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New Calculation of EDLI w.e.f.15/02/2018 in case of death of PF member;Minimum 2.5 lacs to 6.00 Lacs Max.

Category: EPFO

Tags: EDLI benefits, PF amendments, Death Benefits

New Calculation of EDLI w.e.f.15/02/2018 in case of death of PF member;

 

the average monthly wages drawn (subject to a maximum of 15000.00), during the 12 months preceding the month in which he died, multiplied by 30 times plus 50% of the average balance in the account of the deceased in the Fund  whichever is less subject to a ceiling of 1,50,000/-:

 

Provided that the assurance benefit shall not be less than 2.5 lakh rupees: Provided further that the assurance benefit shall not exceed 06 lakh rupees:

 

Example: Employee DOJ: 01/01/2018, DOD: 20/02/2018, PF salary:10,000/-

EPF Deduction: 10,000 / 26(working days) x 18 Present Days = 6923.00,

PF contribution @12% 831.00 + Employer share towards EPF @3.67% =254.00 + EPS @8.33% = 577.00 , Total EPF Balance = 1085 + Int.


EDLI calcultaion: 6923.00  x 30 = 2,07,690.00 + 50% of EPF balance i.e.543.00.

 

EDLI Benefits would be 2.5 Lac instead of 2,08,233.00 + Pension to widow and child up to 02 children of age up to 25 years + EPF balnce.

the said provision shall be in force for first 02 years from 15/02/2018

 

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