Dear Abbas,
I am providing below the figures of my pension received by me:
Date of Birth: 11/7/1944; Date of Joining: 1/1/1982; Date of retirement: 11/07/2002 with a 6-month break in the service after 1995. My initial pension calculation was Past service 85*1.858 = 157 Current Service 6500*6/70 = 552; totaling 715 ROC-752 pension received 643.
In 2014, the minimum pension was 1000; the calculation was past 157 + current 552 + adjustment 285 = 1000 - ROC 72 = Pension received 928.
In 2015, after the Supreme Court ordered to add 2 years weight-age, the calculation was past 157 + current 743 + adjustment 100 = 1000 - ROC 90 = Pension received 910. I have received the payment of all pension totaling 1,58,319 till now.
Recently, the Supreme Court has ordered to do away with the ceiling of 5000 and 6500 and pay the pension of the full contribution paid by the employer. Fortunately, I have the month-wise details. I have worked out the average pensionable salary. It is 12000 for 12m average, 11,102 for 36m average, and 10,461 for 60m average. The calculated pension works out to be 1528 - 153 (ROC) = 1375 (for 12m), 1425 - 143 = 1282 for 36m, and 1353 - 135 = 1218 for 60m. This looks to be lucrative and opt for it. (The scheme is optional for the member, i.e., he can opt for it and get revised pension or leave with the same pension as he gets now). However, the member has to return the management part of the contribution (paid to me in Sept 2009) received with the settlement of PF Contribution. The amount is 52319; it works out to be 105684 with simple interest at 12% and 137092 with 12% compound interest.
Now my question is, should I opt for it or not? Will it be lucrative to get increased pension considering the interest otherwise received on 1,37,000, which is required to be returned? Secondly, they will consider only after repayment of our part; it may take a little longer time for settlement and the consent and form 3A requirement from the employer. The employer may not do it willingly as it requires the 25 years back data.
I need your guidance. Please contact me via email or my mobile number 9967573871.
Thanking you.
From India, Mumbai
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1I am providing below the figures of my pension received by me:
Date of Birth: 11/7/1944; Date of Joining: 1/1/1982; Date of retirement: 11/07/2002 with a 6-month break in the service after 1995. My initial pension calculation was Past service 85*1.858 = 157 Current Service 6500*6/70 = 552; totaling 715 ROC-752 pension received 643.
In 2014, the minimum pension was 1000; the calculation was past 157 + current 552 + adjustment 285 = 1000 - ROC 72 = Pension received 928.
In 2015, after the Supreme Court ordered to add 2 years weight-age, the calculation was past 157 + current 743 + adjustment 100 = 1000 - ROC 90 = Pension received 910. I have received the payment of all pension totaling 1,58,319 till now.
Recently, the Supreme Court has ordered to do away with the ceiling of 5000 and 6500 and pay the pension of the full contribution paid by the employer. Fortunately, I have the month-wise details. I have worked out the average pensionable salary. It is 12000 for 12m average, 11,102 for 36m average, and 10,461 for 60m average. The calculated pension works out to be 1528 - 153 (ROC) = 1375 (for 12m), 1425 - 143 = 1282 for 36m, and 1353 - 135 = 1218 for 60m. This looks to be lucrative and opt for it. (The scheme is optional for the member, i.e., he can opt for it and get revised pension or leave with the same pension as he gets now). However, the member has to return the management part of the contribution (paid to me in Sept 2009) received with the settlement of PF Contribution. The amount is 52319; it works out to be 105684 with simple interest at 12% and 137092 with 12% compound interest.
Now my question is, should I opt for it or not? Will it be lucrative to get increased pension considering the interest otherwise received on 1,37,000, which is required to be returned? Secondly, they will consider only after repayment of our part; it may take a little longer time for settlement and the consent and form 3A requirement from the employer. The employer may not do it willingly as it requires the 25 years back data.
I need your guidance. Please contact me via email or my mobile number 9967573871.
Thanking you.
From India, Mumbai
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Dear Abbas,
I am providing below the figures of my pension received by me:
Date of Birth: 11/7/1944; Date of Joining: 1/1/1982; Date of retirement: 11/07/2002 with a 6-month break in the service after 1995. My initial pension calculation was Past service 85*1.858=157, Current Service 6500*6/70=552; totaling 715 ROC-752 pension received 643. In 2014, the minimum pension was 1000; the calculation was past 157 + current 552 + adjustment 285 = 1000 - ROC 72 = Pension received 928. In 2015, after the Supreme Court order to add 2 years weight-age, the calculation was past 157 + current 743 + adjustment 100 = 1000 - ROC 90 = Pension received 910. I have received the payment of all pension totaling 1,58,319 till now.
Recently, the Supreme Court has given the order to do away with the ceiling of 5000 and 6500 and pay the pension of the full contribution paid by the employer. Fortunately, I have the month-wise details. I have worked out the average pensionable salary. It is 12000 for 12 months average, 11,102 for 36 months average, and 10461 for 60 months average. The calculated pension works out to be 1528 - 153(ROC) = 1375 (for 12 months), 1425 - 143 = 1282 for 36 months, and 1353 - 135 = 1218 for 60 months. This looks to be lucrative, and I am opting for it. (The scheme is optional for the member, i.e., he can opt for it and get revised pension or leave with the same pension as he gets now). However, the member has to return the management part of the contribution (paid to me in Sept 2009) received with the settlement of PF Contribution. The amount is 52319, it works out to be 105684 with simple interest at 12% and 137092 with 12% compound interest.
Now my question is, should I opt for it or not? Will it be lucrative to get increased pension considering the interest otherwise received on 1,37,000, which is required to be returned? Secondly, they will only consider after the repayment of our part. It may take a little longer time for settlement and the consent and form 3A requirement from the employer. The employer may not do it willingly as it requires the 25 years back data.
I need your guidance. Please contact me via email or my mobile number 9967573871.
Thanking you,
D M Shah
From India, Mumbai
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I am providing below the figures of my pension received by me:
Date of Birth: 11/7/1944; Date of Joining: 1/1/1982; Date of retirement: 11/07/2002 with a 6-month break in the service after 1995. My initial pension calculation was Past service 85*1.858=157, Current Service 6500*6/70=552; totaling 715 ROC-752 pension received 643. In 2014, the minimum pension was 1000; the calculation was past 157 + current 552 + adjustment 285 = 1000 - ROC 72 = Pension received 928. In 2015, after the Supreme Court order to add 2 years weight-age, the calculation was past 157 + current 743 + adjustment 100 = 1000 - ROC 90 = Pension received 910. I have received the payment of all pension totaling 1,58,319 till now.
Recently, the Supreme Court has given the order to do away with the ceiling of 5000 and 6500 and pay the pension of the full contribution paid by the employer. Fortunately, I have the month-wise details. I have worked out the average pensionable salary. It is 12000 for 12 months average, 11,102 for 36 months average, and 10461 for 60 months average. The calculated pension works out to be 1528 - 153(ROC) = 1375 (for 12 months), 1425 - 143 = 1282 for 36 months, and 1353 - 135 = 1218 for 60 months. This looks to be lucrative, and I am opting for it. (The scheme is optional for the member, i.e., he can opt for it and get revised pension or leave with the same pension as he gets now). However, the member has to return the management part of the contribution (paid to me in Sept 2009) received with the settlement of PF Contribution. The amount is 52319, it works out to be 105684 with simple interest at 12% and 137092 with 12% compound interest.
Now my question is, should I opt for it or not? Will it be lucrative to get increased pension considering the interest otherwise received on 1,37,000, which is required to be returned? Secondly, they will only consider after the repayment of our part. It may take a little longer time for settlement and the consent and form 3A requirement from the employer. The employer may not do it willingly as it requires the 25 years back data.
I need your guidance. Please contact me via email or my mobile number 9967573871.
Thanking you,
D M Shah
From India, Mumbai
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Dear D M Shah,
For the option to contribute to the pension fund on the full salary:
1) Your PF remittance made by the employer should be based on the actual salary.
2) Your PF handling should be done by EPFO (not by exempted Trusts run by the respective Organizations).
If the above conditions are satisfactory, you may remit the difference (8.33% of the employer's share to the pension fund, the remaining 3.67% you can keep) with the consent of RPFC and the employer. The applicable interest is not a flat 12%, but will vary from year to year, which I shall incorporate separately. For those who become pensioners on or before 31.08.2014, the pensionable salary will be the average of the last twelve months.
If EPFO gives consent to contribute on the full salary, it will not only provide more monetary benefits but also better social security aspects.
Abbas.P.S
From India, Bangalore
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For the option to contribute to the pension fund on the full salary:
1) Your PF remittance made by the employer should be based on the actual salary.
2) Your PF handling should be done by EPFO (not by exempted Trusts run by the respective Organizations).
If the above conditions are satisfactory, you may remit the difference (8.33% of the employer's share to the pension fund, the remaining 3.67% you can keep) with the consent of RPFC and the employer. The applicable interest is not a flat 12%, but will vary from year to year, which I shall incorporate separately. For those who become pensioners on or before 31.08.2014, the pensionable salary will be the average of the last twelve months.
If EPFO gives consent to contribute on the full salary, it will not only provide more monetary benefits but also better social security aspects.
Abbas.P.S
From India, Bangalore
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Thank you, Abbas, for your reply #43. How do I obtain consent from the PF office? What is the procedure? When contacting the PF office, they seem to be unaware of the process and request the following: 1) Obtain the calculation from your employer. I understand that Form 3A needs to be filled out for each year. In my case, it would be from 1995-96 to 2002-2003. As informed, I have copies of all the old Form 3As. Can I directly submit these to the PF office? Please provide guidance on the procedure. (In the event that the company is closed, you cannot apply – this response is difficult to accept). 2) The PF office will calculate the difference of the refundable pension fund with 12% interest – this is also challenging to accept as the PF office has provided us with the two years' weightage benefit without any interest. 3) Further pension calculations will only be done after you refund the excess amount paid. 4) There is no reasonable time limit specified for this process. Please advise. Regards, DM Shah.
From India, Mumbai
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From India, Mumbai
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Dear Abbas, Good job. your view is commendable since your excel may be useful to may employs Tks.
From India, Chennai
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From India, Chennai
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Thank you for the Excel sheet; it is very useful.
I retired at the age of 60 in 2012. However, for some reasons, I have not yet applied for my pension. It has been almost 6 years post-retirement and 8 years since I turned 58.
Would there be any issues if I were to apply for my pension now? If yes, what are they and how can I overcome them, please advise.
Regards,
Satish
From India
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I retired at the age of 60 in 2012. However, for some reasons, I have not yet applied for my pension. It has been almost 6 years post-retirement and 8 years since I turned 58.
Would there be any issues if I were to apply for my pension now? If yes, what are they and how can I overcome them, please advise.
Regards,
Satish
From India
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Dear Mr. Satish,
As you are applying for pension now, EPFO may process the pension from the date of completion of age 60 years as the pensionable amount multiplied by 1.0816. If so, you will lose 2 years of arrears (effective from the date of completion of 58 years).
Kindly mention the effective date as the date of completion of 58 years and attach a copy of Form 10 D when submitting it to EPFO.
Abbas.P.S
From India, Bangalore
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As you are applying for pension now, EPFO may process the pension from the date of completion of age 60 years as the pensionable amount multiplied by 1.0816. If so, you will lose 2 years of arrears (effective from the date of completion of 58 years).
Kindly mention the effective date as the date of completion of 58 years and attach a copy of Form 10 D when submitting it to EPFO.
Abbas.P.S
From India, Bangalore
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Dear Abbas, In case of vidyadhar calculation , how the figure 135 came. ? Ashutosh
From India, Mumbai
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From India, Mumbai
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Dear Mr. Ashutosh,
The figure 135 is considered on the basis of Past Service Benefit (for service up to 16th Nov. 1995) and Table A (which describes the Pension amount for the Past Service).
Table A for service before 16/11/1995:
Years of Past Service | Salary Up to ₹2500 | Salary above ₹2500
- Up to 11 years | 80 | 85
- 11-15 years | 95 | 105
- 15-20 years | 120 | 135
- Above 20 years | 150 | 170
In the case of Mr. Vidyadhar, Date of Joining = 01/08/1978, hence as of 16th Nov 1995, the total service period is 15 years, falling under the 15-20 years slab for which the pension is 135.
There is also Table B wherein a factor is allotted for enhancing the pension. If any employee retires or leaves the service after 16/11/1995, his pension amount (as given above) will be multiplied by a factor (as given in Table B) for every completed year in relation to service after 16th Nov 1995 to DOL/retirement.
However, in my opinion, the factor should be 1.649 (less than 7 years, 16.11.1955 to 31.05.2003), whereas Mr. Abbas has considered 3.56 (which is applicable for service less than 17 years).
Though the calculation of Mr. Abbas (in connection with PF Pension) is always commendable, I would like Mr. Abbas to check once again and correct me if I am wrong.
From India, Delhi
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The figure 135 is considered on the basis of Past Service Benefit (for service up to 16th Nov. 1995) and Table A (which describes the Pension amount for the Past Service).
Table A for service before 16/11/1995:
Years of Past Service | Salary Up to ₹2500 | Salary above ₹2500
- Up to 11 years | 80 | 85
- 11-15 years | 95 | 105
- 15-20 years | 120 | 135
- Above 20 years | 150 | 170
In the case of Mr. Vidyadhar, Date of Joining = 01/08/1978, hence as of 16th Nov 1995, the total service period is 15 years, falling under the 15-20 years slab for which the pension is 135.
There is also Table B wherein a factor is allotted for enhancing the pension. If any employee retires or leaves the service after 16/11/1995, his pension amount (as given above) will be multiplied by a factor (as given in Table B) for every completed year in relation to service after 16th Nov 1995 to DOL/retirement.
However, in my opinion, the factor should be 1.649 (less than 7 years, 16.11.1955 to 31.05.2003), whereas Mr. Abbas has considered 3.56 (which is applicable for service less than 17 years).
Though the calculation of Mr. Abbas (in connection with PF Pension) is always commendable, I would like Mr. Abbas to check once again and correct me if I am wrong.
From India, Delhi
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Dear Sir/Madam,
As per the new Supreme Court verdict in April 2019, how should the new pension be calculated for those who retired before December 2012?
Here are the details for calculation:
- Date of Birth: 4th November 1954
- Date of Joining: 1st January 1977
- Retirement Date: 4th November 2012
- Salary as of 16th November 1995: $30,000
- Retirement Salary: $75,000
Please let me know if any additional information is required.
Thank you.
From Bahrain, Manama
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As per the new Supreme Court verdict in April 2019, how should the new pension be calculated for those who retired before December 2012?
Here are the details for calculation:
- Date of Birth: 4th November 1954
- Date of Joining: 1st January 1977
- Retirement Date: 4th November 2012
- Salary as of 16th November 1995: $30,000
- Retirement Salary: $75,000
Please let me know if any additional information is required.
Thank you.
From Bahrain, Manama
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