Trueweb.50webs.com
A Real Web to Browse
Related Links
Apprentice Act,1961 Contract Labour Act,1970 Employees Provident Fund Act, 1952 Employees State Insurance Act,1948 Factories Act, 1948 Income Tax Industrial Disputes Act, 1947 Maternity Benefit Act,1961 Minimum Wages Act,1948 Payment of Bonus Act,1965 Payment of Gratuity Act,1972 Payment of Wages Act,1936 Professional Tax Trade Unions Act, 1926 Workmen Compensation Act, 1923
What is EDLI
Employees' Deposit - Linked Insurance Scheme is formed in the year 1976 to provide life insurance benefits to the employees of the establishments covered by the EPF & MP Act,1952.On the death of an employment while in sevice a lump sum insurance amount is payableto his nominee or family members. The insurance amount is equal to the average balance in the account of the deceased employee in the Provident Fund during a period of 12 months immediately preceding the detath. In Case the average balance exceeds Rs.35,000/- the insurance amount payable is Rs.35,000/- plus 25% of the amount in excess of Rs.35,000/- subject to a ceiling of Rs.60,000/-.
Employee Provident Fund Act, 1952 (PF)
Objective
The Employee's provident funds and miscellaneous provisions act, 1952 is enacted to provide a kind of social security to the industrial workers. The Act mainly provides retirement or old age benefits, such as Provident Fund, Superannuation Pension, Invalidation Pension, Family Pension and Deposit Linked Insurance.Applicability of the Act
- To every factory employing 20 or more persons.
- An employee whose pay at the time he is otherwise entitled to become a member of the fund exceeds Rs.6500/- per month
- An Employee who having been a member of the fund, has withdrawn the fullamount of his contribution in the fund
(a) on retirement from service after attaining the age of 55 years or
(b) before migration from India for permanent settlement abroad; or for taking employement abroad.
(Provident Fund is Calculated from Basic Salary + DA)
|
Scheme |
Employee's Contribution |
Employer's Contribution |
|
Employee Provident Fund (EPF) |
12% |
3.67% |
|
Employee Pension Scheme (EPS) |
|
8.33% |
|
Administration Charges |
|
1.10% |
|
Employee Deposit-Linked Insurance Scheme (EDLI) |
|
0.50% |
|
EDLI Administrative Charges |
|
0.01% |
|
Total |
12% |
13.61% |
|
Type of Compliance |
Form No |
Compliance Date |
Submitted to |
|
Declation Form from New Joinees |
2 |
At the time of Joining |
RPFC Office |
|
Montly Contribution of Employer & Employee in Challan for previous month |
Challan |
Before 15th of Every Month |
State Bank of India |
|
Return of Employees Qualifying |
5 |
Before 15th of Every Month |
RPFC Office |
|
Return of Employees Leaving |
10 |
Before 15th of Every Month |
RPFC Office |
|
Montly Return |
12A |
Before 25th of Every Month |
RPFC Office |
|
Annual Return |
3A & 6A |
Before 30th of April |
RPFC Office |
|
Transfer of PF A/c |
13 |
When New Recruit |
RPFC Office |
|
Final Settlement |
19,10C & 10D |
At the time of Leaving the service |
RPFC Office |
|
Advances for various purpose |
31 |
After 5 Years of membership |
|
|
Issue of Individual PF A/C No. |
9 |
In the Month of Joining |
|