8th November 2015 From India, Thane
The average monthly wages drawn (subject to a maximum of 15000.00), during the 12 months preceding the month in which he died, multiplied by 30 times plus 50% of the average balance in the account of the deceased in the Fund whichever is less subject to a ceiling of 1,50,000/-:
Provided that the assurance *benefit shall not be less than 2.5 lakh rupees: Provided further that the assurance benefit shall not exceed 06 lakh rupees:*
Example: Employee DOJ: 01/01/2018, DOD: 20/02/2018, PF salary:10,000/-
EPF Deduction: 10,000 / 26(working days) x 18 Present Days = 6923.00,
PF contribution @12% 831.00 + Employer share towards EPF @3.67% =254.00 + EPS @8.33% = 577.00 , Total EPF Balance = 1085 + Int.
EDLI calculation: 10,000 x 30 = 03 Lacs + 50% of EPF balance i.e.543.00.
EDLI Benefits would be 3,00,543.00 + Pension to widow and child up to 02 children of age up to 25 years + EPF balnce.
the said provision shall be in force for first 02 years from 15/02/2018
31st March 2018 From India, Secunderabad
twelve months preceding the month in which he died, multiplied by thirty times plus fifty per cent. of
the average balance in the account of the deceased in the Fund or of a provident fund exempted under
section 17 of the Act or under paragraph 27 or 27A of the Employees’ Provident Funds Scheme,
1952, as the case may be, during the preceding twelve months or during the period of his
membership, whichever is less subject to a ceiling of one lakh and fifty thousand rupees:
Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees:
Provided further that the assurance benefit shall not exceed six lakh rupees" This is how the gazzete dated15/02/18 which is effective from 15/02/18 reads. Nagaraju please note. This provision is to take care of people who dies before completing 1 year EPF. Read my attachment of gazzete.
1st April 2018 From India, Thane