CURRENT AFFAIRS

Detailed explanation-1: -The full form of EDLI is Employees’ Deposit Linked Insurance Scheme and it is an insurance cover provided by the Employees’ Provident Fund Organization (EPFO). A nominee or legal heir of an active member of EPFO gets a lump sum payment of up to Rs. 7 lakh in case of death of the member during the service period.

Detailed explanation-2: -The EDLI scheme is a mandatory insurance cover provided to to all subscribers of EPF scheme. A nominee gets a lump sum payment of up to ₹7 lakh in the event of death due to natural causes, illness or accident.

Detailed explanation-3: -The contribution towards this scheme is 0.50% of the employee’s salary, and is payable by the employer. Payments are made by the employer to the Provident Fund Authorities.

Detailed explanation-4: - In case Establishment is exempted under PF Scheme, Inspection charges 0.18%, minimum Rs 5/- is payable in place of Admin charges. In case the Establishment is exempted under EDLI Scheme, Inspection charges 0.005%, minimum Re 1/- is payable in place of Admin charges.

Detailed explanation-5: -EDLI Calculation for EDLI Charges [Average salary (monthly) of the employee from the past 12 months (which is capped at ₹ 15, 000 per month) * 30] + the bonus amount of ₹ 2.5 lakhs. Hence, the maximum pay-out of insurance content under EDLI will be ₹ 7 lakhs.