Sir,
Happy Diwali Everyone,
Can anyone help me Pension calculation
Working in Coop Bank in Goa.
DOB 28-11-1958
DOJ 28-08-1977
Nov 1995 Basic 3100 Basic+ DA Rs.8232/-
Present Basic 32400 Basic+DA - Rs.74K.
Retirement 30-11-2016
As per calculator provided it is Max Rs.Rs.2842.Is it correct?
Thanks
Naresh Karmali
From India, Mumbai
1Happy Diwali Everyone,
Can anyone help me Pension calculation
Working in Coop Bank in Goa.
DOB 28-11-1958
DOJ 28-08-1977
Nov 1995 Basic 3100 Basic+ DA Rs.8232/-
Present Basic 32400 Basic+DA - Rs.74K.
Retirement 30-11-2016
As per calculator provided it is Max Rs.Rs.2842.Is it correct?
Thanks
Naresh Karmali
From India, Mumbai
Dear Naresh Karmali,
Your Past service up to 15.11.95 is 18 years and slab amount = 135 - (1)
Multiplying factor as per Table B = 5.231 - (2)
Past service benefit is (1) x (2) = 135 x 5.231 = 706 - (3)
Pensionable service benefit is divided into two, i.e up to 31.8.2014 and w.e.f 1.9.2014
Salary (6500) x service (18.78) = 1744 - (4) up to 31.8.2014
Salary (10183) x service (2.24) = 327 - (5)
Aggregate pension for 21 years = 2071
Pension with 2 years bonus = 2071 x 23/21 = 2268 - (6)
Total pension, i.e Past service benefit (3) + Pensionable benefit (6) = 706 + 2268 = 2974
Abbas.P.S
From India, Bangalore
Your Past service up to 15.11.95 is 18 years and slab amount = 135 - (1)
Multiplying factor as per Table B = 5.231 - (2)
Past service benefit is (1) x (2) = 135 x 5.231 = 706 - (3)
Pensionable service benefit is divided into two, i.e up to 31.8.2014 and w.e.f 1.9.2014
Salary (6500) x service (18.78) = 1744 - (4) up to 31.8.2014
Salary (10183) x service (2.24) = 327 - (5)
Aggregate pension for 21 years = 2071
Pension with 2 years bonus = 2071 x 23/21 = 2268 - (6)
Total pension, i.e Past service benefit (3) + Pensionable benefit (6) = 706 + 2268 = 2974
Abbas.P.S
From India, Bangalore
Sir, Thanks for the reply. Why it is calculated till 31.08.2014? Secondly, since minimum pension is Rs.1000/-, has that Rs.706/- formula not changed?. I feel lot of amendments are required and required urgently in this Act, because under this Act, even DA rise is not provided.
From India, Mumbai
From India, Mumbai
Dear Naresh Karmali,
Ceiling salary for EPS contribution till 31.08.2014 is Rs. 6500 and w.e.f 01.09.2014 enhanced to Rs. 15000/-. EPFO has changed calculation of pensionable benefit into two tier accordingly. Logically this is not correct. Because pensionable salary is average of last 12 months (before amendment) or 60 months (after amendment). In the principal scheme there is no such sign. When ceiling salary enhanced from Rs. 5000/- to Rs. 6500 (w.e.f 1.6.2001), no change affected. If somebody approach court, we may get justice.
Minimum pension is aggregate of past service and pensionable service. Here 706 is past service benefit. Hence minimum cannot be applied part by part.
Abbas.P.S
From India, Bangalore
Ceiling salary for EPS contribution till 31.08.2014 is Rs. 6500 and w.e.f 01.09.2014 enhanced to Rs. 15000/-. EPFO has changed calculation of pensionable benefit into two tier accordingly. Logically this is not correct. Because pensionable salary is average of last 12 months (before amendment) or 60 months (after amendment). In the principal scheme there is no such sign. When ceiling salary enhanced from Rs. 5000/- to Rs. 6500 (w.e.f 1.6.2001), no change affected. If somebody approach court, we may get justice.
Minimum pension is aggregate of past service and pensionable service. Here 706 is past service benefit. Hence minimum cannot be applied part by part.
Abbas.P.S
From India, Bangalore
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PENSION CALCULATION.xls
PENSION CALCULATION.pdf
EPF PENSION CALCULATION.zip