Dear Seniors,
1. A employee worked for 15 years of service, deducted contribution on 6500/- ceiling 780 per month. How much pension amount monthly he will get ?.
2. And tell me how to do the pension calculation.
3. How much is minimum pension ?
REGARDS
V.R.MURTHY
From India, Hyderabad
1. A employee worked for 15 years of service, deducted contribution on 6500/- ceiling 780 per month. How much pension amount monthly he will get ?.
2. And tell me how to do the pension calculation.
3. How much is minimum pension ?
REGARDS
V.R.MURTHY
From India, Hyderabad
Satish
I do not know whether all or some of the employees are asking for PF withdrawal or how educated they are. It is possible that now they have a HR person and they are just trying to find our the possibility.
Others have given you the rules and possibilities.
What is left is for you to handle this like a proper HR person - clearly communicate the provisions, understand the problem, try to work out a solution within the confines of the law and prevent it from becoming an issue / fermenting discontent.
One of the requirement of the law is to display an abstract of the the law so people know what (in summary) is the rights and duties. Putting that up in a language that the workers understand will help
Another thing is you can show some of the workers what the PF website says. It will have a local language version which u can show them. Perhaps help some of them to access their account and see the balance and what options it shows them.
Perhaps (if the audience is large enough), get a trainer or expert to give a training session on PF. The local PF officers may be willing to come and talk. I know of few cases where they have agreed to come and address the workers
It's like change management really
Think your way through.
From India, Mumbai
2396I do not know whether all or some of the employees are asking for PF withdrawal or how educated they are. It is possible that now they have a HR person and they are just trying to find our the possibility.
Others have given you the rules and possibilities.
What is left is for you to handle this like a proper HR person - clearly communicate the provisions, understand the problem, try to work out a solution within the confines of the law and prevent it from becoming an issue / fermenting discontent.
One of the requirement of the law is to display an abstract of the the law so people know what (in summary) is the rights and duties. Putting that up in a language that the workers understand will help
Another thing is you can show some of the workers what the PF website says. It will have a local language version which u can show them. Perhaps help some of them to access their account and see the balance and what options it shows them.
Perhaps (if the audience is large enough), get a trainer or expert to give a training session on PF. The local PF officers may be willing to come and talk. I know of few cases where they have agreed to come and address the workers
It's like change management really
Think your way through.
From India, Mumbai
Dear Sathish,
Prepare the below details in a tabular format at handover to employees who need to withdraw their amount.
Advance/ Withdrawals may be availed for the following purposes:
•Marriage / Education
Purpose : For the marriage/education of Self & Family
Eligibility : Should Complete atleast 7years of service.
Max Amount : 50% of Emp’e Share
Document : Apply in Form 31 thorough the Employer
•Treatment
Purpose : Treatment of Self, Family (Dependents)
Eligibility : No minimum service required
Max Amount : 6 times of Wages or Full of Emp’e Share
Documents : Apply in Form 31 through the Employer
•Purchase or construction of Dwelling house
Purpose : Purchase or Construction House/Flat
Eligibility : Should complete 5years only in one service.
Max Amount : 36 times of Wages.
Documents : Apply in Form 31 through Employer
•Repayment of Housing Loan
Purpose : Payment of House Loan
Eligibility : Should complete 10years only in one service.
Max Amount : 36 times of Wages
Documents : Apply in Form 31 through the Employer
•Purchase of Plot
Purpose : Purchase of Site/Plot
Eligibility : Should complete 5years only in one service
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Addition/Alteration of House
Purpose : Repair of house
Eligibility : Should complete 5years only in one service / Construction of House.
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Lockout
Purpose : Lockout of Closure of the Establishment
Eligibility : Should be closed for 15days / No wages for 2months.
Max Amount : Total of wages multiplied by no.of months closed
Documents : Apply in Form 31 through the Employer
•Withdrawal Prior to Retirement
Purpose : Withdrawal prior to Retirement
Eligibility : No min service, atleast 54 years of age /
1year before retirement.
Max Amount : 90% of total of both shares
Documents : Certificate from the Emp’r showing the date of
retirement / Apply in Form 31
•Other Advances
Purpose : Advance in Abnormal Conditions
Eligibility : Certificate of damage from appropriate authority
Max Amount : Rs. 5000/- or 50% of member’s own share of
contribution.
Documents : Certificate from Appropriate authority / Form 31.
This may help you..
Regards,
K.SAIKISHORE
SENIOR EXECUTIVE - HR
HYDERABAD
09949423193
From India
Prepare the below details in a tabular format at handover to employees who need to withdraw their amount.
Advance/ Withdrawals may be availed for the following purposes:
•Marriage / Education
Purpose : For the marriage/education of Self & Family
Eligibility : Should Complete atleast 7years of service.
Max Amount : 50% of Emp’e Share
Document : Apply in Form 31 thorough the Employer
•Treatment
Purpose : Treatment of Self, Family (Dependents)
Eligibility : No minimum service required
Max Amount : 6 times of Wages or Full of Emp’e Share
Documents : Apply in Form 31 through the Employer
•Purchase or construction of Dwelling house
Purpose : Purchase or Construction House/Flat
Eligibility : Should complete 5years only in one service.
Max Amount : 36 times of Wages.
Documents : Apply in Form 31 through Employer
•Repayment of Housing Loan
Purpose : Payment of House Loan
Eligibility : Should complete 10years only in one service.
Max Amount : 36 times of Wages
Documents : Apply in Form 31 through the Employer
•Purchase of Plot
Purpose : Purchase of Site/Plot
Eligibility : Should complete 5years only in one service
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Addition/Alteration of House
Purpose : Repair of house
Eligibility : Should complete 5years only in one service / Construction of House.
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Lockout
Purpose : Lockout of Closure of the Establishment
Eligibility : Should be closed for 15days / No wages for 2months.
Max Amount : Total of wages multiplied by no.of months closed
Documents : Apply in Form 31 through the Employer
•Withdrawal Prior to Retirement
Purpose : Withdrawal prior to Retirement
Eligibility : No min service, atleast 54 years of age /
1year before retirement.
Max Amount : 90% of total of both shares
Documents : Certificate from the Emp’r showing the date of
retirement / Apply in Form 31
•Other Advances
Purpose : Advance in Abnormal Conditions
Eligibility : Certificate of damage from appropriate authority
Max Amount : Rs. 5000/- or 50% of member’s own share of
contribution.
Documents : Certificate from Appropriate authority / Form 31.
This may help you..
Regards,
K.SAIKISHORE
SENIOR EXECUTIVE - HR
HYDERABAD
09949423193
From India
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