Assistant Manager Human Resources
Training & Placement Of Management Students
9th May 2011 From India, Bhubaneswar
Employees Deposit Linked Insurance Scheme
The purpose of the scheme is to provide life insurance benefits to employees who are already covered under PF/FPF. The employer has pay contribution equal to 0.50% of the total wages of employees in addition, administrative charges of 0.01% of total wages. [Notification no. AO 503(E) dated 28th July 1976 issued u/s 6C (2) of PF Act].
The employee does not contribute any amount to the scheme. The salary limit for coverage of employees is same as that of Provident Fund.
Exemption from the scheme can be obtained from RPFC if LIC Group Gratuity scheme is adopted by employer. If exemption is granted, only inspection charges @ 0.005% are payable to PF authorities.
9th May 2011 From India, Kochi