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 an EPF rule stating that if there is continuous service of 20 years, an additional 2-year weightage will be given to the total serviceable pension. Therefore, the serviceable pensionable duration should be (22 years 2 months 16 days + 2 years), i.e., 24 years 2 months 16 days.
3. I applied to get an additional 8.16% pension benefit or pension deferment after superannuation till age 60 years.
4. From Feb 2000 till 31 Aug 2014, Pensionable salary = 6500 and pensionable service = 5305 days.
5. From Feb 2000 till 31 Aug 2014, Pensionable salary = 15000 and pensionable service = 2809 days.
6. As per EPF rule, additional service weightage of 2 years is granted as the total service till superannuation is more than 20 years. Therefore, pensionable service under point 5 = 2809 + 2 years (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 the total salary till Superannuation = 1349.61 + 2077.69 = Rs 3427.3.
10. Now, considering 8.16% additional pension on top of point 9 as a result of pension deferment till age 60 (from superannuation day to age 60 years). Pension = 3427.3 + 8.16% of 3427.3 = 3707. However, the pension fixed by EPFO for the above facts is Rs 3435, which is less. When I contacted EPFO, their response was that the 2-year weightage has already been given. There seems to be something missing on EPFO's side. Please advise on how to proceed to get EPS pension corrected.
From India, Bengaluru
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2. There is an EPF rule stating that if there is continuous service of 20 years, an additional 2-year weightage will be given to the total serviceable pension. Therefore, the serviceable pensionable duration should be (22 years 2 months 16 days + 2 years), i.e., 24 years 2 months 16 days.
3. I applied to get an additional 8.16% pension benefit or pension deferment after superannuation till age 60 years.
4. From Feb 2000 till 31 Aug 2014, Pensionable salary = 6500 and pensionable service = 5305 days.
5. From Feb 2000 till 31 Aug 2014, Pensionable salary = 15000 and pensionable service = 2809 days.
6. As per EPF rule, additional service weightage of 2 years is granted as the total service till superannuation is more than 20 years. Therefore, pensionable service under point 5 = 2809 + 2 years (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 the total salary till Superannuation = 1349.61 + 2077.69 = Rs 3427.3.
10. Now, considering 8.16% additional pension on top of point 9 as a result of pension deferment till age 60 (from superannuation day to age 60 years). Pension = 3427.3 + 8.16% of 3427.3 = 3707. However, the pension fixed by EPFO for the above facts is Rs 3435, which is less. When I contacted EPFO, their response was that the 2-year weightage has already been given. There seems to be something missing on EPFO's side. Please advise on how to proceed to get EPS pension corrected.
From India, Bengaluru
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Whatever you have mentioned in this post, write it to the grievance cell of the EPFO, including Central EPFO in Delhi. If your logic is okay, you will get a reply and remedy. If it is not resolved, you will be required to move to court.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions +91 98310 81531 skb@usdhrs.in
From India, New Delhi
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367S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions +91 98310 81531 skb@usdhrs.in
From India, New Delhi
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Clarification On Additional Two Years Pensionable Service Weightage To Members Of EPS.pdf