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
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74From India, Pune
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Dear Seniors,
Please let me know that one of our employees is going to complete his 58th year of age in December 2014. Now, what should I do regarding PF deductions? Should I stop his PF contribution or continue it? Also, please provide information on the retirement processing.
Kindly revert.
From India, Dehra Dun
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Please let me know that one of our employees is going to complete his 58th year of age in December 2014. Now, what should I do regarding PF deductions? Should I stop his PF contribution or continue it? Also, please provide information on the retirement processing.
Kindly revert.
From India, Dehra Dun
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Dear Anuj,
Upon reaching the age of 58, if he is still in service, please refrain from deducting EPS contributions after December 14. Medical coverage will remain equivalent to dental coverage until retirement. If a member's service exceeds 10 years, kindly submit Form 10 D to the PF office for monthly pension consideration, even while still in service.
Thanks,
Vidyadhar Bhat
From India, Pune
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Upon reaching the age of 58, if he is still in service, please refrain from deducting EPS contributions after December 14. Medical coverage will remain equivalent to dental coverage until retirement. If a member's service exceeds 10 years, kindly submit Form 10 D to the PF office for monthly pension consideration, even while still in service.
Thanks,
Vidyadhar Bhat
From India, Pune
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Dear Sir,
He joined here on 10 January 2012, so he has not completed 10 years of service in this organization. I think he is not eligible for a pension. I have two questions about reaching the age of 58. First, can I put him on the payroll, and will he work as a regular employee as he does now? Second, what are the basic formalities of retirement?
Kindly reply.
From India, Dehra Dun
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He joined here on 10 January 2012, so he has not completed 10 years of service in this organization. I think he is not eligible for a pension. I have two questions about reaching the age of 58. First, can I put him on the payroll, and will he work as a regular employee as he does now? Second, what are the basic formalities of retirement?
Kindly reply.
From India, Dehra Dun
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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 the salary. The amount arrived at will be paid as a one-time withdrawal benefit towards EPS contribution.
After completion of 58 years, whether the employee can continue or not depends on your company's terms and conditions, standing order, etc.
Abbas P.S
From India, Bangalore
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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 the salary. The amount arrived at will be paid as a one-time withdrawal benefit towards EPS contribution.
After completion of 58 years, whether the employee can continue or not depends on your company's terms and conditions, standing order, etc.
Abbas P.S
From India, Bangalore
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Dear Anju Saini,
Please send form 10C duly filled to RPFC for the withdrawal of EPS. The member can continue on Payroll. Only their EPS contribution will not be deducted and will be added to the Company Contribution.
About retirement, follow the guidelines of the Company. If nothing is mentioned, you can continue as a regular employee. After retirement, you can withdraw your PF and other benefits if any.
Thanks,
Vidyadhar Bhat
From India, Pune
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Please send form 10C duly filled to RPFC for the withdrawal of EPS. The member can continue on Payroll. Only their EPS contribution will not be deducted and will be added to the Company Contribution.
About retirement, follow the guidelines of the Company. If nothing is mentioned, you can continue as a regular employee. After retirement, you can withdraw your PF and other benefits if any.
Thanks,
Vidyadhar Bhat
From India, Pune
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Dear Sunil,
Now, I have noticed your query. The past service benefit is on a slab basis. For those with a salary of Rs. 2500 and above on 15.11.1995, the slab amounts are as follows:
- up to 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/-. However, this amount is for those who completed 58 years on 16.11.1995. If the 58 years completion is after 16.11.1995, the amount will be multiplied by a factor stipulated in Table B based on the difference between 16.11.1995 and the date of completion of 58 years. In this case, the difference between 16.11.1995 and Dec 2014 is less than 20 years, and the factor for less than 20 is 4.485. Therefore, the pension for past service is 135 x 4.485 = Rs. 605.
Abbas
P.S.
From India, Bangalore
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Now, I have noticed your query. The past service benefit is on a slab basis. For those with a salary of Rs. 2500 and above on 15.11.1995, the slab amounts are as follows:
- up to 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/-. However, this amount is for those who completed 58 years on 16.11.1995. If the 58 years completion is after 16.11.1995, the amount will be multiplied by a factor stipulated in Table B based on the difference between 16.11.1995 and the date of completion of 58 years. In this case, the difference between 16.11.1995 and Dec 2014 is less than 20 years, and the factor for less than 20 is 4.485. Therefore, the pension for past service is 135 x 4.485 = Rs. 605.
Abbas
P.S.
From India, Bangalore
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