Death-linked assurance benefits under the deposit-linked insurance scheme are tied to provident fund balance, wages, and prescribed ceilings. Death-linked assurance benefits under the Employees' Deposit-Linked Insurance Scheme are paid to the persons entitled to receive provident fund accumulations, based on the deceased employee's average balance, wages, and prescribed ceilings. The scheme provides a minimum assurance benefit, includes employee and employer contributions with interest in calculating the average balance, and treats the relevant twelve-month period as running backwards from the month preceding death. For continuous service cases, the higher of the wage-linked formula and the ordinary balance-based benefit applies, with gaps of up to sixty days ignored for continuity.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Death-linked assurance benefits under the deposit-linked insurance scheme are tied to provident fund balance, wages, and prescribed ceilings.
Death-linked assurance benefits under the Employees' Deposit-Linked Insurance Scheme are paid to the persons entitled to receive provident fund accumulations, based on the deceased employee's average balance, wages, and prescribed ceilings. The scheme provides a minimum assurance benefit, includes employee and employer contributions with interest in calculating the average balance, and treats the relevant twelve-month period as running backwards from the month preceding death. For continuous service cases, the higher of the wage-linked formula and the ordinary balance-based benefit applies, with gaps of up to sixty days ignored for continuity.
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