Hi,
I turned 58 in last July (2010). I had last worked in Mumbai in April 2006. For next 16 months I worked and paid PF through a company based in Gurgaon Haryana.
From September 2007 till now (March 2011) I am in a company (based in Mumbai) that does not have any PF obligations hence PF payments have not been made during this period.
I applied for claim on PF and pension in August 2010. Mainly because I was told that even if I claim pension I will get it only after turning 58.
I have a few questions -
While my PF form was sent through last employer in August 2010, I still have not received the PF amount. What is the normal time a PF office is supposed to take (their website says 60 days) to calculate and release the PF amount?
With all this delay, will I get the interest on my PF balance till the date I receive the money in my account? If not then WHY? the PF office will be holding (and using) the money till that date and they should he liable for interest till that date.
How can I know the date till which PF office will be paying me the interest? At what rate the interest on PF amount will be calculated during this period? Today's news says that rate of 9.5% is approved for this period. So they should be making the interest calculation at this rate. How can I get confirmation for same.
About the pension calculation.
My last salary in Mumbai was having a basic salary value of about Rs 56000 per month. PF was deducted on this full amount - both my contribution and matching contribution from employer.
I am reading in the newspapers that currently the old limit of Rs 6500 for basic salary for calculation of pension is done away with. In other words pension calculation will be done on basis of full basic salary. Is this true?
The same articles also mention that pension calculation is done on basis of average basic salary for last 12 months for service. Since the actual employment and PF payment was done over 4 - 5 years back. I would like to know how this calculation will be done.
I understand The calculation would be done for total service. My total service has been over 37 years. The PF payment was done from Jan 1974 till April 2006. this would mean PF was paid for 32 years. The PF account was with PF office for total 36 years. In that sense, what would be the duration to be used for the pension calculation?
I will sure appreciate real insight in this set.
Regards,
Shashank
From India, Pune
I turned 58 in last July (2010). I had last worked in Mumbai in April 2006. For next 16 months I worked and paid PF through a company based in Gurgaon Haryana.
From September 2007 till now (March 2011) I am in a company (based in Mumbai) that does not have any PF obligations hence PF payments have not been made during this period.
I applied for claim on PF and pension in August 2010. Mainly because I was told that even if I claim pension I will get it only after turning 58.
I have a few questions -
While my PF form was sent through last employer in August 2010, I still have not received the PF amount. What is the normal time a PF office is supposed to take (their website says 60 days) to calculate and release the PF amount?
With all this delay, will I get the interest on my PF balance till the date I receive the money in my account? If not then WHY? the PF office will be holding (and using) the money till that date and they should he liable for interest till that date.
How can I know the date till which PF office will be paying me the interest? At what rate the interest on PF amount will be calculated during this period? Today's news says that rate of 9.5% is approved for this period. So they should be making the interest calculation at this rate. How can I get confirmation for same.
About the pension calculation.
My last salary in Mumbai was having a basic salary value of about Rs 56000 per month. PF was deducted on this full amount - both my contribution and matching contribution from employer.
I am reading in the newspapers that currently the old limit of Rs 6500 for basic salary for calculation of pension is done away with. In other words pension calculation will be done on basis of full basic salary. Is this true?
The same articles also mention that pension calculation is done on basis of average basic salary for last 12 months for service. Since the actual employment and PF payment was done over 4 - 5 years back. I would like to know how this calculation will be done.
I understand The calculation would be done for total service. My total service has been over 37 years. The PF payment was done from Jan 1974 till April 2006. this would mean PF was paid for 32 years. The PF account was with PF office for total 36 years. In that sense, what would be the duration to be used for the pension calculation?
I will sure appreciate real insight in this set.
Regards,
Shashank
From India, Pune
517I feel that you make a simple issue into a complicated one with some contradictory statements. You are stating that your PF contribution is from January 1974 to April 2006. At the same time you had contributed to PF for another 16 months thereafter, through a Gurgaon company. Which statement is correct?
1. If you are not in PF applicable service, you may apply for EPS at any date after completing an age of 50 years. i.e you need not wait to complete 58 years' age. But for each year below the age of 58 years, you will lose 4% in pension.
2. After the PF account getting inoperative, the EPFO will allow interest for 36 months. This year the interest is 9.5%, But last year it was 8.5%.
3. The ceiling salary is still Rs. 6500 and the EPS contributions will be accordingly. If you want to contribute on actual salary above Rs. 6500, you have to opt for the same with the consent of RPFC and contribute the arrears, when your salary crossed Rs. 5000 and Rs. 6500 as the case may be. Otherwise your pensionable salary will be Rs. 6500.
4. If your PF service is Jan 1974 to Aug 2007, your pension calculation will be as follows.
Past Service - upto 16.11.95 - 22 years. Compensation - Rs. 170 -(A), factor as per table B - 3.052 (B).
Past Service Benefit - (A)x(B) = 519 - (1)
Pensionable Service - 16.11.1995 to Aug 2007 = 12 yrs
Pensionanable Salary - 6500
Pension - 6500x12/70 = 1114 - (2)
Total Pension (1)+(2) = 1633.
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph +91 9447 467 667.
From India, Bangalore
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