The 190th meeting of the Central Board of Trustees (EPF), chaired by Union Minister for Labour & Employment, Shri Mallikarjuna Kharge, decided on 15.9.2010 to enhance the ceiling limit of EDLI (Employees' Deposit Linked Insurance) to Rs. 1,30,000, equivalent to 20 times the salary ceiling limit of Rs. 6,500. This enhancement was previously increased from Rs. 60,000 to Rs. 100,000 on June 18, 2010, vide GSR 523(E).
Abbas P.S., ITI Ltd, PALAKKAD - 678 623, Ph. +91 9447 467 667
From India, Bangalore
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530Abbas P.S., ITI Ltd, PALAKKAD - 678 623, Ph. +91 9447 467 667
From India, Bangalore
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The implementation of the ceiling hike of Rs. 1,30,000 is w.e.f 08.01.2011. . . . . . . . . . . . . Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Thank you for sharing. What will be the case when the period of employment is only for 4 months at the time of the employee's death? Is the dependent eligible for the same as mentioned in the notification?
Regards,
Vikram
From India, Ahmadabad
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Regards,
Vikram
From India, Ahmadabad
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I shall copy my posting on the EDLI hike on a similar thread, which will be useful in this regard.
abbasiti Join Date: May 2010
Location: Palakkad, Kerala
Posts: 818
Subject - Re: Amendment to EDLI Scheme made on 8.1.2011
Dear all,
The above notification on EDLI amendment will create a revolution in the history of EDLI. Till 08.01.2011, those who die immediately after registering with EPF will get only a minimum amount of one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
As per the new notification, the EDLI amount will be arrived at as follows: 1) Calculate the entitled amount based on PF deposit subject to a ceiling of Rs. 1,00,000. 2) 20 times of salary subject to a salary ceiling of Rs. 6500. According to this calculation, the ceiling will be Rs. 1,30,000. Out of the above (1) & (2), whichever is higher will be given as EDLI. In general, 20 times of salary subject to a salary ceiling of Rs. 6500 will be ensured towards EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, i.e., the minimum is enhanced by 127.63 times!
Therefore, w.e.f. 08.01.2011, there will be a minimum of 20 times the EDLI applicable salary (this may vary subject to salary). The maximum will be Rs. 1,30,000.
Abbas.P.S
From India, Bangalore
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abbasiti Join Date: May 2010
Location: Palakkad, Kerala
Posts: 818
Subject - Re: Amendment to EDLI Scheme made on 8.1.2011
Dear all,
The above notification on EDLI amendment will create a revolution in the history of EDLI. Till 08.01.2011, those who die immediately after registering with EPF will get only a minimum amount of one month's contribution. For the ceiling salary, this will be Rs. 1018.55 (12% (employee) + 3.67% (employer) = 15.67%, 15.67% x 6500 = 1018.55).
As per the new notification, the EDLI amount will be arrived at as follows: 1) Calculate the entitled amount based on PF deposit subject to a ceiling of Rs. 1,00,000. 2) 20 times of salary subject to a salary ceiling of Rs. 6500. According to this calculation, the ceiling will be Rs. 1,30,000. Out of the above (1) & (2), whichever is higher will be given as EDLI. In general, 20 times of salary subject to a salary ceiling of Rs. 6500 will be ensured towards EDLI. For the ceiling salary, this will be Rs. 1,30,000. 130000/1018.55 = 127.63, i.e., the minimum is enhanced by 127.63 times!
Therefore, w.e.f. 08.01.2011, there will be a minimum of 20 times the EDLI applicable salary (this may vary subject to salary). The maximum will be Rs. 1,30,000.
Abbas.P.S
From India, Bangalore
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Employee Benefits.doc
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