Dear All, Please find attached EPS 1995 Hand Book published with demo of calculation of Pension. It is very easy to understand the calculations. Thanks, Bhat
From India, Pune
73From India, Pune
Dear Seniors
please let me know one of our employee are going to complete his 58 years of age in December-2014.
now what should i do in PF deduction, should i stop his pf contribution are continue.
and also let me know the Retire processing.
kindly revert.
From India, Dehra Dun
please let me know one of our employee are going to complete his 58 years of age in December-2014.
now what should i do in PF deduction, should i stop his pf contribution are continue.
and also let me know the Retire processing.
kindly revert.
From India, Dehra Dun
Dear Anuj,
On completion of age 58, if still he is in service, do not deduct EPS contribution after December 14.
and MC will be equal with CC until retirement.
IF member's service is more than 10 yrs, send form 10 D to PF office for Monthly pension purpose even in service.
Thanks,
Vidyadhar Bhat
From India, Pune
On completion of age 58, if still he is in service, do not deduct EPS contribution after December 14.
and MC will be equal with CC until retirement.
IF member's service is more than 10 yrs, send form 10 D to PF office for Monthly pension purpose even in service.
Thanks,
Vidyadhar Bhat
From India, Pune
Dear Sir
he has joined this here on 10 January 2012, so he has not completed 10 years of service in this organization.
i think he is not eligible for pension.
i have two question on completion the 58 years of age,
first can i take him on payroll, will he work as a regular employee as same now.
second is . what is basic formalities of retire?
kindly reply.
From India, Dehra Dun
he has joined this here on 10 January 2012, so he has not completed 10 years of service in this organization.
i think he is not eligible for pension.
i have two question on completion the 58 years of age,
first can i take him on payroll, will he work as a regular employee as same now.
second is . what is basic formalities of retire?
kindly reply.
From India, Dehra Dun
Dear Anuj saini,
The employee's service in EPS will be rounded to three years (2012 January to 2014 December). For 3 years, the factor as per Table D is 2.98 which will be multiplied by salary. The amount arrived thus will be paid as one time withdrawal benefit towards EPS contribution.
After completion of 58 years, whether the employee can continue or not; it depends on your company's terms & conditions, standing order etc.
Abbas.P.S
From India, Bangalore
The employee's service in EPS will be rounded to three years (2012 January to 2014 December). For 3 years, the factor as per Table D is 2.98 which will be multiplied by salary. The amount arrived thus will be paid as one time withdrawal benefit towards EPS contribution.
After completion of 58 years, whether the employee can continue or not; it depends on your company's terms & conditions, standing order etc.
Abbas.P.S
From India, Bangalore
Dear Anju Saini,
Send form 10C duly filled to RPFC for withdrawal of EPS.
Member can continue on Payroll. Only his EPS contribution will not be deducted and added in Company Contribution.
About retirement follow guidelines of the Company. If nothing is mentioned, can continue as regular employee. After retirement he can withdraw his PF and other benefits if any.
Thanks,
Vidyadhar Bhat
From India, Pune
Send form 10C duly filled to RPFC for withdrawal of EPS.
Member can continue on Payroll. Only his EPS contribution will not be deducted and added in Company Contribution.
About retirement follow guidelines of the Company. If nothing is mentioned, can continue as regular employee. After retirement he can withdraw his PF and other benefits if any.
Thanks,
Vidyadhar Bhat
From India, Pune
Dear Sunil,
Now only I have noticed your query. Past service benefit is in slab basis. For those having a salary of Rs. 2500 and above on 15.11.1995, the slab amount will be as follows.
upto 11 years - Rs. 85
12 to 15 - 105
16 to 19 - 135
20 & above - 170
As your service between October 1977 and 15.11.95 is 18 years, the slab amount is 135/-. But this amount is meant for those complete 58 years on 16.11.1995. If 58 years completion is after 16.11.1995, the said amount will be multiplied by a factor stipulated in Table B; in compliance with the difference between 16.11.1995 to the date of completion of 58 years. In this case difference between 16.11.1995 to Dec 2014 is less than 20 years and factor for less than 20 is 4.485. Hence pension for past service is 135x4.485 = Rs.605
Abbas.P.S
From India, Bangalore
Now only I have noticed your query. Past service benefit is in slab basis. For those having a salary of Rs. 2500 and above on 15.11.1995, the slab amount will be as follows.
upto 11 years - Rs. 85
12 to 15 - 105
16 to 19 - 135
20 & above - 170
As your service between October 1977 and 15.11.95 is 18 years, the slab amount is 135/-. But this amount is meant for those complete 58 years on 16.11.1995. If 58 years completion is after 16.11.1995, the said amount will be multiplied by a factor stipulated in Table B; in compliance with the difference between 16.11.1995 to the date of completion of 58 years. In this case difference between 16.11.1995 to Dec 2014 is less than 20 years and factor for less than 20 is 4.485. Hence pension for past service is 135x4.485 = Rs.605
Abbas.P.S
From India, Bangalore
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