Hai Everybody and Seniors in HR,
I'm Working as a EDP Manager. my doubt is, if anyone worked more than 10 years means, he have eligible for Pension.
so. my question is suppose he have 300000/- in Pension amount. he can get a pension something amount..
but what about 300000/- amount. Epf Co. only give a interest amount for Pension. they did not give any principle amount. so, employee after 2 or 3 year he will dead means his family get a pension. suppose he gave no wife and son / Daughter. so, what will happen the 300000/- amount.
this is my question
From India, Sivakasi
1I'm Working as a EDP Manager. my doubt is, if anyone worked more than 10 years means, he have eligible for Pension.
so. my question is suppose he have 300000/- in Pension amount. he can get a pension something amount..
but what about 300000/- amount. Epf Co. only give a interest amount for Pension. they did not give any principle amount. so, employee after 2 or 3 year he will dead means his family get a pension. suppose he gave no wife and son / Daughter. so, what will happen the 300000/- amount.
this is my question
From India, Sivakasi
Dear Smkarthik,
Your question is very genuine. Monthly pension means it is the interest of our deposits. Then what about our deposit? Because of this reason, section 13 had been introduced to give 'Return on Capital'. As per this clause, either 1) after death of the member, nominee will get 100 times of original pension amount or 2) after death of member and widow/widower, nominee will get 90 times of original pension amount or 3) after 20 years member/nominee will get 100 times of original pension (3 options). But as per GSR No. 688 (E) dated September 26, 2008, this provision along with commutation has been deleted. None of the Trade Union in India have raised any objection, but continued to demand hike in pension.
If the member have no dependents, he can nominate another person to receive subsequent benefits.
Abbas.P.S
From India, Bangalore
Your question is very genuine. Monthly pension means it is the interest of our deposits. Then what about our deposit? Because of this reason, section 13 had been introduced to give 'Return on Capital'. As per this clause, either 1) after death of the member, nominee will get 100 times of original pension amount or 2) after death of member and widow/widower, nominee will get 90 times of original pension amount or 3) after 20 years member/nominee will get 100 times of original pension (3 options). But as per GSR No. 688 (E) dated September 26, 2008, this provision along with commutation has been deleted. None of the Trade Union in India have raised any objection, but continued to demand hike in pension.
If the member have no dependents, he can nominate another person to receive subsequent benefits.
Abbas.P.S
From India, Bangalore
Dear Abbas.P.S, thanks for your information. but i need some clarification about that. is it possible to get 100 times of pension after member died. karthik
From India, Sivakasi
From India, Sivakasi
I have clearly stated that the provision of 'Return of Capital' is already deleted. But in the case of those already entertained the option can avail the benefit. Abbas.P.S
From India, Bangalore
From India, Bangalore
Hai Vasanth, you are working in coimbatore based company. now only completed tranning and course also. my expectation in covai based minimum Rs.15,000/- whichever is company level. karthik
From India, Sivakasi
From India, Sivakasi
Hello sir, I want to learn about statutory reports handling I need each & every information about ESI act could some one help me ?
From India
From India
Sir I need some information regarding PF, When an employee is eligible for pension scheme?
From India
From India
To get pension, the conditions are
1. The member should have a service (past +pensionable) of 10 years in EPS.
2. If the member continue in service, 58 years' completion (age) is required.
2. If not in service pension (with reduction of 4% for each year below 58 years) can be availed after completion of 50 years.
Abbas.P.S
From India, Bangalore
1. The member should have a service (past +pensionable) of 10 years in EPS.
2. If the member continue in service, 58 years' completion (age) is required.
2. If not in service pension (with reduction of 4% for each year below 58 years) can be availed after completion of 50 years.
Abbas.P.S
From India, Bangalore
@ Vasanth,
First sorry for the late revert as I was away from site for few days.
I agree with Mr. Abbas. P.S. Given information is enough for your query.
Do write to us for any further information required on this.
From India, Ahmedabad
First sorry for the late revert as I was away from site for few days.
I agree with Mr. Abbas. P.S. Given information is enough for your query.
Do write to us for any further information required on this.
From India, Ahmedabad
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