Friends, The EPF, Pension Scheme and EDLIS Limit enhanced from 1st September, 2014 as per the recent notification attached herewith.
From India, Mumbai
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10From India, Mumbai
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yes, thanks for update. wage celing enhanced to 15000, minimum pension enhanced to 1000 and edli benefit enhanced to 20%.
From India, Mumbai
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There is no law for the breakup of the salary structure under any Act except the HRA Act in a few states, as per my knowledge. During the time of the EPF limit of Rs 6500/-, many employers showed a breakup of the salary and paid contributions on only the Basic and/or DA part of the salary. This practice was questioned by the EPF authority, and later, a few court cases ruled in favor of EPF and vice versa. Therefore, the breakup of the salary should be done while keeping in mind the interest of the contributions towards EPF, EPS, and EDLIS to the extent of mandatory coverage. More light will be shed on this issue by other members of the fraternity.
From India, Mumbai
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As per EPF Gazette 20% additional relief on the amount of assurance benefits admissible under EDLI. Can any one confirm this meaning
From India, Hyderabad
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From India, Hyderabad
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The EDLI benefit depends upon the PF Salary. If the PF salary is Rs 6,500 for an average of 12 months, the deceased member was getting Rs 130,000 as EDLI benefit (6,500 * 20). The same is increased by 20%.
If the average salary is Rs 15,000 * 20 = Rs 300,000 + 20% = Rs 360,000 maximum will be the EDLI payment.
If the establishment has an exemption from EDLI, it may have to pay a minimum of Rs 3.60 L under the EDLI scheme.
Thanks,
Vidyadhar Bhat
From India, Pune
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If the average salary is Rs 15,000 * 20 = Rs 300,000 + 20% = Rs 360,000 maximum will be the EDLI payment.
If the establishment has an exemption from EDLI, it may have to pay a minimum of Rs 3.60 L under the EDLI scheme.
Thanks,
Vidyadhar Bhat
From India, Pune
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PF & Pension Amdmt Scheme 2010 for IW.pdf
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