Sir,
Please explain PF EDLI withdrawal (death) formula.
Example:
Member DOB: 04.05.1950
DOJ in EPF: 01.03.1998
DOL in EPF: 17.11.2010
Left Reason: Death at home
Last 12-month PF average wages: 6500
EPS (8.33%) remitted stopped: 31.06.2008
Reason: 58 years crossed
Remitted member A/c: 12% + 12% from 01.07.2008
Is Pension Eligible?
What is the pension formula for death cases?
If eligible, what is the formula?
What is the EDLI formula and amount?
Could you provide an Excel worksheet with the formula?
Regards,
Novapravin
From India, Madurai
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Please explain PF EDLI withdrawal (death) formula.
Example:
Member DOB: 04.05.1950
DOJ in EPF: 01.03.1998
DOL in EPF: 17.11.2010
Left Reason: Death at home
Last 12-month PF average wages: 6500
EPS (8.33%) remitted stopped: 31.06.2008
Reason: 58 years crossed
Remitted member A/c: 12% + 12% from 01.07.2008
Is Pension Eligible?
What is the pension formula for death cases?
If eligible, what is the formula?
What is the EDLI formula and amount?
Could you provide an Excel worksheet with the formula?
Regards,
Novapravin
From India, Madurai
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Dear Novapravin,
The membership in EPS is up to the date of completion of 58 years only. For a DOB of 4.5.1950, completion of 58 years is on 3.5.2008. He is eligible for pension from 4.5.2008 along with the salary. Family Pension / Table C (widow pension) is applicable only if the death happened on or before 3.5.2008. The Widow would get a pension equal to member pension or widow pension as per Table C, whichever is higher, wherever applicable. But it is not applicable in this case as the date of death is after an age of 58 years.
I don't know why the member has not availed pension while attaining the age of 58 years. His eligible pension will be Rs. 1207 (I shall attach the excel sheet) from 4.5.2008 to 17.11.2010 for a pensionable service of 13 years. The formula is 6500x13/70 = 1207.14 rounded to 1207.
From 18.11.2010 onwards, the widow will get 50% of member pension, i.e., Rs. 604. If survived by children below an age of 25 years, two of them will get 25% of widow pension, i.e., Rs. 151 each till they attain the age of 25 years; in addition to the widow pension. In case of death or remarriage of the widow, child pension will become orphan pension which is three times the child pension, i.e., 151x3 = Rs. 453.
Regarding EDLI: Check whether he is under EDLI / EPF or in lieu of EDLI / Insurance agencies. In the first case, it will be subject to the average of the last twelve months' deposit or the average of total service deposit in PF, whichever is less. For the first 50,000 of the deposit, he will get the actual and for the balance 40% subject to a total ceiling of Rs. 1,00,000.
If it is in lieu of EDLI, the insurance amount will be Rs. 1,02,000 (flat rate) for normal death. For accident death, there may be provisions to give double benefits, i.e., Rs. 2,04,000.
Abbas.P.S, ITI Ltd, Palakkad.
Ph. +91 9447 467 667
From India, Bangalore
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530The membership in EPS is up to the date of completion of 58 years only. For a DOB of 4.5.1950, completion of 58 years is on 3.5.2008. He is eligible for pension from 4.5.2008 along with the salary. Family Pension / Table C (widow pension) is applicable only if the death happened on or before 3.5.2008. The Widow would get a pension equal to member pension or widow pension as per Table C, whichever is higher, wherever applicable. But it is not applicable in this case as the date of death is after an age of 58 years.
I don't know why the member has not availed pension while attaining the age of 58 years. His eligible pension will be Rs. 1207 (I shall attach the excel sheet) from 4.5.2008 to 17.11.2010 for a pensionable service of 13 years. The formula is 6500x13/70 = 1207.14 rounded to 1207.
From 18.11.2010 onwards, the widow will get 50% of member pension, i.e., Rs. 604. If survived by children below an age of 25 years, two of them will get 25% of widow pension, i.e., Rs. 151 each till they attain the age of 25 years; in addition to the widow pension. In case of death or remarriage of the widow, child pension will become orphan pension which is three times the child pension, i.e., 151x3 = Rs. 453.
Regarding EDLI: Check whether he is under EDLI / EPF or in lieu of EDLI / Insurance agencies. In the first case, it will be subject to the average of the last twelve months' deposit or the average of total service deposit in PF, whichever is less. For the first 50,000 of the deposit, he will get the actual and for the balance 40% subject to a total ceiling of Rs. 1,00,000.
If it is in lieu of EDLI, the insurance amount will be Rs. 1,02,000 (flat rate) for normal death. For accident death, there may be provisions to give double benefits, i.e., Rs. 2,04,000.
Abbas.P.S, ITI Ltd, Palakkad.
Ph. +91 9447 467 667
From India, Bangalore
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