Dear Sir/Madam,
Kindly guide me about the current EDLI amendment of 24th May 2016, where the EDLI coverage has been enhanced to 6 lakhs.
Amendment says (Basic Salary X 30 Times + 50% of the Average PF balance during the preceding 12 months or during his membership, whichever is less, subject to a celing of Rs.1.5 Lakhs) . The first part is clear , we can take the basic salary * 30 times , the second part needs some clarification on the calculation part.
Grateful if anyone could help me .
Thanks
Smitha
Kindly guide me about the current EDLI amendment of 24th May 2016, where the EDLI coverage has been enhanced to 6 lakhs.
Amendment says (Basic Salary X 30 Times + 50% of the Average PF balance during the preceding 12 months or during his membership, whichever is less, subject to a celing of Rs.1.5 Lakhs) . The first part is clear , we can take the basic salary * 30 times , the second part needs some clarification on the calculation part.
Grateful if anyone could help me .
Thanks
Smitha