Employee Benefit

Employees' Deposit Linked Insurance (EDLI) Scheme

Maximum amount payable is Rs. 60,000/-. Average PF Balance, salary and service are the factors considered for the calculation of this amount.

Advance/ Withdrawals may be availed for the following purposes :

Marriage / Education Treatment Purchase or construction of Dwelling house Repayment of Housing Loan Purchase of Plot Addition/Alteration of House Repair of House Lockout Withdrawal Prior to Retirement Other Advances

For Marriage / Education

For Treatment

Purchase or construction of Dwelling house

Repayment of Housing Loan

Continue.

For the purchase of site/ plot

Addition/alteration of house

Repair of house

Lockout or closure of the establishments

Withdrawal prior to retirement

ADVANCE TO MEMBER AFFECTED BY CUT IN THE SUPPLY OF ELECTRICITY

Types of Benefit - Grant of advance to members affected by cut in the supply of electricity. Eligibility - The advance may be granted only to a member whose total wages for any one month commencing from the month January 1973 were 3/4th or less than 3/4th of wages for month. Eligible Amount - Wages for a month OR Rs.300/Form - No.31 Documentary Support - Certificate from State Govt. regarding cut in the supply of electricity

GRANT OF ADVANCE TO MEMBERS WHO ARE PHYSICALLY HANDICAPPED

Types of Benefit- To Physically Handicapped member for purchase of an equipment required to minim the hardship on account of handicap. Eligibility- Production of medical certificate from a competent medical practitioner to the effect that he is physically handicapped. Eligible Amount- Basic wages + DA for six months or own share of contribution with interest or cost of equipment which ever is least. NOTE The amount of advance/withdrawal is not required to be refunded under normal circumstances. If the amount is not utilized, the same should be refunded with penal interest A fixed minimum balance in the account will be kept before arriving at the amount of advance admissible subject to the above conditions For calculation/ computing the period of membership U/P 68B, 68BB, 68K, total service exclusive of periods of break under the same employer before the scheme is applied to him, as well as period of membership of the fund is always included

In Summary.
Employee benefit programs have been rationalized over the years across levels Significant reduction in benefit programs such as company accommodation and related benefits, loans, superannuation and club membership Provident fund, health insurance and personal accident insurance are prevalent across all sectors Employee education programs are more prevalent in the new economy sectors such as IT and ITES Increased emphasis on cash based compensation to meet employee expectations Flexible benefit plans have moderate popularity across all sectors Compensation being viewed from a Total Remuneration or Cost to Company basis

Thank You