Dear Seniors,
Please explain the EDLI contribution on the full basic salary or on the ceiling as mentioned on the EPFO website, i.e., Rs.6,500/-. If the EDLI contribution is deposited on the full basic salary, are there any advantages from the authorities, or if paid on the ceiling (Rs.6,500/-) as mentioned on the website, are there any advantages? Please explain.
Enclosed is the EPFO EDLI Ceiling on the point (c).
Regards,
From India, Delhi
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7Please explain the EDLI contribution on the full basic salary or on the ceiling as mentioned on the EPFO website, i.e., Rs.6,500/-. If the EDLI contribution is deposited on the full basic salary, are there any advantages from the authorities, or if paid on the ceiling (Rs.6,500/-) as mentioned on the website, are there any advantages? Please explain.
Enclosed is the EPFO EDLI Ceiling on the point (c).
Regards,
From India, Delhi
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Even if you may opt for EDLI on a higher amount, the maximum compensation payable to an employee in case of his death while in employment (the very purpose of the scheme) would be limited to Rs. 100,000. Therefore, you should restrict the payment of EDLI based on a salary of Rs. 6,500.
Regards,
Madhu.T.K
From India, Kannur
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Regards,
Madhu.T.K
From India, Kannur
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Dear Madhu,
Even if you may claim EDLI on a higher amount, the maximum compensation payable to an employee in case of his death while in employment (the very purpose of the scheme) would be limited to Rs. 100,000. Therefore, you should restrict the payment of EDLI on a salary of Rs. 6,500.
Regards,
Madhu.T.K
Dear Madhu,
I just wanted to ask, in case of the death of an employee, what is the amount that can be claimed from EDLI or what is the amount fixed by EDLI, and which form is required to claim?
Regards,
Prerna
prerna.1119@gmail.com
From India, New Delhi
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Even if you may claim EDLI on a higher amount, the maximum compensation payable to an employee in case of his death while in employment (the very purpose of the scheme) would be limited to Rs. 100,000. Therefore, you should restrict the payment of EDLI on a salary of Rs. 6,500.
Regards,
Madhu.T.K
Dear Madhu,
I just wanted to ask, in case of the death of an employee, what is the amount that can be claimed from EDLI or what is the amount fixed by EDLI, and which form is required to claim?
Regards,
Prerna
prerna.1119@gmail.com
From India, New Delhi
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In case of death, the amount payable shall depend on his contribution to the fund, and that is why EDLI is Employees' "Deposit Linked" Insurance. Therefore, depending upon service, the amount varies, and the maximum amount payable is Rs 1 lakh.
Regards,
Madhu.T.K
From India, Kannur
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Regards,
Madhu.T.K
From India, Kannur
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Hi EDLI contribution be calculated on EPS salary i.e. with cap of 6500 or basic +Da whichever is less. Regds jmraju
From India, Bangalore
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From India, Bangalore
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As per EDLI Act 1976 that is a benefit for employee which will pay bye employeer ie 0.5% of basic wages on then challan. thnks and regards ashish 7838606486
From India, New Delhi
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From India, New Delhi
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The EDLI amount of a deceased employee is calculated based on the PF contribution of the employee and basic wages. To claim for EDLI, you need to submit Form 5IF. This form is available at epfindia.com or any PF regional offices.
Shafi
From India, Hyderabad
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Shafi
From India, Hyderabad
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EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here, deposit means the average deposit in EPF. When an employee dies while in service, the family will receive some compensation based on his/her deposit. To make a claim, the employer has to pay 0.5% as its premium.
Determination of Deposit:
Average deposit of the last twelve months as well as total service will be calculated, and whichever is less will be taken for the calculation.
Determination of Compensation:
Up to Rs. 50,000/-, he will receive the actual amount. Beyond the first Rs. 50,000/-, he will receive 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Example a) Deposit Rs. 100,000:
For the first 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed Rs. 100,000).
Example b) Deposit Rs. 200,000:
For the first 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
Example c) Deposit Rs. 300,000:
For the first 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000/-).
There are better insurance schemes with the same premium, even without considering the deposits. With these improved benefits, some organizations are exempted from EDLI. Instead, they provide alternatives to EDLI. There are schemes that specify Rs. 102,000/- for natural death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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Determination of Deposit:
Average deposit of the last twelve months as well as total service will be calculated, and whichever is less will be taken for the calculation.
Determination of Compensation:
Up to Rs. 50,000/-, he will receive the actual amount. Beyond the first Rs. 50,000/-, he will receive 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Example a) Deposit Rs. 100,000:
For the first 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed Rs. 100,000).
Example b) Deposit Rs. 200,000:
For the first 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
Example c) Deposit Rs. 300,000:
For the first 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000/-).
There are better insurance schemes with the same premium, even without considering the deposits. With these improved benefits, some organizations are exempted from EDLI. Instead, they provide alternatives to EDLI. There are schemes that specify Rs. 102,000/- for natural death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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EDLI contribution should be paid on maximum ceiling of 15000 or actual Basic +DA
From India, Gurgaon
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From India, Gurgaon
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Dear Vikas,
The EDLI contribution is calculated by the portal for all employees mentioned in ECR-EDLI Wages. EDLI Wages refer to the actual EPF wages up to the maximum present ceiling of Rs15,000.
For example:
- EPF Wages: 20,000, EDLI Wages: 15,000
- EPF Wages: 10,000, EDLI Wages: 10,000
I hope this clarifies the calculation process for you.
Thank you.
From India, New Delhi
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The EDLI contribution is calculated by the portal for all employees mentioned in ECR-EDLI Wages. EDLI Wages refer to the actual EPF wages up to the maximum present ceiling of Rs15,000.
For example:
- EPF Wages: 20,000, EDLI Wages: 15,000
- EPF Wages: 10,000, EDLI Wages: 10,000
I hope this clarifies the calculation process for you.
Thank you.
From India, New Delhi
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