EMPLOYEES PENSION SCHEME-1995 A POWER POINT PRESENTATION, FOR EVERY ONE WHO WANT TO KNOW ABOUT ELIGIBILITY & CRITERIA
From India, New Delhi
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From India, New Delhi
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I have 18 years of service in HSMITC in the Haryana government as a junior engineer. I have a CPF account and have not withdrawn my dues till today. In 1996, I was absorbed into the Panchayati Raj Department at the same post. In 2002, HSMITC was closed by the Government of Haryana, and all employees of it lost their jobs. Now, I am 51 years old. My question is, can I receive a pension under the Pension Scheme 1995? Please reply to me at redhu2001@in.com. Thank you.
From India, Ambala
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From India, Ambala
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Dear Pramod Redhu,
For pension calculation, the following details are required:
1. Date of Birth
2. Date of Join in EPF
3. Break in service before 16.11.95
4. Break in service after 16.11.95
5. Salary on 16.11.95
6. Salary at the time of Exit
From the available details, I have reached the following conclusion:
1. Your service before 16.11.95 is 17 years.
2. Service after 16.11.95 is 1 year.
As you are below 48 years of age on 16.11.95, you are entitled to receive a minimum pension as follows:
1. In case your salary on 16.11.95 is below 2500/-:
Past Service Benefit - 120 x 4.844 = 581
Pensionable Service Benefit - 635
Total = 1216/- (Subject to a minimum of 800/-) for 24 years' service.
For 18 years - 1216 x 18/24 = 912 (Subject to a minimum of 450/-)
2. If the salary on 16.11.95 is 2500/- or above:
Past Service Benefit - 135 x 4.844 = 654
Pensionable Service Benefit - 635
Total = 1289 for 24 years
For 18 years = 967
i.e. Either you will get 912 (for below 2500/- on 16.11.95) or 967 (for 2500/- & above on 16.11.95) upon completion of 58 years of age.
Those who are not in service with PF applicability can avail pension from the age of 50 years onwards. However, for each year they will face a deduction of 4%. For example, if you opt for a pension now at 51 years; the multiplying factor on the pension will be 0.96 to the power of 7 = 0.885.
Therefore, the reduced pension at 51 years = 912 x 0.885 = 807 or 967 x 0.885 = 856.
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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530For pension calculation, the following details are required:
1. Date of Birth
2. Date of Join in EPF
3. Break in service before 16.11.95
4. Break in service after 16.11.95
5. Salary on 16.11.95
6. Salary at the time of Exit
From the available details, I have reached the following conclusion:
1. Your service before 16.11.95 is 17 years.
2. Service after 16.11.95 is 1 year.
As you are below 48 years of age on 16.11.95, you are entitled to receive a minimum pension as follows:
1. In case your salary on 16.11.95 is below 2500/-:
Past Service Benefit - 120 x 4.844 = 581
Pensionable Service Benefit - 635
Total = 1216/- (Subject to a minimum of 800/-) for 24 years' service.
For 18 years - 1216 x 18/24 = 912 (Subject to a minimum of 450/-)
2. If the salary on 16.11.95 is 2500/- or above:
Past Service Benefit - 135 x 4.844 = 654
Pensionable Service Benefit - 635
Total = 1289 for 24 years
For 18 years = 967
i.e. Either you will get 912 (for below 2500/- on 16.11.95) or 967 (for 2500/- & above on 16.11.95) upon completion of 58 years of age.
Those who are not in service with PF applicability can avail pension from the age of 50 years onwards. However, for each year they will face a deduction of 4%. For example, if you opt for a pension now at 51 years; the multiplying factor on the pension will be 0.96 to the power of 7 = 0.885.
Therefore, the reduced pension at 51 years = 912 x 0.885 = 807 or 967 x 0.885 = 856.
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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Dear Sir,
My basic salary is now Rs. 15,330/- every month, with EPS subscription deductions of Rs. 541/-.
I joined my job on 25.10.1999, and my retirement date is 31.07.2030. My date of birth is 19.07.70.
When will my pension start, considering it begins 58 years after retirement?
Please help.
Thanks,
Lukman Vahora
From India, Navsari
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My basic salary is now Rs. 15,330/- every month, with EPS subscription deductions of Rs. 541/-.
I joined my job on 25.10.1999, and my retirement date is 31.07.2030. My date of birth is 19.07.70.
When will my pension start, considering it begins 58 years after retirement?
Please help.
Thanks,
Lukman Vahora
From India, Navsari
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Dear Lukman Vahora,
In your case, the pension formula is Pensionable salary x Pensionable service/70. Here, Pensionable salary is 6500 (541 is 8.33% of 6500), and Pensionable service is the service up to the completion of 58 years (25.10.1999 to 18.7.2028) which equals 28 years and 9 months (approximately). Therefore, Pension = 6500 x 28.75 / 70 = 2670 (approximately).
Abbas.P.S
Note: As per the scheme, Pensionable service 28.75 is to be rounded to 29. However, practically, EPFO is now calculating on an actual basis.
From India, Bangalore
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In your case, the pension formula is Pensionable salary x Pensionable service/70. Here, Pensionable salary is 6500 (541 is 8.33% of 6500), and Pensionable service is the service up to the completion of 58 years (25.10.1999 to 18.7.2028) which equals 28 years and 9 months (approximately). Therefore, Pension = 6500 x 28.75 / 70 = 2670 (approximately).
Abbas.P.S
Note: As per the scheme, Pensionable service 28.75 is to be rounded to 29. However, practically, EPFO is now calculating on an actual basis.
From India, Bangalore
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Amendment in Employees Pension Scheme, 1995.pdf
Employees Pension Scheme 1995.doc