Dear Members,
Please help me to understand the EDLI calculation as per the revised notification.
Case 1 - Basic 15000
Case 2 - Basic 25000
Please share the complete formula and also share how to compute with exact amount.
From India, Delhi
6Please help me to understand the EDLI calculation as per the revised notification.
Case 1 - Basic 15000
Case 2 - Basic 25000
Please share the complete formula and also share how to compute with exact amount.
From India, Delhi
Hii
Please read EDLI scheme 1976, under para 22(3). there is clearly mention that average monthly PF wages drawn during the 12 months preceding the month in which he died multiply by thirty, plus fifty percent of average balance in account of deceased in fund during the preceding 12 months, whichever is less subject to ceiling of one lakh and fifty thousand rupees.
From India, Bhogpur
Please read EDLI scheme 1976, under para 22(3). there is clearly mention that average monthly PF wages drawn during the 12 months preceding the month in which he died multiply by thirty, plus fifty percent of average balance in account of deceased in fund during the preceding 12 months, whichever is less subject to ceiling of one lakh and fifty thousand rupees.
From India, Bhogpur
Dear Sandeep, Pls find attached EPFO Circular No. EDLI/Actuarial/18 (3)/2014/26694 dated 21.02.2018 which is self explanatory. If you still find any difficulty, pls communicate. Regards, Suresh
From India, Thane
From India, Thane
Hi Suresh, Thanks for the reply. Can you please share the calculation of EDLI amount if the basic is 15k ,25k and 45 k. As its a general statement Thanks in advance.
From India, Delhi
From India, Delhi
Dear Sandeep,
EDLI Formula:
The insurance amount that the heirs of a deceased member get is calculated as 30 times the average monthly salary in the last 12 months of employment.
The maximum average monthly salary of an employee is capped at ₹ 15,000
Therefore, 30 times the salary comes to be around 30 x ₹ 15,000 = ₹ 4,50,000
A bonus amount of up to ₹ 1,50,000 is also paid to the claimant under this scheme
Thus, the maximum total amount payable under this scheme to the beneficiary is ₹ 6,00,000
Although the employee is getting any amount of Basic salary >15,000 he will still get the insurance claim as per the capped / ceiling amount of INR 15,000 per month.
Hope the above is cleared to you now.
Regards,
Suresh
From India, Thane
EDLI Formula:
The insurance amount that the heirs of a deceased member get is calculated as 30 times the average monthly salary in the last 12 months of employment.
The maximum average monthly salary of an employee is capped at ₹ 15,000
Therefore, 30 times the salary comes to be around 30 x ₹ 15,000 = ₹ 4,50,000
A bonus amount of up to ₹ 1,50,000 is also paid to the claimant under this scheme
Thus, the maximum total amount payable under this scheme to the beneficiary is ₹ 6,00,000
Although the employee is getting any amount of Basic salary >15,000 he will still get the insurance claim as per the capped / ceiling amount of INR 15,000 per month.
Hope the above is cleared to you now.
Regards,
Suresh
From India, Thane
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