suresh2511
239

Dear Madhu Jee,

The new employee will get the insurance benefit of 35 times of average salary as you rightly mentioned in para 2. However, the bonus amount will be 50% of his average balance or Rs.1,75,000 whichever is the least.

Regards,

Suresh

From India, Thane
Madhu.T.K
3769

No, my question is different. Suppose an employee who had joined just three months back dies. His EDLI salary was rs 15000 and had contributed for 3 months and the total of that would be Rs 45000. Then what would be the average PF or EDLI contributing salary? Is it 45000 divided by 3 or Rs 15000 itself or 45000 divided by 12 or Rs 3750. In your calculation sheet if you put '0' against the months preceding his joining, the result will be like what I have sated second. But if you keep the cells blank, then the result will be different.
From India, Kannur
suresh2511
239

The average is for the number of months he or she worked, not for the entire year. For example, if a worker starts on March 1st and dies on May 31st, and his monthly salary is Rs.12000/-, he is entitled to an insurance benefit of Rs.12000*35=420000, as well as a bonus of 1440+440=1880*3=5640/2=2820. (50 percent of average EPF balance)

(12000*12%) = 1440+440(3.67 percent employer contribution) = 1880

Because we are displaying the salary for the previous 12 months, we can enter '0' and take the average of three months.

Regards,
Suresh

From India, Thane
Madhu.T.K
3769

Ok. Understand. It is the average of the period actually worked and not the average of preceding 12 months per se. Thank you
From India, Kannur
ommygautam
66

following should be paid to nominee-
01. Full & Final Payment ( unpaid salary, Earn Leave if any )
02. Bonus ( if applicable)
03. EPF
04. EDLI
05. Pension from EPF dept. to their family
06. ESIC Funeral expenses ( if ESIC Member)
07. Penson from ESIC
08. Gratuity payment ( if service is less then 05 years then should be paid by LIC Gratuity Insurance, as mostly company insured their respective employee gratuity by LIC)
09. Insurance amount if any by the company
10. Contribution under the the death policy of company if any .

From India, Rudarpur
honeyanshi
94

Dear Madhu , For less than 12 month , average balance PF means sum of total PF contribution employer and employee plus interest on it as per 22 section EDLI act 1976.
From India, undefined

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views.








About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2022 CiteHRŽ

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server