dear sir,i have joined himalaya drug co in 1st april 1984 & in november 1995 my basic salary was rs 4185/-
i left co. on 30thApril 2010 at that time my basic salary was Rs 25430/-
according to this i have past service of 11 years & 15 years pensionable service
kindly tell me how much pension i will get when i opted reduced pension option.my date of birth is 18/09/1960.
thanks
shastry
From India, Bhopal
i left co. on 30thApril 2010 at that time my basic salary was Rs 25430/-
according to this i have past service of 11 years & 15 years pensionable service
kindly tell me how much pension i will get when i opted reduced pension option.my date of birth is 18/09/1960.
thanks
shastry
From India, Bhopal
Dear Shastry,
Please provide your Date of Birth also. Because at what age you left service on 30.4.2010 is not provided. Also for service before 16.11.95, there is a multiplying factor in Table B based on your Date of Birth.
I assume that you left service at the age of 58 years. Then your past service willbe 12 years (11 yrs & 8.5 months willbe rounded up to 12 yrs) and pensionable service will be 14 years (14 yrs & 5 months will be rounded down to 14 years).
For Past 12 yrs, slab = 105
Multiplying factor as per Table B = 3.052
105 x 3.052 =320 - (1)
For Pensionable 14 yrs, 6500x14/70 = 1300 - (2)
Total Pension (1)+(2) = 320+1300 = Rs. 1620.
However kindly provide Date of Birth to confirm.
Abbas.P.S
From India, Bangalore
517Please provide your Date of Birth also. Because at what age you left service on 30.4.2010 is not provided. Also for service before 16.11.95, there is a multiplying factor in Table B based on your Date of Birth.
I assume that you left service at the age of 58 years. Then your past service willbe 12 years (11 yrs & 8.5 months willbe rounded up to 12 yrs) and pensionable service will be 14 years (14 yrs & 5 months will be rounded down to 14 years).
For Past 12 yrs, slab = 105
Multiplying factor as per Table B = 3.052
105 x 3.052 =320 - (1)
For Pensionable 14 yrs, 6500x14/70 = 1300 - (2)
Total Pension (1)+(2) = 320+1300 = Rs. 1620.
However kindly provide Date of Birth to confirm.
Abbas.P.S
From India, Bangalore
my nearest colluge is complited his 58 year age as on date they require their pention calculation they are complited his service 20 years
From India, Nasik
From India, Nasik
Dear Bhaskar,
For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
For details please see the web site :
EPFO <link updated to site home>
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Besides the above method of calculation there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorised into three.
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 & 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already over, I shall a give a brief on third.
Pensionable benefit (minimum) of Rs. 635 and Past service benefit as mentioned above, subject to a minimum of Rs. 800. This amount is for 24 yrs or more service. If it is less than 24 yrs, this will be reduced in proportionate (amount x actual service / 24). However this amount will be subject to a minimun of Rs. 450.
I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.
In case of any error or suggestion, please notice to me.
Abbas.P.S,
ITI Ltd,
PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
For details please see the web site :
EPFO <link updated to site home>
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Besides the above method of calculation there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorised into three.
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 & 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already over, I shall a give a brief on third.
Pensionable benefit (minimum) of Rs. 635 and Past service benefit as mentioned above, subject to a minimum of Rs. 800. This amount is for 24 yrs or more service. If it is less than 24 yrs, this will be reduced in proportionate (amount x actual service / 24). However this amount will be subject to a minimun of Rs. 450.
I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.
In case of any error or suggestion, please notice to me.
Abbas.P.S,
ITI Ltd,
PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
[QUOTE=bcshastry@yahoo.co.in;1360918]dear sir,i have joined himalaya drug co in 1st april 1984 & in november 1995 my basic salary was rs 4185/-
i left co. on 30thApril 2010 at that time my basic salary was Rs 25430/-
according to this i have past service of 11 years & 15 years pensionable service
kindly tell me how much pension i will get when i opted reduced pension option.my date of birth is 18/09/1960.as my present age is 50years completed
thanks
shastry
From India, Bhopal
i left co. on 30thApril 2010 at that time my basic salary was Rs 25430/-
according to this i have past service of 11 years & 15 years pensionable service
kindly tell me how much pension i will get when i opted reduced pension option.my date of birth is 18/09/1960.as my present age is 50years completed
thanks
shastry
From India, Bhopal
[QUOTE=bcshastry@yahoo.co.in;1393183][QUOTE=bcshastry@yahoo.co.in;1360918]dear sir,i have joined himalaya drug co in 1st april 1984 & in november 1995 my basic salary was rs 4185/-
i left co. on 30thApril 2010 at that time my basic salary was Rs 25430/-
according to this i have past service of 11 years & 15 years pensionable service
kindly tell me how much pension i will get when i opted reduced pension option.my date of birth is 18/09/1960.as my present age is 50years completed
thanks
shastry
From India, Bhopal
i left co. on 30thApril 2010 at that time my basic salary was Rs 25430/-
according to this i have past service of 11 years & 15 years pensionable service
kindly tell me how much pension i will get when i opted reduced pension option.my date of birth is 18/09/1960.as my present age is 50years completed
thanks
shastry
From India, Bhopal
[QUOTE=bcshastry@yahoo.co.in;1393184][QUOTE=bcshastry@yahoo.co.in;1393183]Your Past Service is 12 yrs and Pensionable Service is 14 yrs.
Past Service Benefit - 105 x 5.649 = 593 - (1)
Pensionable Service Benefit - 14x6500/70 = 1300 - (2)
Total Pension (1)+(2) = 593+1300 = 1893
Reduced Pension at 50 yrs - 1366/-
Abbas.P.S
From India, Bangalore
Past Service Benefit - 105 x 5.649 = 593 - (1)
Pensionable Service Benefit - 14x6500/70 = 1300 - (2)
Total Pension (1)+(2) = 593+1300 = 1893
Reduced Pension at 50 yrs - 1366/-
Abbas.P.S
From India, Bangalore
Subject - checking online EPF account in Delhi
Dear All
Hi,
WISH U HAPPY NEW YEAR 2011
I just want to enquire that is the facility of checking EPF online account balance in Delhi state available?
I am working with Ozone Pharmaceuticals Ltd.Since 31 Jan 2002.
Thanx & regards,
Amitabh Kumar
+91-9835279209
From India, Delhi
Dear All
Hi,
WISH U HAPPY NEW YEAR 2011
I just want to enquire that is the facility of checking EPF online account balance in Delhi state available?
I am working with Ozone Pharmaceuticals Ltd.Since 31 Jan 2002.
Thanx & regards,
Amitabh Kumar
+91-9835279209
From India, Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
PENSION CALCULATION.xls
PENSION CALCULATION.pdf
EPF PENSION CALCULATION.zip