Hi All, I need some guidance Or some file viz. Xls or other that can calculate the pension as per the latest rules. Can any body help in this matter. Thanks to all in anticipation. Hemant Kansara
From India, Surat
8From India, Surat
There is no upper limit for Eps-95 pension. For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
For details please see the web site :
http://epfindia.com <link updated to site home>
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.
In case of any error or suggestion, please notice to me.
ABBAS.P.S,
Secretary,
ITI Employees' Association,
ITI Limited, PALAKKAD 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
For details please see the web site :
http://epfindia.com <link updated to site home>
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.
In case of any error or suggestion, please notice to me.
ABBAS.P.S,
Secretary,
ITI Employees' Association,
ITI Limited, PALAKKAD 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
Dear abbas,
good job done, i thanks for the efforts you done for our friends, this is very useful, i sugest you to hide and protect caculation formula part from your xls sheet and keep only editable and final result view fields only for the users.
Regards
g r bavarva
From India, Ahmadabad
good job done, i thanks for the efforts you done for our friends, this is very useful, i sugest you to hide and protect caculation formula part from your xls sheet and keep only editable and final result view fields only for the users.
Regards
g r bavarva
From India, Ahmadabad
Dear Bavarava,
Thank you for the complements and suggestions. Regarding your suggestion to hide the calcualation part, my view is that if somebody going through this and getting triggered by taking this as a guidance, it will be helpful to them & the Society.
Abbas
From India, Bangalore
Thank you for the complements and suggestions. Regarding your suggestion to hide the calcualation part, my view is that if somebody going through this and getting triggered by taking this as a guidance, it will be helpful to them & the Society.
Abbas
From India, Bangalore
i have completed 14 years of service joined in 03 july 1996. if i resign now what will be my pension. basic of my last drawn salary is rs.20k
From India, Bangalore
From India, Bangalore
Ceiling limit on salary is Rs. 6500. Pension is Salary *Service / 70. i.e. 6500 x 14/70 = 1300.
Please note that the Expert Committee on EPS has subitted their report to Government. There is chance to enhance the benefits recently. Hence don't hurry to resign and wait for a few more period. . . . . Abbas
From India, Bangalore
Please note that the Expert Committee on EPS has subitted their report to Government. There is chance to enhance the benefits recently. Hence don't hurry to resign and wait for a few more period. . . . . Abbas
From India, Bangalore
I have changed 3 companies, all the three companies has their own PF trust, then what will happen to the pension that i have got in those companies if i havent transfered either the pf or the Pension fund. Who will own the pension fund?
From India
From India
Dear Lateesh,
The pension fund will be with the concerned Offices of Regional PF Commissioner. You may apply to the concerned PF offices seperately through respective employers in Form 13 to transfer the pension details to the last location.
Abbas.P.S
From India, Bangalore
The pension fund will be with the concerned Offices of Regional PF Commissioner. You may apply to the concerned PF offices seperately through respective employers in Form 13 to transfer the pension details to the last location.
Abbas.P.S
From India, Bangalore
Dear Mahadeva,
Division with 70 is not my proposal. It is the formula stipulated by the EPFO.
At the time of introduction of PF pension (16.11.1995), for 33 years' service equivalent service pension is 50%. In PF pension 2 years will be added as bonus for those completed 20 years service. Accordingly 33 years will be treated as 33+2 = 35. To get 50%, 35 is to be divided by 70. This is said to be the justification to divide by 70.
Abbas.P.S
From India, Bangalore
Division with 70 is not my proposal. It is the formula stipulated by the EPFO.
At the time of introduction of PF pension (16.11.1995), for 33 years' service equivalent service pension is 50%. In PF pension 2 years will be added as bonus for those completed 20 years service. Accordingly 33 years will be treated as 33+2 = 35. To get 50%, 35 is to be divided by 70. This is said to be the justification to divide by 70.
Abbas.P.S
From India, Bangalore
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