Dear all,
Please inform me about the figure 70, which is used in PF pension calculations, i.e., Pensionable salary multiplied by Pensionable service divided by 70.
What method or logic is employed by the pension committee regarding this?
Thank you.
From India, Aurangabad
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Please inform me about the figure 70, which is used in PF pension calculations, i.e., Pensionable salary multiplied by Pensionable service divided by 70.
What method or logic is employed by the pension committee regarding this?
Thank you.
From India, Aurangabad
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Dear friends,
In service pension, 50% is applicable for 33 years of service. In EPS-95, 2 years of bonus will be added to 20 years and more. Accordingly, for 33 years of service, pensionable service is 33+2=35. To get 50% pension in EPS-95, the dividing factor should be 70. However, in service pension, the maximum pension is restricted to 50%.
There is no such restriction in EPS-95.
Abbas. P. S, ITI LTD, PALAKKAD - 678 623. Ph. +91 9447 467 667.
From India, Bangalore
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530In service pension, 50% is applicable for 33 years of service. In EPS-95, 2 years of bonus will be added to 20 years and more. Accordingly, for 33 years of service, pensionable service is 33+2=35. To get 50% pension in EPS-95, the dividing factor should be 70. However, in service pension, the maximum pension is restricted to 50%.
There is no such restriction in EPS-95.
Abbas. P. S, ITI LTD, PALAKKAD - 678 623. Ph. +91 9447 467 667.
From India, Bangalore
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Dear friends,
In service pension, 33 years are required to receive 50% pension. (This condition was prevalent at the time of the introduction of EPS in 1995. I am unsure of the current condition).
Those who have completed 20 years or more of service in EPS are eligible to receive an additional service credit of 2 years. Therefore, for 33 years, the pensionable service will be 33 + 2 = 35 years. To obtain 50%, 35 is to be divided by 70.
In service pension, the pension is capped at 50%. However, in EPS, there is no such ceiling limit.
Abbas. P. S,
ITI LTD, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
Acknowledge(0)Amend(0)
In service pension, 33 years are required to receive 50% pension. (This condition was prevalent at the time of the introduction of EPS in 1995. I am unsure of the current condition).
Those who have completed 20 years or more of service in EPS are eligible to receive an additional service credit of 2 years. Therefore, for 33 years, the pensionable service will be 33 + 2 = 35 years. To obtain 50%, 35 is to be divided by 70.
In service pension, the pension is capped at 50%. However, in EPS, there is no such ceiling limit.
Abbas. P. S,
ITI LTD, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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