An Act to amend the law relating to rental affordability, and for related purposes [Assented to 30 October 2019]The Parliament of Australia enacts: 1 Short title This Act is the National Rental Affordability Scheme Amendment Act 2019.. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of … 2. In the meet, the Board also approved an amendment in Para 28(4) of EDLI Scheme 1976 to delegate the power to Additional Central Provident Fund Commissioners to grant online exemption. Employees’ Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971)(EPS) Table below gives the rates of contribution of EPF, EPS, EDLI, Admin charges … Also, the latest amendment seeks the restoration of commuted value of the pension to the Pensioners after 15 years of drawing commutation under the EPS 1995 scheme. Here are the essential elements of EDLI, applied uniformly to all beneficiaries under the policy: EDLI applies to all employees with a basic salary under Rs. Employees’ Deposit Linked Insurance Scheme, (EDILS) 1976. Features of Employees Deposit Linked Insurance Scheme. A-31011/1/2020-EXAM/14 dated 20/07/2020 (256.5KB) 41: Settlement of death claims on priority basis in events of industrial accidents etc. For this, the Board has approved amendment in paragraph 22 (3) of EDLI 1976. EDLI/3(39)SOM/2020/246 dated 17/07/2020 (243.8KB) 40 Here we will discuss the features of EPF EPS EDLI. Employees Pension Scheme (EPS) Amendment 2019: Here's good news for lakhs of pensioners under Employee Pension Scheme!In a major decision, the Central Board of Trustees (CBT) EPF has approved the proposal to amend Employees' Pension Scheme (EPS) 1995 for the restoration of commuted value of pension to the pensioners after 15 years of drawing commutation. Recent IT initiatives to make EPFO a paperless organization using the latest trends and technology. As a result, an increase in maximum assurance benefit to Rs. For EDLI – None. The EPF has other associated facilities also such as Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance (EDLI). Meaning, the latest amendment seeks to restore the original amount of pension after 15 years equal to the same amount as it would have been without commutation. Employees’ Provident Fund Scheme, (EPS) 1952. 6,00,000/- 6 lakhs. For EPF – 3.67%. HO No. 3. 75 per employee per month. 75/-Calculation. Amendment of paragraph 22(3) of Employees’ Deposit Linked Insurance (EDLI) Scheme, 1976. The contribution of Employer is calculated as. 1,250/-For EDLI – 0.50 or max Rs. 15,000/- per month. If the basic salary goes above Rs. Employee Provident Fund (EPF): Employee Provident Fund (EPF) is a retirement benefit scheme … Under EDLI scheme, the family members of deceased employee will get minimum assurance benefit of Rs 2.5 lakh even if the member was employed in … The core benefit of the EDLI Act is, the registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service. To extend the benefits of life insurance, the government has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in 1976, which becomes a part of the EPF Act. 7 lakhs from Rs. The CBT has decided to increase the maximum sum assured under the Employees Deposit Linked Insurance (EDLI) Scheme 1976 from the current Rs 6 lakh to Rs 7 lakh. For EPS –8.33% or Rs. 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