Dear HR Fraternity, What is EPF monthly Pension amount Limit, please clarify Thanks., Ramakrishnan G
From India, Chennai
From India, Chennai
at present maximum limit is capped at 7500/- while the minum is 1000/- depends on the service period and last 60 months average EPS salary
632
Dear Mr Abbas sir, what do you mean by PF Pension? are you referring to EPS Pension.
From India, New Delhi
From India, New Delhi
Dear Srinath Sairam, As EPS is provided by EPFO, it is usually referred as PF pension. Hence either use EPS (Employees' Pension Scheme) or PF pension. But not EPS pension. Abbas.P.S
From India, Bangalore
From India, Bangalore
@abbasiti no of years x EPS salary ( presently capped 15000/) / 70 now you can calculate as maximum service span is calculated @ 35 years in normal cases
Dear All, Is there any formula to calculate pf pension?? @ please help to understand how to calculate pension amount. Thanks, Mahesh Jadhav
From India, Pune
From India, Pune
Dear All,
Pls check if the following working formula helps you in arriving pension amount. You need to change no. of years of service and assumed contributions.
Example with ceiling salary for EPS contribution
Based on information provided, you worked for 32 years and retired on 31st December 2015 (DOB 29.12.1957) (Employment from 31.12.1983 to 31.12.2015) attained age of 58 yrs.
Pensionable salary = average of last 60 months ceiling salary as applicable.
In the last 16 months before retirement this was 15,000 (1250 a month) and before that for 44 months it was Rs. 6500 (541 P. M.)
So you have pensionable monthly salary as under:
[(16 x 1250=20000) + (44 x 541=23804)=43804]/60 = Rs. 730
Pensionable annual salary ~ Rs.730 x 12 Rs. 8760 (12 times 730)
EPS Pension = 8760 x (32+*2)/70 ~ Rs. 4,255
The above calculation is based on assumption that there was no loss of pay and had contributed full for last 60 months. It may vary if there was any deduction.
* 2 years Bonus service is added after putting 20 yrs. of service. Hence you are eligible for 32+2=34 yrs. of pensionable service.
Regards,
Suresh
From India, Thane
Pls check if the following working formula helps you in arriving pension amount. You need to change no. of years of service and assumed contributions.
Example with ceiling salary for EPS contribution
Based on information provided, you worked for 32 years and retired on 31st December 2015 (DOB 29.12.1957) (Employment from 31.12.1983 to 31.12.2015) attained age of 58 yrs.
Pensionable salary = average of last 60 months ceiling salary as applicable.
In the last 16 months before retirement this was 15,000 (1250 a month) and before that for 44 months it was Rs. 6500 (541 P. M.)
So you have pensionable monthly salary as under:
[(16 x 1250=20000) + (44 x 541=23804)=43804]/60 = Rs. 730
Pensionable annual salary ~ Rs.730 x 12 Rs. 8760 (12 times 730)
EPS Pension = 8760 x (32+*2)/70 ~ Rs. 4,255
The above calculation is based on assumption that there was no loss of pay and had contributed full for last 60 months. It may vary if there was any deduction.
* 2 years Bonus service is added after putting 20 yrs. of service. Hence you are eligible for 32+2=34 yrs. of pensionable service.
Regards,
Suresh
From India, Thane
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
EPF Pension.xls
EPF - Pension contribution is zero WHY.jpg