EDLI Charges Provident Fund : Do you want to know what are EDLI charges in provident fund then you can get the complete details like What are EDLI charages and EDLI wages means etc. EDLI means Employee Deposit Linked Insurance. Which is under EDLI scheme. This scheme is implemented under Employee Deposit Linked Insurance Act 1976.
What Are EDLI Charges Provident Fund ?
Employee Deposit Linked Insurance scheme is an insurance policy which will benefits the family members of employee during death of employee. This scheme is applicable to all the establishments which are in part of Employee Provident Fund Scheme 1952. Simply as per this scheme the family members of employees will get some amount after death of employee.
EDLI Wages Means
EDLI wages means the wages on which EDLI is calculating , it includes basic salary + dearness allowances ( DA). This amount must be equal or less than 15000 Rs. The percentage of EDLI charges is 0.5% and EDLI admin charges are 0.01% . All the EDLI charges will be paid by the employer and employee doesn’t need to pay any contribution under Employee Deposit Linked Insurance Scheme. So it is the responsibility of the employers to pay EDLI contributions to all their employees along with PF contributions on or before 15th of every month.
Important Points In EDLI charges provident fund
- After death of the employee the nominees or family members or guardian or legal heirs can claim EDLI amount.
- Even when employee dies in non working hours also this scheme applies.
- There is no minimum working period to get the benefits of EDLI scheme.
- The claim amount depends upon the last drawn salary of the employee, it equals to 30 time of the salary ( basic + DA )
- Along with claim amount the claimants will also get bonus, which equals to 50% of EPF balance in PF account.
How To Claim EDLI Charges Provident Fund
In order to claim the EDLI amount the family members of employee need to submit the following documents, they are Form 10 D, Form 20, Form 5 IF, Death Certificate Of Employee and Bank Pass Book Xerox or Cancelled Cheque. All documents should be attested by employer except death certificate, bank passbook and cancelled cheque.