Hi Team,
Per the below link , I'd like to understand what Amount is considered as "Pensionable Salary or Wages" to calculate the EPS Withdrawal benefit as on 2017?
http://www.epfindia.com/site_docs/PD...date102008.pdf
I.e. 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 (Rs6500) to Rs.1250 (Rs,15000).
b) Last years average Basic+DA
c) Actual Monthly total Salary?
Thanks.
Regards,
An
Per the below link , I'd like to understand what Amount is considered as "Pensionable Salary or Wages" to calculate the EPS Withdrawal benefit as on 2017?
http://www.epfindia.com/site_docs/PD...date102008.pdf
I.e. 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 (Rs6500) to Rs.1250 (Rs,15000).
b) Last years 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
610From 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 (Rs6500) to Rs.1250 (Rs,15000).?
b) Last years monthly average Basic+DA (i.e. Rs.32,000)?
c) 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 (Rs6500) to Rs.1250 (Rs,15000).?
b) Last years monthly average Basic+DA (i.e. Rs.32,000)?
c) Actual Monthly total Salary? (Rs.70,000)?
Thanks.
Regards,
An.
Pensionable salary is salary on which your pension contribution is deducted ( as per 2015 amendment last 5 years average will be taken), pensionable years is no of years you have contributed to EPF/EPS. This is for those who have joined EPF after November 1995 ie when pension scheme started. If you were a member before 1995, your years will be counted, but pension you get for those years is very meagre based on a prescribed chart, pension for post 19995 is also meagre. Post 1995 pension calculation is roughly Pensionable salary X pensionable years divided by 70. Those who have completed 19 years of pensionable service gets a bonus 2 years.
From India, Thane
From India, Thane
Hi Raghav/All,
Thanks.
To further clarify, I'm planning to "Withdraw" EPS amount.
I have worked for 9 years, 5 months starting from Sep 2007 with the contributions as below -
Rs. 541 * 83 months = Rs.44,903
Rs.1250 * 30 months = Rs.37500
Total 113 Months=Rs.82403
Using "Table D" of EPS, I'm not sure on how to calculate the Withdrawal benefit in my case as I'm not sure on what 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 & Rs.15000 for the respective periods mentioned above.
Hence any clarity on this would be appreciated. Thanks.
Regards,
An
Thanks.
To further clarify, I'm planning to "Withdraw" EPS amount.
I have worked for 9 years, 5 months starting from Sep 2007 with the contributions as below -
Rs. 541 * 83 months = Rs.44,903
Rs.1250 * 30 months = Rs.37500
Total 113 Months=Rs.82403
Using "Table D" of EPS, I'm not sure on how to calculate the Withdrawal benefit in my case as I'm not sure on what 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 & Rs.15000 for the respective periods mentioned above.
Hence any clarity on this would be appreciated. Thanks.
Regards,
An
Dear Anonymous,
Please note that in your case the withdrawal benefit will be calculated using Table D based on average monthly salary on which pension contribution paid in the span of 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/- Approx. For details, please refer 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 average monthly salary on which pension contribution paid in the span of 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/- Approx. For details, please refer 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 date of exit.
Hence wanted to be double sure on, if it was 12 months or 60 months preceding average salary? Thanks again!
11. Determination of Pensionable Salary.
(1) Pensionable salary shall be average monthly pay drawn
17[in any manner including on 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. 17. Ins. ibid (w.e.f. 16th March, 1996).
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 date of exit.
Hence wanted to be double sure on, if it was 12 months or 60 months preceding average salary? Thanks again!
11. Determination of Pensionable Salary.
(1) Pensionable salary shall be average monthly pay drawn
17[in any manner including on 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. 17. Ins. ibid (w.e.f. 16th March, 1996).
Regards,
An
For pensionable service there is a formula to calculate pension.
Pension = Pensionable Salary x Pensionable Service / 70.
Pensionable salary can be categorised in to 2.
1) Below Rs. 15000. ( EPS contribution threshold limit to be considered as Pensionable salary)
2) Rs. 15000 & above, but contribution on statutory celing of Rs. 15000. ---- Here Rs. 15000 /- is considered as Pensionable salary.
FYI Please.
From United Kingdom, London
Pension = Pensionable Salary x Pensionable Service / 70.
Pensionable salary can be categorised in to 2.
1) Below Rs. 15000. ( EPS contribution threshold limit to be considered as Pensionable salary)
2) Rs. 15000 & above, but contribution on statutory celing of Rs. 15000. ---- Here Rs. 15000 /- is considered as Pensionable salary.
FYI Please.
From United Kingdom, London
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