Business

Billing if an employee dies

Many have lost their loved ones in covid-19. Such losses can be catastrophic, especially if the deceased is part of a family. Dependents need to deal not only with the loss, but also with the paperwork pain required to make various claims in the absence of specific guidance. In this regard, here is a guide to the claims that a statutory heir or dependent must make if the deceased was an employee.

Employees Provident Fund (EPF): Candidates can claim the full balance of their EPF account. If the candidate is absent or is not nominated, the statutory heir can make the claim. “Previously, candidates had to submit Form 20, Form 10-D, and Form 5 (IF) for a death claim, but now EPFO ​​has a combined claim form for a death claim for a death claim. “We have introduced,” said Vice President Prashant Singh. Business Head-CPO, Team Lease Services. “If the nomination is renewed online, the nominee or beneficiary can submit the application online, otherwise a physical copy of the application must be submitted to EPFO,” he said. I added.

Pensions based on the Employee Pension Plan (EPS): If an employee dies, the spouse will be paid a pension. “According to EPS rules, a spouse and two children will receive a pension upon death of an EPS member. The child must be under the age of 25 and will receive 25% of the widow’s pension until the age of 25.” Mr Shin said. Children with disabilities receive 75% of the widow’s pension for the rest of their lives. If the employee does not have a family, the pension will be paid to one candidate. If there is no nomination and the deceased is unmarried, the pension is paid to the father and to the mother for the rest of his life after the father’s death.

Employee Deposit Linked Insurance (EDLI): The smallest benefit under EDLI is 2.5 easy, maximum 70,000 rupees regardless of employee salary. All EPF members are eligible for EDLI and employers contribute to it.

Tip: If an employee dies, the tip qualification for continuous work for a minimum of 5 years does not apply. “Tips paid to a candidate or legal heir are equal to the number of years the employee has worked for the company. Tipping is paid only to the candidate. If not nominated, the tip is paid to the legal heir. . The biggest tip to be paid 200,000 rupees, “Shin said.

Other membership fees: Other membership fees such as salary allowances and statutory bonuses will be paid to the candidate. If there is no nomination, the legal heir will get it.

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Billing if an employee dies

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