EMPLOYEES PENSION SCHEME-1995 A POWER POINT PRESENTATION, FOR EVERY ONE WHO WANT TO KNOW ABOUT ELIGIBILITY & CRITERIA
From India, New Delhi
From India, New Delhi
i have 18yrs. service in hsmitc in haryana govt as j.e. i have c.p.f account.i have not withdrawn my dues till today. in 1996 i have been absrobed in panchayati raj deptt. at same post. in 2002 hsmitc has been closed by govt of haryana all employee of it lost their jobs. now i am 51 year old . my question is that can i have pension under pension scheme 1995 ? reply me on 
thank you
From India, Ambala
From India, Ambala
Dear Pramod Redhu,
For Pension calculation the following details are required.
1. Date of Birth
2. Date of Join in EPF
3. Break in service before 16.11.95
4. Break in service after 16.11.95
5. Salary on 16.11.95
6. Salary at the time of Exit
From the available details I have reached to a conclusion as
1. Your service before 16.11.95 is 17 yrs
2. Service after 16.11.95 is 1 yr
As you are below 48 yrs age on 16.11.95, you are entitled to get minimum pension as follows.
1. In case your salary on 16.11.95 is below 2500/-
Past Service Benifit - 120x4.844 = 581
Pensionable Service Benefit - 635
Total = 1216/- (Subject to a minimum of 800/-) for 24 yrs' service.
For 18 yrs - 1216x18/24 = 912 (Subject to minimum 450/-)
2. If salary on 16.11.95 is 2500/- or above
Past Service Benefit - 135x4.844 = 654
Pensionable Service Benefit - 635
Total = 1289 for 24 yrs
For 18 yrs = 967
i.e. Either you will get 912 (for below 2500/- on 16.11.95) or 967 (for 2500/- & above on 16.11.95) on completion of 58 yrs age.
Those who are not in service with PF applicablity, can avail pension from the age 50 yrs onwards. But for each year they will be deducted 4%. For example if you opt for pension now, at 51 yrs; multiplying factor on pension will be 0.96 to the power of 7 = 0.885
Therefore reduced pension at 51 yrs = 912x0.885=807 or 967x0.885=856.
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
517For Pension calculation the following details are required.
1. Date of Birth
2. Date of Join in EPF
3. Break in service before 16.11.95
4. Break in service after 16.11.95
5. Salary on 16.11.95
6. Salary at the time of Exit
From the available details I have reached to a conclusion as
1. Your service before 16.11.95 is 17 yrs
2. Service after 16.11.95 is 1 yr
As you are below 48 yrs age on 16.11.95, you are entitled to get minimum pension as follows.
1. In case your salary on 16.11.95 is below 2500/-
Past Service Benifit - 120x4.844 = 581
Pensionable Service Benefit - 635
Total = 1216/- (Subject to a minimum of 800/-) for 24 yrs' service.
For 18 yrs - 1216x18/24 = 912 (Subject to minimum 450/-)
2. If salary on 16.11.95 is 2500/- or above
Past Service Benefit - 135x4.844 = 654
Pensionable Service Benefit - 635
Total = 1289 for 24 yrs
For 18 yrs = 967
i.e. Either you will get 912 (for below 2500/- on 16.11.95) or 967 (for 2500/- & above on 16.11.95) on completion of 58 yrs age.
Those who are not in service with PF applicablity, can avail pension from the age 50 yrs onwards. But for each year they will be deducted 4%. For example if you opt for pension now, at 51 yrs; multiplying factor on pension will be 0.96 to the power of 7 = 0.885
Therefore reduced pension at 51 yrs = 912x0.885=807 or 967x0.885=856.
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
Resp. Sir,
My Basic salary now Rs. 15330/- every month deduct EPS Subscription Rs. 541/-
My Joining job 25.10.1999 and Retirement Date 31.07.2030 and my Date of Birth 19.07.70
Pension start 58 Years after that time my Pension?
Please help..
Thanks...
Lukman Vahora
From India, Navsari
My Basic salary now Rs. 15330/- every month deduct EPS Subscription Rs. 541/-
My Joining job 25.10.1999 and Retirement Date 31.07.2030 and my Date of Birth 19.07.70
Pension start 58 Years after that time my Pension?
Please help..
Thanks...
Lukman Vahora
From India, Navsari
Dear Lukman Vahora,
In your case pension formula = Pensionable salary x Pensionable service/70
Here, Pensionable salary = 6500 (541 is 8.33% of 6500),
Pensionable service is service upto completion of 58 years (25.10.1999 to 18.7.2028) = 28 years 9 months (approx)
Pension = 6500x28.75/70 = 2670 (approx)
Abbas.P.S
Note : As per scheme Pensionable service 28.75 is to be rounded to 29. But practically EPFO is now calculating on actual basis.)
From India, Bangalore
In your case pension formula = Pensionable salary x Pensionable service/70
Here, Pensionable salary = 6500 (541 is 8.33% of 6500),
Pensionable service is service upto completion of 58 years (25.10.1999 to 18.7.2028) = 28 years 9 months (approx)
Pension = 6500x28.75/70 = 2670 (approx)
Abbas.P.S
Note : As per scheme Pensionable service 28.75 is to be rounded to 29. But practically EPFO is now calculating on actual basis.)
From India, Bangalore
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Amendment in Employees Pension Scheme, 1995.pdf