Dear Abbas, This is nice format. Please try to introduce the early pension formula. ( after 50 yrs to 57 yrs any time ) and date of separation, before retirement. Thanks, Vidyadhar Bhat
From India, Pune
73From India, Pune
Sir i joined the service and was on probation on 28.08.1977 date of birth is 28.11.1958 and pay as on November 1995 is Rs.8232 ( Basic + DA) basic Rs.3100. and present Basic is 32400/, Retiring on 30-11-2016; How much pension can i expect?
Is it Rs.2842 maximum?
From India, Mumbai
Is it Rs.2842 maximum?
From India, Mumbai
Dear Abbas, good job. Please attach an excel sheet for pension starting on the age of 60yrs in place of 58yrs. Thanks.
Dear friends,
If we didn't opt pension at 58 years, then pension at 59 years will be pensionable amount x 1.04 and for 60 years it is pensionable amount x 1.0816. i.e if pensionable amount is Rs. 1000/- at 58, pension for 59 & 60 years will be 1040 & 1082 respectively.
Abbas.P.S
From India, Bangalore
If we didn't opt pension at 58 years, then pension at 59 years will be pensionable amount x 1.04 and for 60 years it is pensionable amount x 1.0816. i.e if pensionable amount is Rs. 1000/- at 58, pension for 59 & 60 years will be 1040 & 1082 respectively.
Abbas.P.S
From India, Bangalore
Dear Abbas Sir,
Pl give calculations for following details:
DOB : 14-09-54
DOJ : 01-08-1978
DOL : 31-05-2003
Pension opted : 01-10-2004 after completion of age 50 yrs
Salary on Oct 1995: 2500/-
On leaving i.e. May 2003 : 6500
Thanks,
Vidyadhar Bhat
From India, Pune
Pl give calculations for following details:
DOB : 14-09-54
DOJ : 01-08-1978
DOL : 31-05-2003
Pension opted : 01-10-2004 after completion of age 50 yrs
Salary on Oct 1995: 2500/-
On leaving i.e. May 2003 : 6500
Thanks,
Vidyadhar Bhat
From India, Pune
Dear Vidyadhar Bhat,
Your Past service benefit (till 15.11.95) = 135 x 3.56 = 481 - (1)
Pensionable service benefit (16.11.95 to 31.5.2003) = 7.54 x 6500 /70 = 700 - (2)
Total pension at 58 years (1) + (2) 481 + 700 = 1181
Pension at 50 years = 1181 x 0.7214 = 852
As per new amendment, those who have a total service of 20 years in EPS will be granted a bonus of 2 years. Accordingly 481 + 700 will become 481 + 886 = 1367 and at 50 years pension will be 986.
Abbas.P.S
From India, Bangalore
Your Past service benefit (till 15.11.95) = 135 x 3.56 = 481 - (1)
Pensionable service benefit (16.11.95 to 31.5.2003) = 7.54 x 6500 /70 = 700 - (2)
Total pension at 58 years (1) + (2) 481 + 700 = 1181
Pension at 50 years = 1181 x 0.7214 = 852
As per new amendment, those who have a total service of 20 years in EPS will be granted a bonus of 2 years. Accordingly 481 + 700 will become 481 + 886 = 1367 and at 50 years pension will be 986.
Abbas.P.S
From India, Bangalore
Your EPF Calculator is perfect. From 01.09.2014 wage limit is Rs. 15000.00 per month. please update epf calculator accordingly.
I liked this posting ion calculation awareness drive. I request you to please update calculation considering 15000/- pensionable salary wef Oct 2014 and the status of enhancement of pensionable salary to be actual salary as per recent notification dated 23rd March 2017.
From India, Barhiya
From India, Barhiya
Actually statutory limit of pension contribution is enhansed from Rs.6500/- to Rs.15000/- from 1st Sept.2014 so employere are now contributing pension on 15000/- @ 8.33 ie Rs.1250/- so can we treat Rs.15000/- instead of Rs.6500 /- while calculating pension amount ?
From India, Pune
From India, Pune
Dear Mr Ravindra,
The criteria of Pensionable salary is:-
Average monthly pay of the contributory period of service in the span of 60 months preceding the date of exit from the membership of the Employees' Pension Fund.
The reivsed salary of Rs. 15000/- implemented wef 01st Sep 2014. Hence prior to 31st Jul 2019 we have to calculate the pensionable salary on pro rata basis. However, after 31st Aug 2019 (being completion of 60 months continous service @ Rs. 15000/pm) we can consider Rs. 15000/-.
For example if any person retired on 31st May 2017 (being current period), the pensionable salary (prior to leaving the job) will be calculated on pro rata basis (27 months @ 6500 and 33 months (from Sep 14 to May 17)@ 15000). (27*6500+33*15000)/60 = 11175/-.
Since during the previous 60 months employee whole salary is not 15000/-, hence the average salary is coming 11175/-.
Hope I am cleared to your point.
Mr Abbas can put more light on that.
From India, Delhi
The criteria of Pensionable salary is:-
Average monthly pay of the contributory period of service in the span of 60 months preceding the date of exit from the membership of the Employees' Pension Fund.
The reivsed salary of Rs. 15000/- implemented wef 01st Sep 2014. Hence prior to 31st Jul 2019 we have to calculate the pensionable salary on pro rata basis. However, after 31st Aug 2019 (being completion of 60 months continous service @ Rs. 15000/pm) we can consider Rs. 15000/-.
For example if any person retired on 31st May 2017 (being current period), the pensionable salary (prior to leaving the job) will be calculated on pro rata basis (27 months @ 6500 and 33 months (from Sep 14 to May 17)@ 15000). (27*6500+33*15000)/60 = 11175/-.
Since during the previous 60 months employee whole salary is not 15000/-, hence the average salary is coming 11175/-.
Hope I am cleared to your point.
Mr Abbas can put more light on that.
From India, Delhi
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