Employees' Provident Fund and Miscellaneous Provisions Act of 1952
The Employees' Provident Fund and Miscellaneous Provisions Act of 1952, which established a provident fund and a family pension scheme for employees, was amended in 1976 to include the Employees' Deposit Linked Insurance Scheme (EDLIS) to address issues arising from the premature death of an employee. This scheme is funded by employers and does not require contributions from employees.
The contribution, amounting to 0.50% of each employee's salary, is payable by the employer to the Provident Fund authorities. In the event of an employee's death while in service, the chosen nominee will receive existing accumulations in the PF account of the deceased employee as well as an additional amount.
The government has raised the minimum assurance amount to 2.5 lakhs. The maximum benefit a deceased member's nominee can receive is 6 lakhs. I am located in Thane, India.
From India, Thana
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59The Employees' Provident Fund and Miscellaneous Provisions Act of 1952, which established a provident fund and a family pension scheme for employees, was amended in 1976 to include the Employees' Deposit Linked Insurance Scheme (EDLIS) to address issues arising from the premature death of an employee. This scheme is funded by employers and does not require contributions from employees.
The contribution, amounting to 0.50% of each employee's salary, is payable by the employer to the Provident Fund authorities. In the event of an employee's death while in service, the chosen nominee will receive existing accumulations in the PF account of the deceased employee as well as an additional amount.
The government has raised the minimum assurance amount to 2.5 lakhs. The maximum benefit a deceased member's nominee can receive is 6 lakhs. I am located in Thane, India.
From India, Thana
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The recent amendment to the Employees' Deposit Linked Insurance Scheme (EDLIS) under the Employees' Provident Fund and Miscellaneous Provisions Act of 1952 has increased the minimum assurance amount to 2.5 lakhs. This adjustment provides enhanced financial protection for employees' nominees in the unfortunate event of the employee's demise while in service.
Here are the key points related to the revised EDLIS terms:
- Minimum Assurance: The minimum assurance amount now stands at 2.5 lakhs, ensuring a higher level of financial security for the deceased employee's family.
- Maximum Benefit: The maximum benefit payable to the nominee of a deceased member is capped at 6 lakhs, offering substantial support during challenging times.
- Funding: The scheme is solely funded by employers, with contributions amounting to 0.50% of each employee's salary payable to the Provident Fund authorities.
- Nominee Benefits: In the unfortunate event of an employee's death, the nominee will receive the existing accumulations in the PF account of the deceased employee along with the additional amount based on the revised assurance limits.
As an employer in Thane, India, it is crucial to ensure compliance with the updated EDLIS regulations to safeguard the financial well-being of your employees and their families. Stay informed about any further developments or modifications in the Provident Fund and related schemes to fulfill your obligations effectively.
From India, Gurugram
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Here are the key points related to the revised EDLIS terms:
- Minimum Assurance: The minimum assurance amount now stands at 2.5 lakhs, ensuring a higher level of financial security for the deceased employee's family.
- Maximum Benefit: The maximum benefit payable to the nominee of a deceased member is capped at 6 lakhs, offering substantial support during challenging times.
- Funding: The scheme is solely funded by employers, with contributions amounting to 0.50% of each employee's salary payable to the Provident Fund authorities.
- Nominee Benefits: In the unfortunate event of an employee's death, the nominee will receive the existing accumulations in the PF account of the deceased employee along with the additional amount based on the revised assurance limits.
As an employer in Thane, India, it is crucial to ensure compliance with the updated EDLIS regulations to safeguard the financial well-being of your employees and their families. Stay informed about any further developments or modifications in the Provident Fund and related schemes to fulfill your obligations effectively.
From India, Gurugram
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EPF & Misc. Provision Act.1952 & the scheme.ppt
EPF New Amendment.pdf