000/ INR)
b)Insurance cover would be equalto 50000 plus 40% of amount excess of rs 50000 subject to 360000
and if pf balance is suppose 30000 then what will be the benefits.
From India, Mumbai
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EDLI CALCULATION.xls x