lokeshsharma9 Started The Discussion:
Dear Members, Please tell me what is benefit of EDLI in PF.How and who get benefit from this scheme?who give benefit from this pf deptt. or any insurance co. Please tell me in details. regards Lokesh
EDLI stands for Employees Deposit Linked Insurance. The maximum amount payable is 20 times of PF qualifying salary, ie, Rs 130000. The amount is paid to the dependents of a PF subscriber on the happening of his death. It is paid by the PF organisation. LIC also has schemes at par or better than that is being followed by the EPFO. Those who have opted for LIC's scheme are exempted from EDLI.
PF qualifying salary means salary on which Provident Fund is payable as per statute. Similarly, there are bonus qualifying salary, ESI qualifying salary, gratuity qualifying salary etc.
PF qualifying salary as per the prevailing provisions of the PF schemes is the basic salary and the dearness allowances including cash value of food grains supplied to the employee and retaining allowance if any paid or payable. Retaining allowance is nothing but a form of wages which is paid during a period in which there is no production or work but the employees are paid an amount so as to retain them on rolls.
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