Hi Team,
Per the link below, I'd like to understand what amount is considered as "Pensionable Salary or Wages" to calculate the EPS withdrawal benefit as of 2017.
http://www.epfindia.com/site_docs/PD...date102008.pdf
That is, what amount is considered as Pensionable salary/Wages?
a) Is it Rs. 6500/-
b) Rs. 15000/-(considering the new amendment since Sep 2014 where the contribution was increased from Rs. 541 (Rs 6500) to Rs. 1250 (Rs 15000).
b) Last year's average Basic+DA
c) Actual Monthly total Salary?
Thanks.
Regards,
An
Per the link below, I'd like to understand what amount is considered as "Pensionable Salary or Wages" to calculate the EPS withdrawal benefit as of 2017.
http://www.epfindia.com/site_docs/PD...date102008.pdf
That is, what amount is considered as Pensionable salary/Wages?
a) Is it Rs. 6500/-
b) Rs. 15000/-(considering the new amendment since Sep 2014 where the contribution was increased from Rs. 541 (Rs 6500) to Rs. 1250 (Rs 15000).
b) Last year's average Basic+DA
c) Actual Monthly total Salary?
Thanks.
Regards,
An
Dear An Please note that EPS Wages of EPS Member will be taken in to consideration for determining EPS pension
From India, New Delhi
From India, New Delhi
Hi Srinath/All,
Thanks for your reply. I should have clarified earlier. In case the Basic salary earned is more than Rs.32,000 per month or net take-home is around Rs.70,000 per month, then what would be the Pensionable salary considered in this case to calculate the Pension Withdrawal benefit?
a) Is it Rs.6500?
b) Rs.15000 (considering the new amendment since Sep 2014 where the contribution was increased from Rs.541 (Rs.6500) to Rs.1250 (Rs.15000).
c) Last year's monthly average Basic+DA (i.e. Rs.32,000)?
d) Actual Monthly total Salary (Rs.70,000)?
Thanks.
Regards, An.
Thanks for your reply. I should have clarified earlier. In case the Basic salary earned is more than Rs.32,000 per month or net take-home is around Rs.70,000 per month, then what would be the Pensionable salary considered in this case to calculate the Pension Withdrawal benefit?
a) Is it Rs.6500?
b) Rs.15000 (considering the new amendment since Sep 2014 where the contribution was increased from Rs.541 (Rs.6500) to Rs.1250 (Rs.15000).
c) Last year's monthly average Basic+DA (i.e. Rs.32,000)?
d) Actual Monthly total Salary (Rs.70,000)?
Thanks.
Regards, An.
Pensionable salary is the salary on which your pension contribution is deducted (as per the 2015 amendment, the last 5 years' average will be taken). Pensionable years are the number of years you have contributed to EPF/EPS. This applies to those who joined EPF after November 1995, when the pension scheme started. If you were a member before 1995, your years will be counted, but the pension you receive for those years is very meager based on a prescribed chart. The pension for post-1995 members is also meager. The calculation for post-1995 pensions is roughly Pensionable salary X pensionable years divided by 70. Those who have completed 19 years of pensionable service receive a bonus of 2 years.
From India, Thane
From India, Thane
Hi Raghav/All,
Thanks for your response. To further clarify, I'm planning to "Withdraw" EPS amount. I have worked for 9 years and 5 months, starting from September 2007, with the contributions as below - Rs. 541 * 83 months = Rs. 44,903 and Rs. 1250 * 30 months = Rs. 37,500. In total, for 113 months, the amount is Rs. 82,403.
Using "Table D" of EPS, I'm unsure of how to calculate the Withdrawal benefit in my case, as I'm not certain which Pensionable Salary would be used to calculate using Table D. Will it be Rs. 6500 * 9.33 or Rs. 15000 * 9.33, or a combination of Rs. 6500 and Rs. 15000 for the respective periods mentioned above? Any clarity on this matter would be greatly appreciated.
Thank you.
Regards,
An
Thanks for your response. To further clarify, I'm planning to "Withdraw" EPS amount. I have worked for 9 years and 5 months, starting from September 2007, with the contributions as below - Rs. 541 * 83 months = Rs. 44,903 and Rs. 1250 * 30 months = Rs. 37,500. In total, for 113 months, the amount is Rs. 82,403.
Using "Table D" of EPS, I'm unsure of how to calculate the Withdrawal benefit in my case, as I'm not certain which Pensionable Salary would be used to calculate using Table D. Will it be Rs. 6500 * 9.33 or Rs. 15000 * 9.33, or a combination of Rs. 6500 and Rs. 15000 for the respective periods mentioned above? Any clarity on this matter would be greatly appreciated.
Thank you.
Regards,
An
Dear Anonymous,
Please note that in your case, the withdrawal benefit will be calculated using Table D based on the average monthly salary on which pension contributions were paid in the 60 months preceding the date of exit from the membership of the EPS Fund. Based on the information provided by you, it will be @ Rs. 10750 * 9.33 = Rs. 100298/- approximately. For details, please refer to the attached Excel sheet.
Regards,
Cyril
From India, Mumbai
Please note that in your case, the withdrawal benefit will be calculated using Table D based on the average monthly salary on which pension contributions were paid in the 60 months preceding the date of exit from the membership of the EPS Fund. Based on the information provided by you, it will be @ Rs. 10750 * 9.33 = Rs. 100298/- approximately. For details, please refer to the attached Excel sheet.
Regards,
Cyril
From India, Mumbai
Hi Cyril/All,
Per the below link on EPF/EPS Site - http://www.epfindia.com/site_docs/PD...date102008.pdf
Para No. 11 on Determination of Pensionable Salary mentions - service of 12 months preceding the date of exit. Hence, I wanted to be double sure whether it was 12 months or 60 months preceding the average salary? Thanks again!
11. Determination of Pensionable Salary. (1) Pensionable salary shall be the average monthly pay drawn [in any manner including on a piece-rate basis] during the contributory period of service in the span of 12 months preceding the date of exit from the membership of the Employees' Pension Fund.
Regards, An
Per the below link on EPF/EPS Site - http://www.epfindia.com/site_docs/PD...date102008.pdf
Para No. 11 on Determination of Pensionable Salary mentions - service of 12 months preceding the date of exit. Hence, I wanted to be double sure whether it was 12 months or 60 months preceding the average salary? Thanks again!
11. Determination of Pensionable Salary. (1) Pensionable salary shall be the average monthly pay drawn [in any manner including on a piece-rate basis] during the contributory period of service in the span of 12 months preceding the date of exit from the membership of the Employees' Pension Fund.
Regards, An
For pensionable service, there is a formula to calculate the pension: Pension = Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into two parts:
1) Below Rs. 15,000 (EPS contribution threshold limit to be considered as pensionable salary).
2) Rs. 15,000 and above, with the contribution on the statutory ceiling of Rs. 15,000. Here, Rs. 15,000/- is considered as the pensionable salary.
FYI, please.
From United Kingdom, London
1) Below Rs. 15,000 (EPS contribution threshold limit to be considered as pensionable salary).
2) Rs. 15,000 and above, with the contribution on the statutory ceiling of Rs. 15,000. Here, Rs. 15,000/- is considered as the pensionable salary.
FYI, please.
From United Kingdom, London
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