I am working in pvt sector, and paying pension contribution since 16.01.1995 and my salary was less than 2500 and later and my salary was more than 6500 and my dob is 22.10.1966 and company has announced VRS in that case how much pension will i get if i want to take pension now and what pension i will get when i dont take now and wait till 58 years of age, kindly give the calculation for my understanding also if possible tell me how pensionable salary has to be calculated and if possible send me the excel file for my checking the calculation.
From India, Hyderabad
From India, Hyderabad
Dear Mr. K. Kumar,
For calculation of pension two more datas have to be addressed. 1) Average of last 60 months salary on which pension contributed till 31.8.2014. 2) Average of last 60 months salary on which pension contributed till date of VRS (specify VR date).
Abbas.P.S
From India, Bangalore
517For calculation of pension two more datas have to be addressed. 1) Average of last 60 months salary on which pension contributed till 31.8.2014. 2) Average of last 60 months salary on which pension contributed till date of VRS (specify VR date).
Abbas.P.S
From India, Bangalore
Dear Mr. K. Kumar,
Provide 1) VRS date 2) Average of last 60 months salary on which pension contributed till date of VRS.
Answer to 2nd question will not be 15000. Suppose your VR date is 31.8.2017. 1.9.14 to 31.8.17 (36 months) contribution will be on 15000. But for 1.9.2012 to 31.8.2014 (24 months) salary will be 6500. i.e average for last 60 months will be (36x15000 + 24x6500) = (540000 + 156000)/60 = 696000/60 = 11600. Kindly confirm.
Abbas.P.S
From India, Bangalore
Provide 1) VRS date 2) Average of last 60 months salary on which pension contributed till date of VRS.
Answer to 2nd question will not be 15000. Suppose your VR date is 31.8.2017. 1.9.14 to 31.8.17 (36 months) contribution will be on 15000. But for 1.9.2012 to 31.8.2014 (24 months) salary will be 6500. i.e average for last 60 months will be (36x15000 + 24x6500) = (540000 + 156000)/60 = 696000/60 = 11600. Kindly confirm.
Abbas.P.S
From India, Bangalore
Yes that is correct my salary as on 31st aug is 15000 and v r date is 31st aug
From India, Hyderabad
From India, Hyderabad
If Join date is 16.01.1995, pension at 58 years will be 717 + 2242 = 2959.
Here, 717 is past service benefit (upto 15.11.85). i.e slab amount for 1 year is 80 multiplied by 8.965.
Pension w.e.f 16.11.95 has 2 parts.
1) upto 31.8.2014 &
2) 1.9.14 to 31.8.2017
Pension formula is service x salary /70
1) 18.789 x 6500 / 70 = 1744
2) 3 x 11600 / 70 = 498.
From India, Bangalore
Here, 717 is past service benefit (upto 15.11.85). i.e slab amount for 1 year is 80 multiplied by 8.965.
Pension w.e.f 16.11.95 has 2 parts.
1) upto 31.8.2014 &
2) 1.9.14 to 31.8.2017
Pension formula is service x salary /70
1) 18.789 x 6500 / 70 = 1744
2) 3 x 11600 / 70 = 498.
From India, Bangalore
Dear Sir,
DOJ IN EPF IS 16.01.1995
SALARY WAS more than Rs 2500/- and after 16.11.1995 my salary was Rs 6500/- only for pension purpose and from Sept 2014 it was RS 15000,
The calculation u have given is understandable
My DOB is 22nd Oct 1966 so my retirement date is 31st Oct 2024
But company announced VRS now and may be will releave on 31st Aug 2017
If I wait till retirement till 58 yrs,(31st Oct 2024) how much pension will i get and if I request for reduced pension from now how much pension will i get from Sept 2017
Kindly give the exact calculation
From India, Hyderabad
DOJ IN EPF IS 16.01.1995
SALARY WAS more than Rs 2500/- and after 16.11.1995 my salary was Rs 6500/- only for pension purpose and from Sept 2014 it was RS 15000,
The calculation u have given is understandable
My DOB is 22nd Oct 1966 so my retirement date is 31st Oct 2024
But company announced VRS now and may be will releave on 31st Aug 2017
If I wait till retirement till 58 yrs,(31st Oct 2024) how much pension will i get and if I request for reduced pension from now how much pension will i get from Sept 2017
Kindly give the exact calculation
From India, Hyderabad
Dear Mr. K. Kumar,
I already posted the pension calculation in compliance with your 1st statement that salary was below 2500. If it was above 2500, past service benefit will be 85 x 8.965 = 762 (Difference 762-717 = 45).
Accordingly total pension will be increased by 45, on 2959 resulting to 3004/-
Abbas.P.S
From India, Bangalore
I already posted the pension calculation in compliance with your 1st statement that salary was below 2500. If it was above 2500, past service benefit will be 85 x 8.965 = 762 (Difference 762-717 = 45).
Accordingly total pension will be increased by 45, on 2959 resulting to 3004/-
Abbas.P.S
From India, Bangalore
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PENSION CALCULATION.xls
PENSION CALCULATION.pdf
EPF PENSION CALCULATION.zip