Dear Friends, Can anyone tell me how is the calculation done for Provident Fund Pension for a person who has worked in a company for more than 10 years? Regards Sanjib Datta
From India, Bhubaneswar
2From India, Bhubaneswar
Dear Friends, Can anyone tell me how is the calculation done for Provident Fund Pension for a person who has worked in a company for more than 10 years? NOW contribution on statutory celing is 15000 from Rs. 6500.please help me Sir.REGARDS RAMESH.B
From United States,
From United States,
Dear Mr. Ramesh,
Find out whether the last month contribution to EPS is for full month or partial. (For a member whose birth day is on 15th of a month, he attain 58 years on 14th and accordingly contribution to EPS on the month will be partial.) If contribution to EPS in the last month is partial, that month will not be taken for calculation of pensionable salary.
Take average of last 60 months. For e.g:- If a member contribute up to 31st March 2015 on ceiling salary to EPS, calculation of pensionable salary is as follows.
Salary from 01.09.2014 to 31.03.2015 (7 months) = Rs. 15000 per month.
Salary up to 31.08.2014 (60-7 = 53 months) = Rs. 6500 per month
Average salary = ((6500x53)+(15000x7))/60 = (344500+105000)/60 = 449500/60 = 7491.67
Pension for 10 years' service = 7491.67x10/70 = 1070.
Abbas.P.S
From India, Bangalore
Find out whether the last month contribution to EPS is for full month or partial. (For a member whose birth day is on 15th of a month, he attain 58 years on 14th and accordingly contribution to EPS on the month will be partial.) If contribution to EPS in the last month is partial, that month will not be taken for calculation of pensionable salary.
Take average of last 60 months. For e.g:- If a member contribute up to 31st March 2015 on ceiling salary to EPS, calculation of pensionable salary is as follows.
Salary from 01.09.2014 to 31.03.2015 (7 months) = Rs. 15000 per month.
Salary up to 31.08.2014 (60-7 = 53 months) = Rs. 6500 per month
Average salary = ((6500x53)+(15000x7))/60 = (344500+105000)/60 = 449500/60 = 7491.67
Pension for 10 years' service = 7491.67x10/70 = 1070.
Abbas.P.S
From India, Bangalore
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls
PF & Pension Amdmt Scheme 2010 for IW.pdf