In July 2017, I completed 58 years of service. I have completed 11 years and 8 months with my current employer. Five years of pensionable service have been added to my current account through the scheme certificate. I have come to know that the basic will be the average of the last five years' salary. My last five years' salary (basic pay as there is no DA in our company) is as follows: 25750, 24000, 22250, 20500, 18750. The average salary will be Rs. 22250, and the pensionable salary will be for 12 years plus 5 years, totaling 17 years. I heard that with 2 additional years of service, it will become 19 years.
I am not clear whether the pension will be calculated based on the average salary of Rs. 22250 or Rs. 15000. I kindly request the concerned person who has the information to clarify how the pension will be calculated.
Regards, B. Surya Rao BHILAI
From India, Bhilai
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2I am not clear whether the pension will be calculated based on the average salary of Rs. 22250 or Rs. 15000. I kindly request the concerned person who has the information to clarify how the pension will be calculated.
Regards, B. Surya Rao BHILAI
From India, Bhilai
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Dear B. Surya Rao,
If your contribution to the pension fund is based on the ceiling salary, you will receive a pension up to 31.8.2014 based on a salary of Rs. 6500 and from 01.09.2014 onwards on Rs. 11316.67 (the average of the last 60 months, i.e., until 31.8.2014, with 26 months at Rs. 6500 and from 1.9.2014, 34 months at Rs. 15000). Since your total service in PF is less than 20 years, you are not eligible for the 2-year weightage.
Abbas.P.S
From India, Bangalore
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If your contribution to the pension fund is based on the ceiling salary, you will receive a pension up to 31.8.2014 based on a salary of Rs. 6500 and from 01.09.2014 onwards on Rs. 11316.67 (the average of the last 60 months, i.e., until 31.8.2014, with 26 months at Rs. 6500 and from 1.9.2014, 34 months at Rs. 15000). Since your total service in PF is less than 20 years, you are not eligible for the 2-year weightage.
Abbas.P.S
From India, Bangalore
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SALARY SHEET CALCULATION.xls
Salary calculation.doc