edli - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Wed, 13 Jul 2022 07:29:13 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png edli - Rightsofemployees.com https://www.rightsofemployees.com 32 32 EDLI scheme: PF account holders will get benefit of Rs 7 lakh under EDLI scheme, know what is the latest update of EPFO? https://www.rightsofemployees.com/edli-scheme-pf-account-holders-will-get-benefit-of-rs-7-lakh-under-edli-scheme-know-what-is-the-latest-update-of-epfo-roe/ Wed, 13 Jul 2022 13:27:54 +0000 https://www.rightsofemployees.com/?p=1123 EPFO Latest Update: Under the EDLI scheme, a benefit of Rs 7 lakh is given to the PF account holders. For this the employees do not have to make any separate payment. Rather, this facility can be availed only by doing e-nomination. The process of e-nomination has been started. On the untimely death of the […]

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]]> EPFO Latest Update: Under the EDLI scheme, a benefit of Rs 7 lakh is given to the PF account holders. For this the employees do not have to make any separate payment. Rather, this facility can be availed only by doing e-nomination. The process of e-nomination has been started. On the untimely death of the employee, the nominee is given a claim of Rs 7 lakh.

PF account holders in Employees’ Provident Fund Organization (EPFO) get an insurance cover of Rs 7 lakh. For this the employees do not have to pay any extra. Its benefit is available to the family of the employee when the employee dies untimely.

If you also have a PF account in the Employees’ Provident Fund Organization (EPFO) , then you can take advantage of Rs 7 lakh without doing anything. Actually, EPFO ​​subscribers get the facility of insurance cover under the Employee Deposit Linked Insurance Scheme (EDLI) . In this scheme, the nominee is given a maximum insurance cover of Rs 7 lakh. People working in private companies also get free benefit of insurance cover up to Rs 7 lakh.

Know – Under what circumstances do you get 7 lakh rupees?

EDLI scheme can be claimed by the EPFO ​​member on behalf of the nominee in case of illness, accident or untimely death of the employee. Now this cover is also available to the aggrieved family of employees who have worked in more than one establishment within the 12 months immediately preceding the death.

Employees do not have to pay any extra

The employee does not have to make any additional payments under the scheme. If there is no nomination under the scheme, then the wife, unmarried daughters and minor sons of the deceased employee will be considered as beneficiaries. If the claimant is a minor (below 18 years), his guardian can claim on his behalf.

These documents are necessary

To withdraw money from the provident fund account, the form to be submitted with the employer, along with the form-5 IF of the insurance cover, will also have to be submitted. The employer will verify this form. If the employer is not available, the form can be attested by any Gazetted Officer, Magistrate, President of Gram Panchayat, President/Secretary/Municipality or Member of District Local Board, Postmaster or Sub Postmaster.

E-nomination facility also started

EPFO has now started the facility of e-nomination to give the information of the nominee, those who are not enrolled in it, they are being given a chance. After this information like name of nominee, date of birth will be updated online.

The post EDLI scheme: PF account holders will get benefit of Rs 7 lakh under EDLI scheme, know what is the latest update of EPFO? first appeared on Rightsofemployees.com.

]]> Administration Expenses of -‘Employees Deposit-linked Insurance’ https://www.rightsofemployees.com/administration-expenses-of-employees-deposit-linked-insurance/ https://www.rightsofemployees.com/administration-expenses-of-employees-deposit-linked-insurance/#comments Sun, 13 May 2018 04:28:23 +0000 https://www.rightsofemployees.com/?p=439 MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION EPFO has issued a notification under which EPF  admin charges has been reduced to 0.65 percent from 0.85 percent earlier. Earlier EPFO had reduced the charges from 1.10 percent to 0.85 percent from 01.01.2015. The new rate of 0.65 percent is applicable on contribution for the month of April-2017 ,so you have […]

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]]> MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION
EPFO has issued a notification under which EPF  admin charges has been reduced to 0.65 percent from 0.85 percent earlier. Earlier EPFO had reduced the charges from 1.10 percent to 0.85 percent from 01.01.2015.
The new rate of 0.65 percent is applicable on contribution for the month of April-2017 ,so you have to pay 0.85 percent for the contribution of March-2017.

Present  Contribution under Employee Pension Scheme (EPS), Employees’ Provident Fund (EPF) and Employee Deposit Linked Insurance (EDLI) Scheme.

RATES OF CONTRIBUTION

Present Rates of Contribution under Employee Pension Scheme (EPS), Employees’ Provident Fund (EPF) and Employee Deposit Linked Insurance (EDLI) Scheme

BY CONTRIBUTION ACCOUNTS ADMINISTRATION ACCOUNTS
EPF contribution
 EPS EDLI EPF @@ EDLI @@
EMPLOYEE 12% /10%  0 0 0 0
EMPLOYER Difference of EE
share and Pension
Contribution		 8.33% 0.5% 0.85% !![w.e.f. 01-01-2015] 0.01%

 

10% rate is applicable for:-

  • Any establishment in which less than 20 employees are employed.
  • Any sick industrial company and which has been declared as such by the Board for Industrial and Financial Reconstruction
  • Any establishment which has at the end of any financial year, accumulated losses equal to or exceeding its entire net worth and
  • Any establishment in following industries:-

(a) Jute (b) Beedi (c) Brick (d) Coir and (e) Guar gum Factories.

Also Read:

Contribution is rounded to the nearest rupee for each employee, for the employee share, pension contribution and EDLI contribution. The Employer Share is difference of the EE Share (payable as per statute) and Pension Contribution.

!! Monthly payable amount under EPF Administrative charges is rounded to the nearest rupee and a minimum of Rs 500/- is payable.

Note:- If the establishment has no contributory member in the month, the minimum administrative charge will be Rs 75/-

Monthly payable amount under EDLI Administrative charges is rounded to the nearest rupee and a minimum Rs 200/-is payable.

Note:- If the establishment has no contributory member in the month, the minimum administrative charge will be Rs 25/-

In case Establishment is exempted under PF Scheme, Inspection charges @0.18%, minimum Rs 5/- is payable in place of Admin charges.

In case the Establishment is exempted under EDLI Scheme, Inspection charges @ 0.005%, minimum Re 1/- is payable in place of Admin charges.

Notes:

UNDER EDLI:

1. Contribution to be paid on up to maximum wage ceiling of 15000/- even if PF is paid on higher wages.

2. Each contribution is to be rounded to nearest rupee. (Example for each employee getting wages above 15000, amount will be 75/-)

 3. EDLI contribution to be paid even if member has crossed 58 years age and pension contribution is not payable. This is to be paid as long as the member is in service and PF is being paid.

UNDER EPF

  • The EPF contributions are payable on maximum wage ceiling of Rs 15000/- by employee and employer.
  • The employee can pay EPF contributions at a higher rate and in such case employer is not under any obligation to pay at such higher rate.
  • To pay EPF contribution on higher wages, a joint request from Employee and employer is required [Para 26(6) of EPF Scheme]. In such case employer has to pay administrative charges on the higher wages (wages above 15000/-)
  • For an International Worker, wage ceiling of 15000/- is not applicable.

UNDER EPS

  • Contribution is payable out of the employer’s share of PF and no contribution is payable by employee.
  • Pension contribution not to be paid:

When an employee crosses 58 years of age and is in service (EPS members ceases on completion of 58 years).

When an EPS pensioner is drawing Reduced Pension and re-joins as an employee.

In both the cases the Pension Contribution @8.33% is to be added to the Employer Share of PF. (Pension contribution is not to be diverted and total employer share goes to the PF).

In case an employee, who is not existing EPF/EP member joins on or after 01-09-2014 with wages above Rs 15000/-

In these cases the pension contribution part will be added to employee share, EPF.



  • In all other cases Pension Contribution is payable. A member joining after 50 years age, if not a pensioner does not have choice of not getting the Pension Contribution on grounds that he will not complete 10 years of eligible service. The social security cover is applicable till he/she is a member.
  • For International Worker, higher wage ceiling of 15000/- is not applicable from 11-09-2010.

Note:- In case an existing EPS member (as on 01-09-2014)whose Pension contribution was paid erstwhile EPS wage ceiling of 6500/- contribution to contribution above Rs 15000/- wage ceiling from 01-09-2014 he will have to give a fresh consent and an amount of 1.16% on wages above 15000/- will have to be contributed by him in pension Fund (A/C No 10) through the employer.

Also Read:

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