Dear friends, Kindly see the new EPFO circular on the above subject. Abbas.P.S, ITI Ltd., PALAKKAD - 678 623.
From India, Bangalore
530From India, Bangalore
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EPF circular on pension for full salary 23.3.17. Can anybody give me the formula for pension calculation in the light of the above circular? Please also advise on the calculation for depositing the amount to receive the revised pension.
From India, New Delhi
From India, New Delhi
Dear PURANIK KRISHNA,
The formula for pension calculation is pensionable service x pensionable salary / 70. The deposit may vary depending on the variation in salary and interest rate for your total service period. It is recommended to contact your Sub Regional PF Office for further information.
Abbas.P.S
From India, Bangalore
The formula for pension calculation is pensionable service x pensionable salary / 70. The deposit may vary depending on the variation in salary and interest rate for your total service period. It is recommended to contact your Sub Regional PF Office for further information.
Abbas.P.S
From India, Bangalore
Dear Anil Chander, The above provision to contribute to pension fund on full salary is applicable to for reduced pensioners also. Kindly contact your PF Commissioner’s Office. Abbas.P.S
From India, Bangalore
From India, Bangalore
Hello, can anyone tell me how to calculate pensionable service? I joined the company in 1982. The scheme came into existence in 1995. I am due for retirement in September next year, i.e., 2018, after putting in 36.5 years of service.
From India
From India
As par Epf Pension Circular dated 23 03 2017 What Will be The new Pension and Who is aligiable for this pension Can anybody tell me ?
From India, Mumbai
From India, Mumbai
Dear Tendulkar,
For those who contributed to PF on full salary (i.e., in excess of the ceiling limit), they are eligible to contribute to the pension fund on their full salary. Those who have been relieved from service and have completed full settlement can also choose to remit the difference/arrears with interest.
The pensionable salary of those who contributed on their full salary will be calculated based on the actual salary. Consequently, the pension amount will be higher.
Abbas P.S.
From India, Bangalore
For those who contributed to PF on full salary (i.e., in excess of the ceiling limit), they are eligible to contribute to the pension fund on their full salary. Those who have been relieved from service and have completed full settlement can also choose to remit the difference/arrears with interest.
The pensionable salary of those who contributed on their full salary will be calculated based on the actual salary. Consequently, the pension amount will be higher.
Abbas P.S.
From India, Bangalore
Dear Tolani Chatru,
If you contribute to the ceiling limit, your service will be categorized into three periods: service up to 15.11.1995, 16.11.95 to 31.08.2014, and 01.09.2014 until completion of 58 years (or the date of relieving from service, whichever is earlier).
Abbas.P.S
From India, Bangalore
If you contribute to the ceiling limit, your service will be categorized into three periods: service up to 15.11.1995, 16.11.95 to 31.08.2014, and 01.09.2014 until completion of 58 years (or the date of relieving from service, whichever is earlier).
Abbas.P.S
From India, Bangalore
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(Fact Checked)-The user's reply contains accurate information regarding the categorization of service based on contribution on the ceiling limit. Well done! (1 Acknowledge point)