Dear Seniors,
Kindly provide the basis of calculation of EDLI benefits as of the current date. Additionally, if anyone could explain the basis of calculation for Pension and family pension under the EPF and MP Act, it would be greatly appreciated.
Thanks & regards
From India, Kolkata
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9Kindly provide the basis of calculation of EDLI benefits as of the current date. Additionally, if anyone could explain the basis of calculation for Pension and family pension under the EPF and MP Act, it would be greatly appreciated.
Thanks & regards
From India, Kolkata
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Hi Buddy,
I) Pension will be calculated using the following formula: Pension = Pensionable Salary + Pensionable Service Divided By 70.
*Pensionable Service means the last drawn 12-month salary.
II) For EDLI:
It is an insurance scheme which will be paid in the event of death.
Under this scheme, the nominee will receive a maximum of 20 months' wages or 3 lakh rupees with an admissible increase of 20% (on 3 lakh), hence the total amount would be 3.6 lakh rupees.
With Regards,
Mr. Thumbs Up
From India, Chennai
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I) Pension will be calculated using the following formula: Pension = Pensionable Salary + Pensionable Service Divided By 70.
*Pensionable Service means the last drawn 12-month salary.
II) For EDLI:
It is an insurance scheme which will be paid in the event of death.
Under this scheme, the nominee will receive a maximum of 20 months' wages or 3 lakh rupees with an admissible increase of 20% (on 3 lakh), hence the total amount would be 3.6 lakh rupees.
With Regards,
Mr. Thumbs Up
From India, Chennai
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Dear Mr. Praveen,
Thank you for your reply, but I still have a confusion regarding whether the EDLI calculation is still 20 times and 20% or if it has been revised to 30 times with a 1.5 lac Bonus subject to a maximum of Rs. 6 lac. Kindly confirm.
The calculation of Pension is also not very clear. If the Pensionable service is the last 12 months' drawn salary, then what does "Pensionable salary" stand for?
Thanks and regards
From India, Kolkata
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Thank you for your reply, but I still have a confusion regarding whether the EDLI calculation is still 20 times and 20% or if it has been revised to 30 times with a 1.5 lac Bonus subject to a maximum of Rs. 6 lac. Kindly confirm.
The calculation of Pension is also not very clear. If the Pensionable service is the last 12 months' drawn salary, then what does "Pensionable salary" stand for?
Thanks and regards
From India, Kolkata
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Hi Buddy,
For EDLI, there has been no revision to my knowledge.
Regarding pension, I apologize for the mistake in my previous post. Pensionable service refers to the total service as a PF member, while pensionable salary indicates the last drawn 12-month salary.
With regards,
Mr. Thumbs Up
From India, Chennai
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For EDLI, there has been no revision to my knowledge.
Regarding pension, I apologize for the mistake in my previous post. Pensionable service refers to the total service as a PF member, while pensionable salary indicates the last drawn 12-month salary.
With regards,
Mr. Thumbs Up
From India, Chennai
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EPF PENSION CALCULATION.zip
EPF Pension xls new calculation.xls