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suraj007
hi this is sheen i have joined a new company as hr assistant
will someone tell me wat is edlis scheme .
when a new employee join the organisation he automatically join the employees deposit insurance scheme or he has to fill some specific form for it if that be so pls tell me the form name . In edlis employer will deposit the contribution whether the employee will also contribute for it or not? After this if a employee dies wat amount he/ nominee acheives?
sheena

From India, Delhi
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Jayshree15
Regional Admin Head In Hdfc Standard Life
Mak007hr
Hr Professional
Suraj007
Hr Assistant

mak007hr
13

Hi, Sheena,

Before I discuss the E.D.L.I. Scheme, I would like to tell you, there are three schmes under The Employees Provident Fund & Misc. Provisions Act -1952.

1. Employees Provident Fund Scheme (EPF)

2. Employees Pension Scheme (EPS)

3. Employees Deposit Link Insurance Scheme( EDLI S)

Now,

EDLI is a Scheme under Employees Provident Fund & Misc. Provision Act - 1952, . An employee bydefault become the member of the scheme if one is a member of Employees Provident Fund Scheme (even after attaining the superannuation age (58 Years) if continue in the emplyement, but ceases to be a member of Pesion Scheme on attaining 58 years.

There is no need to fill any separate form to become member of EDLI Scheme under EPF Act. (Form - 2 Nomination & Declaration is enough)

No contribution in respect of EDLI Scheme shall be paid by employee, rather the contribution for EDLI Scheme shall be born by Employer only (0.5% of Basic Wages)

On the death of employee while in service Form (5 IF) shall be filled by employer along with death certificate for the purpose of death Assurance benefit amount to be paid to the nominee of the employee.

The amount payable under EDLI Scheme as Assurance benefit on death of a member while in service is linked with the accumulation in the members P.F. Account as follows.

1. Average balance in members PF account during last 12 months or during the period of his membership whichever is less, except where the average balance is more than Rs.35000/- the amount payable shall be Rs. 35000/- + 25% of the amount in excess of Rs. 35000/- subject to a maximum Rs. 60000/- is payable to the nominee.

I hope it will clarify your query futher you can write to me on Email :-

Thanks,

Mohd. Arif Khan

Thanks,


jayshree15
68

Ho Mohmad.....
U sound quite knowledgeable in PF background... I have one query...
my company was having tie-up with mfg unit who was supporting co for financial aspect.. now from next month onward. we will work as indipendednt company @ staff of 10 employees... can UA give me details about PF.
1. how can we apply for PF?
2. What are the formalities to register co. as under EPF
3. Docmuments required etc..
u can also email me on
We are based in Mumbai.
Regards,
Jayshree

From India, Mumbai
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