Notification under The Employees Deposit Linked Insurance (Amendment) Scheme, 2018 - The Employees Provident Funds and Miscellaneous Provisions Act, 1952
As per the Employees Deposit Linked Insurance (Amendment) Scheme, 2018 published in the gazette dated 15th February 2018, the Central Government has amended the Employees’ Deposit Linked Insurance Scheme, 1976 and has brought important amendments whereby the assurance benefits shall not be less than two lakhs and fifty thousand rupees and further that the Insurance benefit shall not exceed six lakhs under para 22 (3).
The calculation will be as follows-
• 30 times the of the current basic plus DA. The upper limit of wage for the EDLI is Rs 15,000/-
• Along with this, 50% of the average balance in the account of deceases in the PF fund or during the preceding twelve months or during the period of his membership, whichever is less subject to a ceiling of one lakh and fifty thousand rupees.
If the calculation comes less than Rs.250000/- or greater than Rs.600000/-, in that cases the minimum EDLI Insurance amount shall not exceed Rs. 250000/- & maximum amount shall not be more than Rs.600000/-.
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