Dear Sir,
I joined Himalaya Drug Co. on 1st April 1984, and in November 1995, my basic salary was Rs 4185/-. I left the company on 30th April 2010, at which time my basic salary was Rs 25430/-. According to this, I have past service of 11 years and 15 years of pensionable service.
Kindly tell me how much pension I will receive when I opt for the reduced pension option. My date of birth is 18/09/1960.
Thank you,
Shastry
From India, Bhopal
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I joined Himalaya Drug Co. on 1st April 1984, and in November 1995, my basic salary was Rs 4185/-. I left the company on 30th April 2010, at which time my basic salary was Rs 25430/-. According to this, I have past service of 11 years and 15 years of pensionable service.
Kindly tell me how much pension I will receive when I opt for the reduced pension option. My date of birth is 18/09/1960.
Thank you,
Shastry
From India, Bhopal
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Dear Shastry,
Please provide your date of birth as well because the age at which you left service on 30.4.2010 is not provided. Additionally, for service before 16.11.95, there is a multiplying factor in Table B based on your date of birth.
I assume that you left service at the age of 58 years. Then your past service will be 12 years (11 years & 8.5 months rounded up to 12 years), and pensionable service will be 14 years (14 years & 5 months rounded down to 14 years).
For the past 12 years, the slab = 105. Multiplying factor as per Table B = 3.052. Therefore, 105 x 3.052 = 320 - (1). For pensionable 14 years, 6500 x 14/70 = 1300 - (2). The total pension is calculated as (1) + (2) = 320 + 1300 = Rs. 1620.
However, kindly provide your date of birth to confirm.
Abbas P.S.
From India, Bangalore
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530Please provide your date of birth as well because the age at which you left service on 30.4.2010 is not provided. Additionally, for service before 16.11.95, there is a multiplying factor in Table B based on your date of birth.
I assume that you left service at the age of 58 years. Then your past service will be 12 years (11 years & 8.5 months rounded up to 12 years), and pensionable service will be 14 years (14 years & 5 months rounded down to 14 years).
For the past 12 years, the slab = 105. Multiplying factor as per Table B = 3.052. Therefore, 105 x 3.052 = 320 - (1). For pensionable 14 years, 6500 x 14/70 = 1300 - (2). The total pension is calculated as (1) + (2) = 320 + 1300 = Rs. 1620.
However, kindly provide your date of birth to confirm.
Abbas P.S.
From India, Bangalore
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my nearest colluge is complited his 58 year age as on date they require their pention calculation they are complited his service 20 years
From India, Nasik
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From India, Nasik
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Dear Mr. Abbas,
Please provide the complete details about the pension calculation formulas. If any handbook is available, please upload the same for the usage of our forum.
With warm regards,
S. Bhaskar
9099024667
From India, Kumbakonam
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Please provide the complete details about the pension calculation formulas. If any handbook is available, please upload the same for the usage of our forum.
With warm regards,
S. Bhaskar
9099024667
From India, Kumbakonam
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Dear Bhaskar,
For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called past service, and the latter one is termed as pensionable service. Past service is divided into 4 slabs: service up to 11 years, 12 to 15 years, 16 to 19 years, and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above, this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those who attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on the actual salary. In the second case, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For more details, please visit the website: EPFO
One example I shall quote:
- Date of Birth: 2.1.1961
- Date of Joining: 23.2.1987
- Salary on 16.11.95: Rs. 2500 & above
- Salary on completion of 58 years on 1.1.2019: Rs. 6500 (Statutory Ceiling)
- Past Service: 8 years 9 months (approximately rounded to 9 years)
- Compensation: Rs. 85
- Factor as per Table B (for less than 24 years, i.e., the difference between 16.11.95 & 1.1.2019): 6.102
- Past Service Benefit: 85 x 6.102 = Rs. 519
- Pensionable Service: 23 years
- Bonus (Service is 20 & above): 2
- Pensionable Salary: Rs. 6500
- Pensionable Benefit: 6500 x 25 / 70 = 2321
- Total Pension: Rs. 2840
In addition to the above method of calculation, there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorized into three groups:
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 & 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already over, I shall give a brief on the third.
Pensionable benefit (minimum) of Rs. 635 and Past service benefit as mentioned above, subject to a minimum of Rs. 800. This amount is for 24 years or more of service. If it is less than 24 years, this will be reduced proportionately (amount x actual service / 24). However, this amount will be subject to a minimum of Rs. 450.
I shall insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund) and break in service before and after 16.11.95, if any in the green colored column. The results will appear in the yellow colored column. The red color is for static information.
In case of any errors or suggestions, please notify me.
Abbas.P.S,
ITI Ltd,
PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
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For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called past service, and the latter one is termed as pensionable service. Past service is divided into 4 slabs: service up to 11 years, 12 to 15 years, 16 to 19 years, and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above, this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those who attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on the actual salary. In the second case, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For more details, please visit the website: EPFO
One example I shall quote:
- Date of Birth: 2.1.1961
- Date of Joining: 23.2.1987
- Salary on 16.11.95: Rs. 2500 & above
- Salary on completion of 58 years on 1.1.2019: Rs. 6500 (Statutory Ceiling)
- Past Service: 8 years 9 months (approximately rounded to 9 years)
- Compensation: Rs. 85
- Factor as per Table B (for less than 24 years, i.e., the difference between 16.11.95 & 1.1.2019): 6.102
- Past Service Benefit: 85 x 6.102 = Rs. 519
- Pensionable Service: 23 years
- Bonus (Service is 20 & above): 2
- Pensionable Salary: Rs. 6500
- Pensionable Benefit: 6500 x 25 / 70 = 2321
- Total Pension: Rs. 2840
In addition to the above method of calculation, there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorized into three groups:
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 & 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already over, I shall give a brief on the third.
Pensionable benefit (minimum) of Rs. 635 and Past service benefit as mentioned above, subject to a minimum of Rs. 800. This amount is for 24 years or more of service. If it is less than 24 years, this will be reduced proportionately (amount x actual service / 24). However, this amount will be subject to a minimum of Rs. 450.
I shall insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund) and break in service before and after 16.11.95, if any in the green colored column. The results will appear in the yellow colored column. The red color is for static information.
In case of any errors or suggestions, please notify me.
Abbas.P.S,
ITI Ltd,
PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
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Dear Sir,
I joined Himalaya Drug Co. on April 1st, 1984, and by November 1995, my basic salary was Rs 4185/-. When I left the company on April 30th, 2010, my basic salary had increased to Rs 25430/-. Based on this, I have 11 years of past service and 15 years of pensionable service.
Could you please inform me about the pension amount I would receive if I choose the reduced pension option? My date of birth is September 18, 1960, making me 50 years old.
Thank you,
Shastry
From India, Bhopal
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I joined Himalaya Drug Co. on April 1st, 1984, and by November 1995, my basic salary was Rs 4185/-. When I left the company on April 30th, 2010, my basic salary had increased to Rs 25430/-. Based on this, I have 11 years of past service and 15 years of pensionable service.
Could you please inform me about the pension amount I would receive if I choose the reduced pension option? My date of birth is September 18, 1960, making me 50 years old.
Thank you,
Shastry
From India, Bhopal
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[QUOTE=bcshastry@yahoo.co.in;1393183]
[QUOTE=bcshastry@yahoo.co.in;1360918]
Dear Sir,
I have joined Himalaya Drug Co. on 1st April 1984, and in November 1995, my basic salary was Rs 4185/-. I left the company on 30th April 2010, at which time my basic salary was Rs 25430/-.
Based on this, I have past service of 11 years and 15 years of pensionable service. Could you please inform me how much pension I will receive if I opt for the reduced pension option? My date of birth is 18/09/1960, making my current age 50 years.
Thank you.
Shastry
From India, Bhopal
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[QUOTE=bcshastry@yahoo.co.in;1360918]
Dear Sir,
I have joined Himalaya Drug Co. on 1st April 1984, and in November 1995, my basic salary was Rs 4185/-. I left the company on 30th April 2010, at which time my basic salary was Rs 25430/-.
Based on this, I have past service of 11 years and 15 years of pensionable service. Could you please inform me how much pension I will receive if I opt for the reduced pension option? My date of birth is 18/09/1960, making my current age 50 years.
Thank you.
Shastry
From India, Bhopal
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[QUOTE=bcshastry@yahoo.co.in;1393184]
[QUOTE=bcshastry@yahoo.co.in;1393183]
[QUOTE=bcshastry@yahoo.co.in;1360918]
Dear Sir,
I have joined Himalaya Drug Co on 1st April 1984, and in November 1995, my basic salary was Rs 4185/-. I left the company on 30th April 2010, at which time my basic salary was Rs 25430. According to this, I have past service of 11 years and 15 years of pensionable service. Kindly tell me how much pension I will get when I opt for the reduced pension option. My date of birth is 18/09/1960, and as my present age is 50 years completed.
Thanks,
Shastry
Your Past Service is 12 years and Pensionable Service is 14 years.
Past Service Benefit - 105 x 5.649 = 593 - (1)
Pensionable Service Benefit - 14 x 6500 / 70 = 1300 - (2)
Total Pension (1) + (2) = 593 + 1300 = 1893
Reduced Pension at 50 years - 1366/-
Abbas. P.S
From India, Bangalore
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[QUOTE=bcshastry@yahoo.co.in;1393183]
[QUOTE=bcshastry@yahoo.co.in;1360918]
Dear Sir,
I have joined Himalaya Drug Co on 1st April 1984, and in November 1995, my basic salary was Rs 4185/-. I left the company on 30th April 2010, at which time my basic salary was Rs 25430. According to this, I have past service of 11 years and 15 years of pensionable service. Kindly tell me how much pension I will get when I opt for the reduced pension option. My date of birth is 18/09/1960, and as my present age is 50 years completed.
Thanks,
Shastry
Your Past Service is 12 years and Pensionable Service is 14 years.
Past Service Benefit - 105 x 5.649 = 593 - (1)
Pensionable Service Benefit - 14 x 6500 / 70 = 1300 - (2)
Total Pension (1) + (2) = 593 + 1300 = 1893
Reduced Pension at 50 years - 1366/-
Abbas. P.S
From India, Bangalore
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Subject: Checking Online EPF Account in Delhi
Dear All,
Hi,
WISH YOU A HAPPY NEW YEAR 2011
I just want to inquire whether the facility of checking EPF online account balance in Delhi state is available? I have been working with Ozone Pharmaceuticals Ltd. since 31 Jan 2002.
Thank you and regards,
Amitabh Kumar
+91-9835279209
From India, Delhi
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Dear All,
Hi,
WISH YOU A HAPPY NEW YEAR 2011
I just want to inquire whether the facility of checking EPF online account balance in Delhi state is available? I have been working with Ozone Pharmaceuticals Ltd. since 31 Jan 2002.
Thank you and regards,
Amitabh Kumar
+91-9835279209
From India, Delhi
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Employee Benefits.doc
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