Dear Senior
Can u guide me about the pension. A Epf Enforcement Officer say to me that if an employee served 20 yrs service in private sector after 16.11.95 then he getting Rs.3250= pension from epf department after age of 58 yrs.
Sir, I am waiting your response.
Regards
Pulkit30
From India, New Delhi
1Can u guide me about the pension. A Epf Enforcement Officer say to me that if an employee served 20 yrs service in private sector after 16.11.95 then he getting Rs.3250= pension from epf department after age of 58 yrs.
Sir, I am waiting your response.
Regards
Pulkit30
From India, New Delhi
Dear Pulkit,
Under Employees Provident Fund and Miscelleneous Provision Act, 1952.
Miscelleneous Provision means: Employee Pension Scheme (EPS) and Employee Deposit Link Insurance.
Emplyee's Share-12% goes to PF account (A/c No.1)
Emplyer's Share-12% (8.33% to EPS (A/c No.10) & 3.67% to PF (A/c No.1))
under EPS contribution of 8.33% maximum to 541 goes to (A/c No.10)
In case you have contrbuted to EPS account for minimum 10 years you are eligible for pension on reaching age of retirement due to superannuation.
Formula:(Pensionable Service x Pensional Salary)/70
From India, Lucknow
Under Employees Provident Fund and Miscelleneous Provision Act, 1952.
Miscelleneous Provision means: Employee Pension Scheme (EPS) and Employee Deposit Link Insurance.
Emplyee's Share-12% goes to PF account (A/c No.1)
Emplyer's Share-12% (8.33% to EPS (A/c No.10) & 3.67% to PF (A/c No.1))
under EPS contribution of 8.33% maximum to 541 goes to (A/c No.10)
In case you have contrbuted to EPS account for minimum 10 years you are eligible for pension on reaching age of retirement due to superannuation.
Formula:(Pensionable Service x Pensional Salary)/70
From India, Lucknow
Dear Amar Please explain more about the formula: Pensionable Service Personable Salary What is 70 and why it should be divided by 70.
From India, Kumbakonam
From India, Kumbakonam
As per pf act EPS contribution for pension is restricted to Rs 6500 pm.Hence contribution @8.33% for Rs 6500 is Rs 541 pm.
So pensionable salary is restricted to a maximum of Rs 6500 only since the contribution for EPS is restricted to Rs 6500 pm
Regards
P.Nagarajan
From India, Madras
So pensionable salary is restricted to a maximum of Rs 6500 only since the contribution for EPS is restricted to Rs 6500 pm
Regards
P.Nagarajan
From India, Madras
Dear Rajesh,
Pensionable service is the contributory period after 16.11.1995. If pensionable service is 20 years or more, 2 years bonus will be added. At the time of introduction of EPS - 1995, the minimum service to get 50% service pension was 33 years. In EPS, 33 years will be treated as 35 (including the above 2 years' bonus). To get 50% the above 35 is to be divided by 70. That is how the above formula (divided by 70) is derived.
Abbas.P.S
From India, Bangalore
Pensionable service is the contributory period after 16.11.1995. If pensionable service is 20 years or more, 2 years bonus will be added. At the time of introduction of EPS - 1995, the minimum service to get 50% service pension was 33 years. In EPS, 33 years will be treated as 35 (including the above 2 years' bonus). To get 50% the above 35 is to be divided by 70. That is how the above formula (divided by 70) is derived.
Abbas.P.S
From India, Bangalore
As stated above (answering to Mr. Rajesh), 20 years will be treated as 22 years (including 2 years' bonus). As on now the ceiling salary for EPF is Rs. 6500. Hence the pension in this case will be 6500x22/70 = 2043 only. to get 3250 (with a ceiling salary of 6500), they should have a pensionable service of 33 years.
Abbas.P.S
From India, Bangalore
Abbas.P.S
From India, Bangalore
what is the widow & child pension calculation if employee dies without completing 2 years in EPS.....
From India, Surat
From India, Surat
Dear All, I have started new concern, i want deduted pf for all employees.Please guide me about PF and ESIC how to join
From India, Madras
From India, Madras
Dear All, I have started new concern, i want deduted pf for all employees.Please guide me about PF and ESIC how to join Regards, Renu
From India, Madras
From India, Madras
Thanks for sharing the informations about EPS. Though I want some more clarifiction.
Let's say, I work for 2 year in Compay A with any PF No then joined another company B and received another PF No. and worked for 10 Years i.e. till the age of 35 and then did not get in connection with any company for PF deduction.
Now questions:
1. What is the amount I will be getting if I apply for PF withdrawal
(is that 24 % of my basic + Interest)
2. Will I be getting Pensions after 58 . If not then how shall I?
From India, Delhi
Let's say, I work for 2 year in Compay A with any PF No then joined another company B and received another PF No. and worked for 10 Years i.e. till the age of 35 and then did not get in connection with any company for PF deduction.
Now questions:
1. What is the amount I will be getting if I apply for PF withdrawal
(is that 24 % of my basic + Interest)
2. Will I be getting Pensions after 58 . If not then how shall I?
From India, Delhi
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