Kindly clarify whether the weightage service of 2 years (given for employees whose service period is 20 years or more) is added to the past service (service prior to 16-11-1995) or to pensionable service (service after 16-11-1995) for calculation of pension, if the past service is 20 years.
Also please clarify at what rate of percentage per year is reduced from pension if we retire on VRS before attaining the age of 58 years.
From United States, Glen Allen
Also please clarify at what rate of percentage per year is reduced from pension if we retire on VRS before attaining the age of 58 years.
From United States, Glen Allen
Weightage Service for Pension Calculation:
Past Service (Service Prior to 16-11-1995): If an employee has past service (service before 16-11-1995) of 20 years or more, and if weightage service (additional service credit) of 2 years is provided for completing 20 years of service, typically this weightage service is added to the past service for pension calculation purposes.
Pensionable Service (Service After 16-11-1995): For service after 16-11-1995 (pensionable service), the actual service period is considered. Weightage service is generally not added to the pensionable service period after 16-11-1995 but rather to the past service to increase the overall length of service considered for pension calculation.
From India, Guwahati
2Past Service (Service Prior to 16-11-1995): If an employee has past service (service before 16-11-1995) of 20 years or more, and if weightage service (additional service credit) of 2 years is provided for completing 20 years of service, typically this weightage service is added to the past service for pension calculation purposes.
Pensionable Service (Service After 16-11-1995): For service after 16-11-1995 (pensionable service), the actual service period is considered. Weightage service is generally not added to the pensionable service period after 16-11-1995 but rather to the past service to increase the overall length of service considered for pension calculation.
From India, Guwahati
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Weightage of 2 years in pensionable service 8.5.2017.pdf
Death while in service letter for pf death claim.docx