Greetings. Today morning, one of my colleagues, while crossing the railway track, met with an accident and died on the spot. Now, I need to fill out Form 10D, Form 19, and Form 5 (IF).
In Form 5 (IF), under EDLI on the third page, details of a total of 36 months of PF contributions are required. However, he was only in service from 19th April 2012 until yesterday. Will the family of the deceased receive EDLI and other benefits only for those who completed 3 years of service, or can anyone avail them?
Your clarification on this matter is greatly appreciated.
From India, Kumbakonam
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1189In Form 5 (IF), under EDLI on the third page, details of a total of 36 months of PF contributions are required. However, he was only in service from 19th April 2012 until yesterday. Will the family of the deceased receive EDLI and other benefits only for those who completed 3 years of service, or can anyone avail them?
Your clarification on this matter is greatly appreciated.
From India, Kumbakonam
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Dear Bhaskar,
That law must have an exception when it comes to death, so the specific terms may not be applicable. Please refer to the details given below covered under the scheme.
Assurance Benefit:
The benefit provided under the Employees' Deposit Linked Insurance Scheme is called Assurance Benefit. In the event of the member's death while in service, the nominee or any other person entitled to receive the Provident Fund benefits will, in addition to the Provident Fund, receive the Assurance Benefit under the Employees' Deposit Linked Insurance Scheme.
Scale of Assurance Benefit:
From 1-4-93 onwards, the amount of Assurance Benefit payable is an amount equal to the average balance in the deceased member's Fund during the preceding 12 months or during the period of his membership, whichever is less. However, if the average balance exceeds Rs. 25,000, the amount payable shall be Rs. 25,000 plus 25% of the excess amount, subject to a ceiling of Rs. 35,000. The prescribed Form for claiming the Assurance Benefits under the Employees' Deposit Linked Insurance Scheme, 1976, is Form 5(IF).
It clearly mentions whichever is less or Rs. 25,000.
Thank you.
From India, Bangalore
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That law must have an exception when it comes to death, so the specific terms may not be applicable. Please refer to the details given below covered under the scheme.
Assurance Benefit:
The benefit provided under the Employees' Deposit Linked Insurance Scheme is called Assurance Benefit. In the event of the member's death while in service, the nominee or any other person entitled to receive the Provident Fund benefits will, in addition to the Provident Fund, receive the Assurance Benefit under the Employees' Deposit Linked Insurance Scheme.
Scale of Assurance Benefit:
From 1-4-93 onwards, the amount of Assurance Benefit payable is an amount equal to the average balance in the deceased member's Fund during the preceding 12 months or during the period of his membership, whichever is less. However, if the average balance exceeds Rs. 25,000, the amount payable shall be Rs. 25,000 plus 25% of the excess amount, subject to a ceiling of Rs. 35,000. The prescribed Form for claiming the Assurance Benefits under the Employees' Deposit Linked Insurance Scheme, 1976, is Form 5(IF).
It clearly mentions whichever is less or Rs. 25,000.
Thank you.
From India, Bangalore
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Dear Seniors,
Greetings of the day.
I am working in a home appliances company. The issue is that my boss has ordered to give a 3-month notice period to a receptionist for the termination of her job. The reason is her unsatisfactory work performance. What should I do? Can you also provide me with a sample letter for a 3-month notice period?
Thank you.
From India, Chandigarh
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Greetings of the day.
I am working in a home appliances company. The issue is that my boss has ordered to give a 3-month notice period to a receptionist for the termination of her job. The reason is her unsatisfactory work performance. What should I do? Can you also provide me with a sample letter for a 3-month notice period?
Thank you.
From India, Chandigarh
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Group Insurance Scheme in Lieu Of EDLI.doc