Dear Fraternity
One of the our Ex-employee receive the pension amount less than minimum pension still now because new amendment minimum pension is Rs. 1000/- (W.e.f 01-09-2014) but Ex-employee receive only Rs. 580/- Every month any one know the reason please tell me why they are get less than minimum pension.
From India, Bengaluru
21One of the our Ex-employee receive the pension amount less than minimum pension still now because new amendment minimum pension is Rs. 1000/- (W.e.f 01-09-2014) but Ex-employee receive only Rs. 580/- Every month any one know the reason please tell me why they are get less than minimum pension.
From India, Bengaluru
Dear friends,
The above pensioner might have opted for two provisions.
1) Reduced pension before attaining 58 years
2) Pension Commutation.
If he exercised both the above options, there is chance to get pension like this. If he didn't, kindly make an enquiry under RTI act that how the pension amount is arrived.
Abbas.P.S
From India, Bangalore
The above pensioner might have opted for two provisions.
1) Reduced pension before attaining 58 years
2) Pension Commutation.
If he exercised both the above options, there is chance to get pension like this. If he didn't, kindly make an enquiry under RTI act that how the pension amount is arrived.
Abbas.P.S
From India, Bangalore
The Employee Pension sanction certificate mention the below details Original Pension-1023 Monthly Pension-580 Commutation Amount-34100 can you explain about commutation amount.
From India, Bengaluru
From India, Bengaluru
Dear friends,
Here one third is commuted and got its 100 times as compensation.
Balance pension is 1023 - 341 = 682.
Member availed reduced pension at the age of 54 years. Each year he will loose 4%. i.e 0.96 (96%) at 57, 0.96 x0.96 = 0.9216 (92.16%) for 56 years, 0.96 x 0.96 x0.96 = 0.8847 (88.47%) for 55 years and 0.96 x 0.96 x0.96 x 0.96 = 0.85 (85%) for 54 years.
682 x 85% is 580/-
Abbas.P.S
From India, Bangalore
Here one third is commuted and got its 100 times as compensation.
Balance pension is 1023 - 341 = 682.
Member availed reduced pension at the age of 54 years. Each year he will loose 4%. i.e 0.96 (96%) at 57, 0.96 x0.96 = 0.9216 (92.16%) for 56 years, 0.96 x 0.96 x0.96 = 0.8847 (88.47%) for 55 years and 0.96 x 0.96 x0.96 x 0.96 = 0.85 (85%) for 54 years.
682 x 85% is 580/-
Abbas.P.S
From India, Bangalore
Another employee applied superannuation pension and get the monthly pension Rs. 609/- only but the scheme certificate mention original pension 1076 & Monthly Pension 609 & Commutation Amount 35900 then how is arrived pension amount Rs. 609/- can you tell about how to pension amount calculation.
From India, Bengaluru
From India, Bengaluru
Dear friends,
After getting commutation amount of 35900, its 1/100 will be reduced from original pension. There after pension will be 1076 - 359 = 717. Later he might have opted for return of capital. 10 to 12.5% will be reduced from the then eligible pension, according to type of option. (To get clear picture, mention type of option). But here it seems a reduction of 15%. Write to EPFO Sub Regional Office under RTI Act for correct calculation.
Abbas.P.S
From India, Bangalore
After getting commutation amount of 35900, its 1/100 will be reduced from original pension. There after pension will be 1076 - 359 = 717. Later he might have opted for return of capital. 10 to 12.5% will be reduced from the then eligible pension, according to type of option. (To get clear picture, mention type of option). But here it seems a reduction of 15%. Write to EPFO Sub Regional Office under RTI Act for correct calculation.
Abbas.P.S
From India, Bangalore
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