In order to claim the benefits, Nominee needs to fill up the Form 5 IF and submit the same along with the copy of death certificate. In addition, Bonus of Rs 1,50,000/- is also provided to the nominee. The claim is calculated according to the new format:-ģ0 times of the Last drawn Salary (Basic + Dearness Allowance subject to the maximum salary cap of Rs 15,000/-) Benefits Calculationįor the purpose of calculation of Benefits, the maximum salary ceiling has been capped at Rs 15,000/- pm. Subscribers no longer need to work in the same organization continuously for one year to be eligible for benefits under the scheme. The minimum benefits under the scheme have also been recently revised to 2.5 lacs to 1.5 lacs. The maximum Insurance benefit has been increased to 6 lacs from the existing 3.6 lacs. Recently, the Benefits under scheme have been revised. Nomination made under Employees’ Provident Fund Scheme (EPS) will be treated as Nomination under ELDI. The contribution has to be made till the period the EPF member is in service and contributing towards EPF. The administration charge has been waived off since 1 st April, 2017. In addition, 0.1% of the employee’s wages/salary subject to minimum of Rs 200/- every month has to be paid to meet the administration expenses of Deposit Linked Insurance Fund. Thus the maximum contribution is capped at Rs 75/. Employee is not required to make any contribution to the Fund. Contribution and Administration ChargesĮmployer has to contribute 0.5% of the monthly Basic and Dearness Allowance of an employee to the Insurance Fund. Employee CoverageĮvery Employee, including the ones employed through a contractor, who is in receipt of wages/salary up to Rs 15,000 per month shall be mandatorily covered under the Scheme.Įmployees’ earning in excess of Rs 15,000/- pm may also be covered under the scheme. The Scheme is administered by the Central Board constituted as per the provisions under the Act. The Act is extended to all the Subscribers covered under the Employees Provident Fund Scheme,1952.
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