1. I am a member of EPFO EPS pension for continuous service of 22 years 2 months and 16 days till superannuation i.e. 58 years.
2. There is EPF rule saying if there is continuous service of 20 years, additional 2 year weightage will be give to total serviceable pension. So serviceable pensionable pension duration should be (22 years 2 months 16 days + 2 year) i.e. 24 years 2 months 16 days.
3. I applied to get additional 8.16% pension benefit. or pension deferment after superannuation till age 60 years.
4. From Feb 2000 till 31Aug2014, Pensionable salary = 6500 and pensionable service = 5305 days
5. From Feb 2000 till 31Aug2014, Pensionable salary = 15000 and pensionable service = 2809 days
6. As per EPF rule, additional service weightage of 2 years as total service till superannuation is more than 20 years. So pensionable service under point 5 = 2809 + 2 year (i.e. 2*365 days) = 3539 days
7. Pension part under point#4 = pensionable service (in days) * pensionable salary / (70*365) = 5305*6500/(70*365) = Rs 1349.61
8. Pension part under point#6 = pensionable service (in days) * pensionable salary / (70*365) = 3539*15000/(70*365) = Rs 2077.69
9. So total salary till Superannuation = 1349.61+ 2077.69 = Rs 3427.3.
10. Now consider 8.16% additional pension on top of point 9 as a result of pension deferment till age 60 (from superannuation day to age 60 year).
Penson = 3427.3+ 8.16% of 3427.3 = 3707.
However pension fixed by EPFO for above facts is Rs 3435 which is less. When i contacted EPFO, their remarks is 2 year weightage is already given. There is something missing on EPFO side. Please advice how to proceed to get EPS pension corrected.
From India, Bengaluru
2. There is EPF rule saying if there is continuous service of 20 years, additional 2 year weightage will be give to total serviceable pension. So serviceable pensionable pension duration should be (22 years 2 months 16 days + 2 year) i.e. 24 years 2 months 16 days.
3. I applied to get additional 8.16% pension benefit. or pension deferment after superannuation till age 60 years.
4. From Feb 2000 till 31Aug2014, Pensionable salary = 6500 and pensionable service = 5305 days
5. From Feb 2000 till 31Aug2014, Pensionable salary = 15000 and pensionable service = 2809 days
6. As per EPF rule, additional service weightage of 2 years as total service till superannuation is more than 20 years. So pensionable service under point 5 = 2809 + 2 year (i.e. 2*365 days) = 3539 days
7. Pension part under point#4 = pensionable service (in days) * pensionable salary / (70*365) = 5305*6500/(70*365) = Rs 1349.61
8. Pension part under point#6 = pensionable service (in days) * pensionable salary / (70*365) = 3539*15000/(70*365) = Rs 2077.69
9. So total salary till Superannuation = 1349.61+ 2077.69 = Rs 3427.3.
10. Now consider 8.16% additional pension on top of point 9 as a result of pension deferment till age 60 (from superannuation day to age 60 year).
Penson = 3427.3+ 8.16% of 3427.3 = 3707.
However pension fixed by EPFO for above facts is Rs 3435 which is less. When i contacted EPFO, their remarks is 2 year weightage is already given. There is something missing on EPFO side. Please advice how to proceed to get EPS pension corrected.
From India, Bengaluru
Whatever you have mentioned in this post, write it to grievance cell of the EPFO including Central EPFO at Delhi. If your logic is ok, you will get reply and remedy. If it is not resolved, you will be required to move court.
S K Bandyopadhyay ( WB, Howrah )
CEO-USD HR Solutions
+91 98310 81531
skb@usdhrs.in
From India, New Delhi
337S K Bandyopadhyay ( WB, Howrah )
CEO-USD HR Solutions
+91 98310 81531
skb@usdhrs.in
From India, New Delhi
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EPS - Form No. 10-D Pension Claim Form Aadhaar.pdf
EPFO-EPS-FUNCTI ONS & BENEFITS.docx