What Are EDLI Charges In Provident Fund & EDLI Wages Means

Introduction

EDLI (Employees’ Deposit Linked Insurance) is a scheme introduced by the Employees’ Provident Fund Organisation (EPFO) to provide insurance coverage to the members of the Employees’ Provident Fund (EPF). EDLI charges are the amount deducted from the EPF contribution of the employer and employee and deposited into the EDLI fund. EDLI wages are the wages of the employee on which the EDLI contribution is calculated. EDLI charges are calculated as a percentage of the employee’s wages and are applicable to all EPF members. The EDLI scheme provides a lump sum payment to the family of the deceased EPF member in case of death due to any cause.

What Are EDLI Charges In Provident Fund & EDLI Wages Means

EDLI stands for Employees’ Deposit Linked Insurance. It is a life insurance scheme for members of the Employees’ Provident Fund (EPF). EDLI charges are the premiums paid by employers to the EPFO for providing life insurance coverage to their employees. EDLI wages are the wages of the employee on which the EDLI premium is calculated.
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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.

edli charges provident fund

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.

Read : New PF Composite Claim Forms Introduced By Employee Provident Fund Organization

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

  1. After death of the employee the nominees or family members or guardian or legal heirs can claim EDLI amount.
  2. Even when employee dies in non working hours also this scheme applies.
  3. There is no minimum working period to get the benefits of EDLI scheme.
  4.  The claim amount depends upon the last drawn salary of the employee, it equals to 30 time of the salary ( basic + DA )
  5. 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.

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What Are EDLI Charges In Provident Fund & EDLI Wages Means?

EDLI stands for Employees’ Deposit Linked Insurance. It is a scheme introduced by the Employees’ Provident Fund Organisation (EPFO) to provide insurance coverage to the members of the Employees’ Provident Fund (EPF). The EDLI scheme provides a lump sum amount to the family of the deceased EPF member in case of his/her death while in service.

The EDLI charges are the amount of money that the employer has to pay to the EPFO for providing the insurance coverage to the EPF members. The EDLI charges are calculated as a percentage of the wages of the EPF members. The EDLI charges are 0.5% of the wages of the EPF members. The EDLI charges are deducted from the employer’s contribution to the EPF.

EDLI wages means the wages of the EPF members on which the EDLI charges are calculated. The EDLI wages are the wages of the EPF members up to a maximum of Rs. 15,000 per month. The EDLI wages are calculated on the basis of the wages of the EPF members as per the EPF Act, 1952.

The EDLI scheme provides a lump sum amount to the family of the deceased EPF member in case of his/her death while in service. The amount of the lump sum payment is equal to the amount of the EPF balance of the deceased member at the time of his/her death. The EDLI scheme also provides a monthly pension to the family of the deceased EPF member.

The EDLI scheme is a beneficial scheme for the EPF members as it provides financial security to their families in case of their death while in service. The EDLI charges are a small amount compared to the benefits provided by the scheme.

Jaspreet Singh Ghuman

Jaspreet Singh Ghuman

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