I need some help in calculation of EPF pension. I am not sure how the EPF calculation is done. Any help is greatly appreciated. I tried searching many sites for the calculations but none of them match the monthly pension payments.
Date of birth: 26-05-1943
Date of joining EPF - 16-11-1995
Date of retirement: 26-05-2001
Eligible service = 6 years
Previous Service = 1978 to 1995 = 17 years
Total service years = 17 + 6 = 23 years
At the time of retirement, salary = Rs. 26,200
Maximum Pensionable Salary = Rs. 5000
1) I was given a pension of Rs. 666 (gross) -Rs. 67 ROC = Rs. 599 from June 2001 to Aug 2014
2) From Sept 2014 he is getting a pension of Rs. 920.
3) I got an adjustment of Rs. 19,100 from April 2015. This was probably an adjustment for the increase in ceiling to Rs. 6500 from Rs. 5000.
4) If we look at the records, his current pension shows Rs. 799 and reduced pension as Rs. 719 (I assuming Rs. 80 is for ROC deduction). ROC amount shows Rs, 71,910.
We are not sure how these calculations are done because using the formula of pensionable salary x pensionable service / 70 does not add up.
Again any help is greatly appreciated. Thanks for your help.
From India, Mumbai
Date of birth: 26-05-1943
Date of joining EPF - 16-11-1995
Date of retirement: 26-05-2001
Eligible service = 6 years
Previous Service = 1978 to 1995 = 17 years
Total service years = 17 + 6 = 23 years
At the time of retirement, salary = Rs. 26,200
Maximum Pensionable Salary = Rs. 5000
1) I was given a pension of Rs. 666 (gross) -Rs. 67 ROC = Rs. 599 from June 2001 to Aug 2014
2) From Sept 2014 he is getting a pension of Rs. 920.
3) I got an adjustment of Rs. 19,100 from April 2015. This was probably an adjustment for the increase in ceiling to Rs. 6500 from Rs. 5000.
4) If we look at the records, his current pension shows Rs. 799 and reduced pension as Rs. 719 (I assuming Rs. 80 is for ROC deduction). ROC amount shows Rs, 71,910.
We are not sure how these calculations are done because using the formula of pensionable salary x pensionable service / 70 does not add up.
Again any help is greatly appreciated. Thanks for your help.
From India, Mumbai
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EPF PENSION CALCULATION.zip
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