Dear All!!! Can any one say, what is the meaning of pensionable salary and how to calculate pension?
From India, Hyderabad
From India, Hyderabad
Dear Ravi,
Pensionable salary is the average salary of preceeding twelve months. Statutory salary ceiling is Rs. 6500.
For the period w.e.f 16.11.1995, the pension calculation is as follows.
1. Round the pensionable service to nearest year. For this, fraction of 6 months and above will be considered as 1 year and to be added with the completed years. But fraction below 6 months will not be considered.
2. Find the pensionable salary stated as above.
Pension = Pensionable salary x Pensionable service/70.
Abbas.P.S
From India, Bangalore
517Pensionable salary is the average salary of preceeding twelve months. Statutory salary ceiling is Rs. 6500.
For the period w.e.f 16.11.1995, the pension calculation is as follows.
1. Round the pensionable service to nearest year. For this, fraction of 6 months and above will be considered as 1 year and to be added with the completed years. But fraction below 6 months will not be considered.
2. Find the pensionable salary stated as above.
Pension = Pensionable salary x Pensionable service/70.
Abbas.P.S
From India, Bangalore
Hi Abbas,
A short question to you,
my friend is working in a Private Software firm, his average basic salary is 36,500 for the last 12 months and total salary per month is above 1 lakh.(convayence+medical+special+LTA+Variable pay and there is no DA component) he is having 11 years of service(also contributing to EPFfor last 11 years without break). his PF contribution per month is 4380 and Employer contribution to provident fund is also 4380.
In this case whether Statutory salary ceiling of Rs. 6500 is applicable for finding the pensionable salary?
Or is the pensionable salary is 36,500 ?
What will be his pension(at the age of 58) if he quit job now ?
Is it possible for him to withdraw the Providend Fund (other than Pension Contribution) if he resigns now? in this case is he eligible for pension?
From India, Madras
A short question to you,
my friend is working in a Private Software firm, his average basic salary is 36,500 for the last 12 months and total salary per month is above 1 lakh.(convayence+medical+special+LTA+Variable pay and there is no DA component) he is having 11 years of service(also contributing to EPFfor last 11 years without break). his PF contribution per month is 4380 and Employer contribution to provident fund is also 4380.
In this case whether Statutory salary ceiling of Rs. 6500 is applicable for finding the pensionable salary?
Or is the pensionable salary is 36,500 ?
What will be his pension(at the age of 58) if he quit job now ?
Is it possible for him to withdraw the Providend Fund (other than Pension Contribution) if he resigns now? in this case is he eligible for pension?
From India, Madras
Make it clear that whether he contributed on actual salary or ceiling salary to EPS-95. If it is on ceiling salary his pension will be based on ceiling salary. Otherwise it will be based on actual.
After relieved from service he can avail reduced pension from the age of 50 yrs onwards.
Abbas.P.S
From India, Bangalore
After relieved from service he can avail reduced pension from the age of 50 yrs onwards.
Abbas.P.S
From India, Bangalore
Hi Abbas,
Thanks for Replying... As per his pay slip, his contribution to PF is 4380 and Employer contribution is also 4380 . so I think this means he contributes based on actual salary. (because 4380 is 12% of 36,500(basic) and the company contribution also 4380)
My second question is on the amount accumulated other than pensionfund
i.e Is it possible for him to withdraw the Providend Fund (other than Pension Contribution) if he resigns now? in this case is he eligible for pension?
From India, Madras
Thanks for Replying... As per his pay slip, his contribution to PF is 4380 and Employer contribution is also 4380 . so I think this means he contributes based on actual salary. (because 4380 is 12% of 36,500(basic) and the company contribution also 4380)
My second question is on the amount accumulated other than pensionfund
i.e Is it possible for him to withdraw the Providend Fund (other than Pension Contribution) if he resigns now? in this case is he eligible for pension?
From India, Madras
We cannot calculate the pension contribution based on the PF contribution. That is to be cleared seperately.
After relieving from service, a PF member can withdraw his PF amount. PF pension is not connected with the PF withdrawal.
Abbas.P.S
From India, Bangalore
After relieving from service, a PF member can withdraw his PF amount. PF pension is not connected with the PF withdrawal.
Abbas.P.S
From India, Bangalore
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