Hi All
Can anyone share me Pension calculation as per EPS act & calculation before 1995 ?
Example;
Employee name : ABC
Last basic + DA : Rs. 15000
date of birth ; 1st oct 1958
date of joining (Pf , Pension service): 1st January 1991
date of leaving : 1st Oct 2016
What is pension amount ?
Regards
Akshay
From India, Surat
1Can anyone share me Pension calculation as per EPS act & calculation before 1995 ?
Example;
Employee name : ABC
Last basic + DA : Rs. 15000
date of birth ; 1st oct 1958
date of joining (Pf , Pension service): 1st January 1991
date of leaving : 1st Oct 2016
What is pension amount ?
Regards
Akshay
From India, Surat
Dear Akshay, Upto Nov’95: Rs. 412.00 From Then till Oct’16: Rs. 4714.00 Rs. 4714+412 Total Pension Approx. Rs. 5126.00
From India, Delhi
From India, Delhi
Thanks Mr. Umesh Chaudhry for your quick reply. I want to know what is calculation of Rs. 412 (before 1995) ? Regards Akshay 9825801383 akshayhrd@gmail.com
From India, Surat
From India, Surat
As per Table for period up to 1995 if the salary is above Rs. 2500 the value is Rs. 85. Factor for calculating past service benefit is 4.843. The multiplication of both is Rs.412.
From India, Delhi
From India, Delhi
Pension is equal to pensionable salary multiplied by pensionable service divided by 70. Pensionable Service means the service after November 1995. That means you will have a service of 21 years till Oct, 2016. Now, pensionable salary means the salary qualified for contribution to Pension Fund. This was just Rs 6500 till September, 2014. For an employee who has part of service coming in the period during which contribution was made on Rs 6500, proportionate pension will be admissible. For the rest of the period only (ie, for the period from Oct 2014) ie, 2 years Rs 15000 will be taken as pensionable salary. For the period prior to Nov 1995, the past service benefit will be Rs 412 provided the salary at that time was more than Rs. 2500. Therefore, roughly the following MAY be the pension.
For the service prior to 1995 Rs 412
For service in between 1995 and 2014 (6500 X 19 (years)/ 70) = Rs 1764
For the remaining period (15000 X 2 9 years) / 70) = 429
Total Rs 2605.
Please correct me if I am wrong. I would also invite Mr Abbas to share some inputs on this.
Madhu.T.K
From India, Kannur
For the service prior to 1995 Rs 412
For service in between 1995 and 2014 (6500 X 19 (years)/ 70) = Rs 1764
For the remaining period (15000 X 2 9 years) / 70) = 429
Total Rs 2605.
Please correct me if I am wrong. I would also invite Mr Abbas to share some inputs on this.
Madhu.T.K
From India, Kannur
Dear Mr. Madhu.T.K,
W.e.f 01.09.2014, pensionable salary is average of last 60 months.This is splitted into two. Up to 31.08.2014 & w.e.f 01.09.2014. Average salary of 60 months preceding to 31.08.2014 is 6500/- and accordingly your calculation method is ok. But average salary till 30.09.2016 is (25x15000 + 35x6500)/60 = (375000 + 227500)/60 = 602500/60 = 10042/-. Hence approximate calculation will be 10042x2/70 = 287/- (2) Total pension (1) +(2) = 2051 for 21 years. For 20 yrs & above service, 2 years will be added as bonus. Hence 2051 will be 2051 x 23/21 = 2246. With past service benefit of 412, Final figure will be 2246 + 412 = 2658/-
This is an approximate calculation, but you will get method of calculation that EPFO is accepted.
Abbas.P.S
From India, Bangalore
W.e.f 01.09.2014, pensionable salary is average of last 60 months.This is splitted into two. Up to 31.08.2014 & w.e.f 01.09.2014. Average salary of 60 months preceding to 31.08.2014 is 6500/- and accordingly your calculation method is ok. But average salary till 30.09.2016 is (25x15000 + 35x6500)/60 = (375000 + 227500)/60 = 602500/60 = 10042/-. Hence approximate calculation will be 10042x2/70 = 287/- (2) Total pension (1) +(2) = 2051 for 21 years. For 20 yrs & above service, 2 years will be added as bonus. Hence 2051 will be 2051 x 23/21 = 2246. With past service benefit of 412, Final figure will be 2246 + 412 = 2658/-
This is an approximate calculation, but you will get method of calculation that EPFO is accepted.
Abbas.P.S
From India, Bangalore
1. My Date of Birth is 28-01-1958
2. Date of Joining at Steel Industrials Kerala Ltd (Govt of Kerala undertaking), Beypore
Kozhikkod on 14-11-1981.
3. Later on 5-4-1985 transferred to Autokast Ltd. Cherthala (A subsidiary of Steel Industrials
Kerala Ltd ) and joined at Autokast Ltd on the same day.
4. After attaining 58 years retired from services on 31-01-2016
As per EPO
5. Date of Joining is 5-4-1985 and past service up to 15-11-95 is 10 years 7 months and 11 days
6. Date of Exit 27-01-2016
7. Past service upto 15-11-1995 10 yeas, 7 months, 12 days
8. Actual service after 15-11-1995 is 20 years, 2 months,12 days
9. Weightage service 2
9. Eligible Service 31 yeas
10. NCP Days 0
11. Wages on 15-11-1995 - Rs.2400/-
12. Wages on Exit - Rs.15000/-
13. Pensionable salary -Rs. 8767/- ( (6500*44) + (15000*16))/60
( Average of last 60 months pensionable salary for the first 44 month @Rs.6500/- and from
Oct 2014 @Rs.15000/ for remaining 16 months)
15. Pension Amount Rs.2494/-
According to me
16. My Date of Joining is 14-11-1981.
17. Date of Exit is 27-01-2016
18. Past service up to 15-11-1995 is 14 yeas 0 monts and 2 days say 14 years
19. Eligible service is 34 yeas (14+20)
20. I would like to know is this calculation is correct. If not what should be my pension
Those who know please help
From India, Valparai
2. Date of Joining at Steel Industrials Kerala Ltd (Govt of Kerala undertaking), Beypore
Kozhikkod on 14-11-1981.
3. Later on 5-4-1985 transferred to Autokast Ltd. Cherthala (A subsidiary of Steel Industrials
Kerala Ltd ) and joined at Autokast Ltd on the same day.
4. After attaining 58 years retired from services on 31-01-2016
As per EPO
5. Date of Joining is 5-4-1985 and past service up to 15-11-95 is 10 years 7 months and 11 days
6. Date of Exit 27-01-2016
7. Past service upto 15-11-1995 10 yeas, 7 months, 12 days
8. Actual service after 15-11-1995 is 20 years, 2 months,12 days
9. Weightage service 2
9. Eligible Service 31 yeas
10. NCP Days 0
11. Wages on 15-11-1995 - Rs.2400/-
12. Wages on Exit - Rs.15000/-
13. Pensionable salary -Rs. 8767/- ( (6500*44) + (15000*16))/60
( Average of last 60 months pensionable salary for the first 44 month @Rs.6500/- and from
Oct 2014 @Rs.15000/ for remaining 16 months)
15. Pension Amount Rs.2494/-
According to me
16. My Date of Joining is 14-11-1981.
17. Date of Exit is 27-01-2016
18. Past service up to 15-11-1995 is 14 yeas 0 monts and 2 days say 14 years
19. Eligible service is 34 yeas (14+20)
20. I would like to know is this calculation is correct. If not what should be my pension
Those who know please help
From India, Valparai
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PENSION CALCULATION.xls
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EPF PENSION CALCULATION.zip