Dear All, I am presently 56 years of age. I worked in the public sector for 19 years and was part of the Family Pension Scheme. I then joined the private sector in the year 1997, and all my PF and contribution to the Family pension were transferred to a new account in the company which I joined. Now, presently, my company is contributing Rs. 541/- in the pension fund. I need to know when my pension will start and how much I will get. Thanks
Sunil
From India, Delhi
Sunil
From India, Delhi
Dear Sunil,
Generally on completion of 58 years' age you are eligible to get pension. To calculate pension amount kindly provide 1) your Date of Birth 2) Service details (Date of join, date of reieiving etc.) of the previous company 3) date of join in the present company etc.
Abbas.P.S
From India, Bangalore
517Generally on completion of 58 years' age you are eligible to get pension. To calculate pension amount kindly provide 1) your Date of Birth 2) Service details (Date of join, date of reieiving etc.) of the previous company 3) date of join in the present company etc.
Abbas.P.S
From India, Bangalore
Dear Sunil,
Your pension amount for family pension period (till 16.11.1995) will be Rs. 605 and for pensionable service (w.e.f 16.11.1995) will be Rs. 1764. Hence total will be Rs. 2369.
The ceiling of salary for PF will be increased from Rs. 6500 to Rs. 15000 soon. Accordingly that will reflect in your pension amount also.
Abbas.P.S
From India, Bangalore
Your pension amount for family pension period (till 16.11.1995) will be Rs. 605 and for pensionable service (w.e.f 16.11.1995) will be Rs. 1764. Hence total will be Rs. 2369.
The ceiling of salary for PF will be increased from Rs. 6500 to Rs. 15000 soon. Accordingly that will reflect in your pension amount also.
Abbas.P.S
From India, Bangalore
Dear Abbas Sir please share or send me the formula of calculating the pension. kindly share
From India, Dehra Dun
From India, Dehra Dun
Dear Sunil,
The calculation of pension prior to the scheme i.e.16.11.1995 seems to be wrong. In my opinion maximum benefit for prior period was fixed lump sum at maximum Rs.200/- if you contributed up to the ceiling limits.
Secondly, if you remain member for 20 years to EPF, you will get 2 grace years while compiling number of years of contributions.
P K Sharma
From India, Delhi
The calculation of pension prior to the scheme i.e.16.11.1995 seems to be wrong. In my opinion maximum benefit for prior period was fixed lump sum at maximum Rs.200/- if you contributed up to the ceiling limits.
Secondly, if you remain member for 20 years to EPF, you will get 2 grace years while compiling number of years of contributions.
P K Sharma
From India, Delhi
Dear All,
As per Employee's Pension Scheme 1995, the calculation formula of monthly pension is as below:
= Latest PF Basic('i.e max Rs.6500)*No. of years service/70
As per above case:
=6500*19 yrs service/70
Rs.1764/-
No need to wait to attain 58 yrs to get monthly pension amount, if you are not employee you can apply for monthly pension once you attain the age of 50 yrs. the authority will deduct 3%while calculation pension for each year if he is less than 58 years.
Seniors pls correct me if I am wrong.
I don't want to give wrong information here.
Regards,
Praveen Kumar Shetty
From India, Mumbai
As per Employee's Pension Scheme 1995, the calculation formula of monthly pension is as below:
= Latest PF Basic('i.e max Rs.6500)*No. of years service/70
As per above case:
=6500*19 yrs service/70
Rs.1764/-
No need to wait to attain 58 yrs to get monthly pension amount, if you are not employee you can apply for monthly pension once you attain the age of 50 yrs. the authority will deduct 3%while calculation pension for each year if he is less than 58 years.
Seniors pls correct me if I am wrong.
I don't want to give wrong information here.
Regards,
Praveen Kumar Shetty
From India, Mumbai
Dear Mr. Sunil,
It seems that you are still in service and contributing Rs 541/-.
After completing age 58, you will be eligible for Pension.
Presently PF office is calculating on last 12 months average salary subject to Max Rs. 6500.00
6500/70 * No of years service after Nov 1995.
for Service before Nov 1995, there is separate table for Pension calculation available of PF site.
You can calculate Monthly pension as above.
Now EPF is proposed to get average salary for last 5 yrs contribution for EPS pension calculation. accordingly the member can get benefit of higher contribution benefit.
Thanks & Regards,
Bhat
From India, Pune
It seems that you are still in service and contributing Rs 541/-.
After completing age 58, you will be eligible for Pension.
Presently PF office is calculating on last 12 months average salary subject to Max Rs. 6500.00
6500/70 * No of years service after Nov 1995.
for Service before Nov 1995, there is separate table for Pension calculation available of PF site.
You can calculate Monthly pension as above.
Now EPF is proposed to get average salary for last 5 yrs contribution for EPS pension calculation. accordingly the member can get benefit of higher contribution benefit.
Thanks & Regards,
Bhat
From India, Pune
Dear friends,
I was far from CiteHR due to Eidul Fither (Ramzan). Accordingly I am unable to timely respond to your queries.
The maximum slab amount for the period up to 16.11.1995 is Rs. 170/- (not 200), i.e, for a service of 20 years and above. In this case the service up to 16.11.1995 is 18 years only. Hence the slab amount is Rs. 135/-. (That too if the salary on 16.11.95 is above 2500. If it is less this will be 120.) But the slab amount is stipulated to those receive the benefit on 16.11.95. If we attain the age 58 years after 16.11.95, there is an interest factor as per Table B. Here there is less than 20 years (from 16.11.1995 to December 2014) before attain 58 years. For less than 20 years, the multiple factor, as per Table B is 4.485. Hence the calculation 135x4.485 = 605/-.
Abbas.P.S
From India, Bangalore
I was far from CiteHR due to Eidul Fither (Ramzan). Accordingly I am unable to timely respond to your queries.
The maximum slab amount for the period up to 16.11.1995 is Rs. 170/- (not 200), i.e, for a service of 20 years and above. In this case the service up to 16.11.1995 is 18 years only. Hence the slab amount is Rs. 135/-. (That too if the salary on 16.11.95 is above 2500. If it is less this will be 120.) But the slab amount is stipulated to those receive the benefit on 16.11.95. If we attain the age 58 years after 16.11.95, there is an interest factor as per Table B. Here there is less than 20 years (from 16.11.1995 to December 2014) before attain 58 years. For less than 20 years, the multiple factor, as per Table B is 4.485. Hence the calculation 135x4.485 = 605/-.
Abbas.P.S
From India, Bangalore
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