Dear Sir,
If an employee retires when he reaches 58 years of age, could you please suggest the mode of distribution of the pension amount? For example, if an employee has Rs. 20,000 in his PF pension account, how much will be paid monthly?
Thanks & Regards,
Daniel.
From India, Madras
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If an employee retires when he reaches 58 years of age, could you please suggest the mode of distribution of the pension amount? For example, if an employee has Rs. 20,000 in his PF pension account, how much will be paid monthly?
Thanks & Regards,
Daniel.
From India, Madras
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Dear Daniel,
The formula for the calculation of monthly pension is as follows:
Current Basic, i.e., Rs. 6500/70*10 = Rs. 929 per month in case he had worked for only ten years, i.e., the minimum payment per month. In another scenario, if he had worked for, suppose, 15 years to attain 58 years, the formula is again 6500/70*15 = 1393.
(Remarks: The current basic cannot exceed Rs. 6500.)
Hope the above will help you.
Regards,
From India, Solan
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22The formula for the calculation of monthly pension is as follows:
Current Basic, i.e., Rs. 6500/70*10 = Rs. 929 per month in case he had worked for only ten years, i.e., the minimum payment per month. In another scenario, if he had worked for, suppose, 15 years to attain 58 years, the formula is again 6500/70*15 = 1393.
(Remarks: The current basic cannot exceed Rs. 6500.)
Hope the above will help you.
Regards,
From India, Solan
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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 retirement), one can gain a maximum of 36 years of service. In that case, Rs. 3343 will be given as a monthly pension. (Rs. 6500/70*36= Rs. 3343/- per month)
The monthly pension contribution by the employer is Rs. 541, per year Rs. 6497, and for 36 years Rs. 233906 (Maximum). By giving Rs. 3343 per month to the retired employee, his total pension amount will be exhausted in 69 months, i.e., 5-6 years. (69 months * 3343 = 233906)
If one starts to receive a pension from the age of 59, it will last until 65-66 years. After that, will pension continue? Is there any possibility that if an employee dies before receiving the full pension amount, how long will his/her nominee receive the same? Please explain.
Thank you!
From India, Madras
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By transferring the PF amount from the first job to the last job (till retirement), one can gain a maximum of 36 years of service. In that case, Rs. 3343 will be given as a monthly pension. (Rs. 6500/70*36= Rs. 3343/- per month)
The monthly pension contribution by the employer is Rs. 541, per year Rs. 6497, and for 36 years Rs. 233906 (Maximum). By giving Rs. 3343 per month to the retired employee, his total pension amount will be exhausted in 69 months, i.e., 5-6 years. (69 months * 3343 = 233906)
If one starts to receive a pension from the age of 59, it will last until 65-66 years. After that, will pension continue? Is there any possibility that if an employee dies before receiving the full pension amount, how long will his/her nominee receive the same? Please explain.
Thank you!
From India, Madras
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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
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From India, Puttur
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Dear All, for calculating pension the formula is :- Pensionable salary (IntoX) pensionable service (/by)70 Regards G.K - HR 08600098272
From India, Mumbai
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From India, Mumbai
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Dear Daniel,
The pension does not mean to take the deposit pension amount; it means that he can receive the pension for his entire life, regardless of the number of years. In the event of his death, if the nominee is a minor, they will receive the pension until they reach 18 years of age. In other cases, dependents will also receive the pension for their entire life.
Regards,
From India, Solan
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The pension does not mean to take the deposit pension amount; it means that he can receive the pension for his entire life, regardless of the number of years. In the event of his death, if the nominee is a minor, they will receive the pension until they reach 18 years of age. In other cases, dependents will also receive the pension for their entire life.
Regards,
From India, Solan
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Dear sir,
I want to resign from the company. However, as per my company's appointment letter, my notice period is two months, but I am not eligible to complete the full two months. I am willing to pay in lieu of the notice period, but my company is not accepting this. Please assist me with this matter.
Thank you.
From India, Poona
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I want to resign from the company. However, as per my company's appointment letter, my notice period is two months, but I am not eligible to complete the full two months. I am willing to pay in lieu of the notice period, but my company is not accepting this. Please assist me with this matter.
Thank you.
From India, Poona
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