Dear Sir,
If an employee gets retired when he attains 58 years of age.Could you please suggest the mode of distribution of the pension amount.
For example if an employee has Rs.20000 in his PF pension account..How much will be paid monthly ??
Thanks & Regards
Daniel.
From India, Madras
If an employee gets retired when he attains 58 years of age.Could you please suggest the mode of distribution of the pension amount.
For example if an employee has Rs.20000 in his PF pension account..How much will be paid monthly ??
Thanks & Regards
Daniel.
From India, Madras
Dear Daniel,
The formula for calculation of monthly pension is as under:
Current Basic i.e. Rs. 6500/70*10= Rs. 929/- per month in case he had worked for only ten year i.e minimum payment per month. in other case if he had worked for suppose 15 years to attain 58 year the formula is again 6500/70*15=1393/-
(Remarks: The current basic can not exceeds Rs. 6500/-)
Hope the above will help you.
regards,
From India, Solan
19The formula for calculation of monthly pension is as under:
Current Basic i.e. Rs. 6500/70*10= Rs. 929/- per month in case he had worked for only ten year i.e minimum payment per month. in other case if he had worked for suppose 15 years to attain 58 year the formula is again 6500/70*15=1393/-
(Remarks: The current basic can not exceeds Rs. 6500/-)
Hope the above will help you.
regards,
From India, Solan
Thank you very much for explaining it.
I understand as follows.
By transferring the PF amount from the first job to the last job ( till gets retired), one can gain maximum of 36 years of service.
In that case Rs.3343 will be given as monthly pension.
(Rs. 6500/70*36= Rs.3343/- per month)
Per moth pension contribution by the employer is 541,Per year-6497 and for 36 years- Rs.233906 ( Maximum)
by giving Rs.3343 per month to the retired employee...his total pension amount expired by 69 months ie 5- 6 Years.(69 months*3343=233906)
If one starts to get pension from the age of 59, it goes upto 65-66 years..
After that will be given pension ??? Is there is any possibility!!! and if an employee was death before getting the whole pension amount, How long will his/her nominee receive the same.
Please explain!!!
Thank you!
From India, Madras
I understand as follows.
By transferring the PF amount from the first job to the last job ( till gets retired), one can gain maximum of 36 years of service.
In that case Rs.3343 will be given as monthly pension.
(Rs. 6500/70*36= Rs.3343/- per month)
Per moth pension contribution by the employer is 541,Per year-6497 and for 36 years- Rs.233906 ( Maximum)
by giving Rs.3343 per month to the retired employee...his total pension amount expired by 69 months ie 5- 6 Years.(69 months*3343=233906)
If one starts to get pension from the age of 59, it goes upto 65-66 years..
After that will be given pension ??? Is there is any possibility!!! and if an employee was death before getting the whole pension amount, How long will his/her nominee receive the same.
Please explain!!!
Thank you!
From India, Madras
Dear Daniel Above u mentioned the calculation format 6500/70*10= Rs. 929/- 6500 is basic 10 is worked years 70 is — — -? what can u explain it Regards, A.Ajay
From India, Puttur
From India, Puttur
Dear All, for calculating pension the formula is :- Pensionable salary (IntoX) pensionable service (/by)70 Regards G.K - HR 08600098272
From India, Mumbai
From India, Mumbai
Dear Daniel,
The pension does not mean to take the deposit pension amount, it means that he can get the pension upto his life whatsoever years, and in case of his death if the nominee is minor will get up to 18 years of age and in other case dependents will also get upto their whole life.
regards,
From India, Solan
The pension does not mean to take the deposit pension amount, it means that he can get the pension upto his life whatsoever years, and in case of his death if the nominee is minor will get up to 18 years of age and in other case dependents will also get upto their whole life.
regards,
From India, Solan
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