Hi Friends,seniors & Experts
I have some confusion regarding pension scheme of PF and need yours' suggesion, comment & guidance.My quiry is as follows
We are employees of a Pvt. Ltd. company. One of employee's DOB is 15.07.1946 and DOJ is 24.04.2000 and till date he is in job and his PF contribution is continue. Now he wants retirement. My question is whether he is entitled for pension or not? If yes then how much pension he will get, his current salary is 4500/ month.
With respect & regard
Thanks
Binod Kumar Dutta
Email:
From India, New Delhi
I have some confusion regarding pension scheme of PF and need yours' suggesion, comment & guidance.My quiry is as follows
We are employees of a Pvt. Ltd. company. One of employee's DOB is 15.07.1946 and DOJ is 24.04.2000 and till date he is in job and his PF contribution is continue. Now he wants retirement. My question is whether he is entitled for pension or not? If yes then how much pension he will get, his current salary is 4500/ month.
With respect & regard
Thanks
Binod Kumar Dutta
Email:
From India, New Delhi
Hello Seniors,
I working as a HR Exec., joined as a Fresher. Now i have to submit ESI returns, but i don't know how to prepare and what are the details to mention. Actually we had one consultant bur our boss doesn't want to pay him money,so i have to do that job. So you please provide me ESI & PF(not now) returns details or copy, i would check it and prepare. Please send me those files / copies to my mail id:
. Please.
From India, Hyderabad
I working as a HR Exec., joined as a Fresher. Now i have to submit ESI returns, but i don't know how to prepare and what are the details to mention. Actually we had one consultant bur our boss doesn't want to pay him money,so i have to do that job. So you please provide me ESI & PF(not now) returns details or copy, i would check it and prepare. Please send me those files / copies to my mail id:
From India, Hyderabad
He must be around 64 years of age and you are still contributing towards his pension fund? Or did he withdrew the benefits on attaining 58 years of age and continued with his Provident Fund only? Please clarify.
Regards,
Madhu.T.K
From India, Kannur
4248Regards,
Madhu.T.K
From India, Kannur
Dear Madhu,
Pls visit ESI Wesbite you will all forms right from regsistration, meet labour law consulants personally , they will guide you. Pls . visit ESI office near by your office. Challans inculde form 5/12 /10 a and we can sumit twice in a year.
Regards,
Gauri
From India, Delhi
Pls visit ESI Wesbite you will all forms right from regsistration, meet labour law consulants personally , they will guide you. Pls . visit ESI office near by your office. Challans inculde form 5/12 /10 a and we can sumit twice in a year.
Regards,
Gauri
From India, Delhi
Dear Binod Kumar Dutta,
As per the norms of Employees' Pension Scheme -1995 (PF Pension), contribution to Pension Fund will be ceased on the completion of 58 years. In this case completion of 58 years is on 14.7.2004. Means his pensionable service is only 4 years (between 24.4.2000 and 14.7.2004). Minimum service to get EPF pension is stipulated as 10years.
Accordingly he is not eligible to get above pension. But he is entitled for withdrawal benefit immediately after completion of 58years. For four years it is 3.99(factor as per Table D)x salary at the time of 58years. Present salary of Rs. 4500/- has no role on these calculations.
After 58yrs, full PF contribution has to go to his individual account.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
As per the norms of Employees' Pension Scheme -1995 (PF Pension), contribution to Pension Fund will be ceased on the completion of 58 years. In this case completion of 58 years is on 14.7.2004. Means his pensionable service is only 4 years (between 24.4.2000 and 14.7.2004). Minimum service to get EPF pension is stipulated as 10years.
Accordingly he is not eligible to get above pension. But he is entitled for withdrawal benefit immediately after completion of 58years. For four years it is 3.99(factor as per Table D)x salary at the time of 58years. Present salary of Rs. 4500/- has no role on these calculations.
After 58yrs, full PF contribution has to go to his individual account.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
Dear Abbas P.S. & Madhu T.K.
Thanks for your quick responce. This responce improved our knowledge and will help in solving the case. Details scenario of situation is as fallow. I am mentioning it once again becouse there is same change in information provided previously.
Employee's Date Of Birth - 08.09.1946
Employee's Date Of Joining - 15.04.2000
Salary was - Rs. 1,874.42 P. Per month ( April' 2004 )
Due to lake of awairness contribution to Pension Fund is ceaseless till date. We will stop it from next month(Contribution for the month of August - 2010 ).
Now, my question is what are the formalities to withdraw benefit. What will happen to the contribution deposited from 04/2004 to onward will this amount same calculated as Mr. Abbas informed for the period of Date of Joining to attaining 58 years age. Which attract the Table 'D'. I am eager to know what will happen to the contribution depositeed in pension fund after attaning age 58 years.
I hope, now i have clearly explained the case and you are in position to suggest better.
Waiting for your early response.
Thanks.
With Respect & Regard
Binod Kumar Dutta.
From India, New Delhi
Thanks for your quick responce. This responce improved our knowledge and will help in solving the case. Details scenario of situation is as fallow. I am mentioning it once again becouse there is same change in information provided previously.
Employee's Date Of Birth - 08.09.1946
Employee's Date Of Joining - 15.04.2000
Salary was - Rs. 1,874.42 P. Per month ( April' 2004 )
Due to lake of awairness contribution to Pension Fund is ceaseless till date. We will stop it from next month(Contribution for the month of August - 2010 ).
Now, my question is what are the formalities to withdraw benefit. What will happen to the contribution deposited from 04/2004 to onward will this amount same calculated as Mr. Abbas informed for the period of Date of Joining to attaining 58 years age. Which attract the Table 'D'. I am eager to know what will happen to the contribution depositeed in pension fund after attaning age 58 years.
I hope, now i have clearly explained the case and you are in position to suggest better.
Waiting for your early response.
Thanks.
With Respect & Regard
Binod Kumar Dutta.
From India, New Delhi
Dear Binod Kumar Dutta,
Withdrawal benefit is applicale only upto 58 years. In this case it is 3.99x1874.42 = 7479/- (Round figure).
Contribution to Pension Fund after 58 years has to be converted to his individual PF account as Employer's contribution.
In this regard please contact/write to your Regional EPF Commissioner with full details.
With regards
Abbas.P.S
From India, Bangalore
Withdrawal benefit is applicale only upto 58 years. In this case it is 3.99x1874.42 = 7479/- (Round figure).
Contribution to Pension Fund after 58 years has to be converted to his individual PF account as Employer's contribution.
In this regard please contact/write to your Regional EPF Commissioner with full details.
With regards
Abbas.P.S
From India, Bangalore
Dear Mr.Abbas
Firstly thank you so much for your for precise explanation of PF eligibility for pension and i would like to have the (factor as per Table D)x salary can you please share the table consisting yearly eligiblity and % as per the pf act
Regards,
R.Ramkishore
From India, Bangalore
Firstly thank you so much for your for precise explanation of PF eligibility for pension and i would like to have the (factor as per Table D)x salary can you please share the table consisting yearly eligiblity and % as per the pf act
Regards,
R.Ramkishore
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
PF & Pension Amdmt Scheme 2010 for IW.pdf