I request for some clarity and suggestions backed by logic for making a decision on my case. I joined a private limited company in December 1993 (a member of PF and FPS), changed jobs in December 1987, and continued to remain a member of PF, FPS, and then EPS. I quit my job in December 2013 at the age of 51 years. My last drawn pay is INR 69,000.
Questions: 1) How will my pension amount be calculated? 2) What is the pension amount I am eligible for? 3) Should I opt for a pension certificate or immediate reduced pension (considering I am likely to enter into business or pursue other work)? Which option will work out in my favor?
Thankful for all helpful suggestions.
Sanjay W.
From India, Mumbai
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1Questions: 1) How will my pension amount be calculated? 2) What is the pension amount I am eligible for? 3) Should I opt for a pension certificate or immediate reduced pension (considering I am likely to enter into business or pursue other work)? Which option will work out in my favor?
Thankful for all helpful suggestions.
Sanjay W.
From India, Mumbai
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I joined a private limited company in December 1983 (a member of PF and FPS), changed jobs in December 1987, and continued to remain a member of PF, FPS, and then EPS. I quit my job in December 2013 at the age of 51 years, with my last drawn pay being INR 69,000.
Questions attribution https://www.citehr.com/485638-pensio...#ixzz2u3AtjYIW
1993 should be read as 1983 - apologies for the mistake.
From India, Mumbai
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Questions attribution https://www.citehr.com/485638-pensio...#ixzz2u3AtjYIW
1993 should be read as 1983 - apologies for the mistake.
From India, Mumbai
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You may please see this link https://www.citehr.com/340383-employ...lculation.html for a model calculation. If you want to know more precisely the amount you are likely to receive, please provide complete dates with the day, month, and year for all events, including the date of birth.
The general rule is that you are entitled to a pension in two parts - one for the past service rendered under the old family pension scheme and the second for the portion of service rendered after the introduction of the EPS on 16/05/1995.
From India, Madras
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The general rule is that you are entitled to a pension in two parts - one for the past service rendered under the old family pension scheme and the second for the portion of service rendered after the introduction of the EPS on 16/05/1995.
From India, Madras
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Dear Mr. Wanchu Sanjay,
You will get a pension when you attain 58 years. For the amount, use the XL sheet attached (originally posted by Abbas IIT on this forum). I have no idea about reduced pension; my understanding is that this provision is officially or unofficially withdrawn or discouraged.
From India, Thane
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You will get a pension when you attain 58 years. For the amount, use the XL sheet attached (originally posted by Abbas IIT on this forum). I have no idea about reduced pension; my understanding is that this provision is officially or unofficially withdrawn or discouraged.
From India, Thane
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Dear Wanchu Sanjay,
To calculate pension, the Date of Birth and Date of join are required. By assuming some dates, I have entered the Excel sheet. It seems that your pension at 58 years is 1673. If you apply for a pension at 51 years, this will be reduced to 1257, i.e., you will get 416 more if you lose 7 years of pension. Now you have to decide/opt.
Abbas.P.S
From India, Bangalore
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To calculate pension, the Date of Birth and Date of join are required. By assuming some dates, I have entered the Excel sheet. It seems that your pension at 58 years is 1673. If you apply for a pension at 51 years, this will be reduced to 1257, i.e., you will get 416 more if you lose 7 years of pension. Now you have to decide/opt.
Abbas.P.S
From India, Bangalore
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I joined one company on 30.12.1980. From the first day of joining, the company has been depositing EPF/FPF as per rules. Since November 1995, EPF introduced a Pension scheme, and the company contributed to the same. After attaining the age of 58 years, I retired on 31.08.2016. I receive a pension of Rs. 2522/- per month from EPFO. I am unsure whether this amount is correct. Can anyone help me check the amount of pension?
From India, Jhunjhunun
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From India, Jhunjhunun
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I am Rajesh Kumar. My DOB is 27.07.1978, and the date of joining is 01.09.2009. At the time of joining, my salary was 12000.00. Currently, my salary is 35000.00. As of 01.10.2018, I have completed 10 years as an EPF member. Can anybody suggest whether I should withdraw my whole EPF amount or continue with the pension scheme after 10 years?
From India, Chandigarh
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From India, Chandigarh
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Hello Sir/Madam I want to know the status of my pension. I have sbbmitted my 12(8) Sceme certificate No BG/BNG/00037205. When i will get pension, My date of birth is 07/11/1957 Rajkumar Sharma
From India, New Delhi
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From India, New Delhi
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Hello Madam/Sir,
I joined my current employer on 02.02.1984, and my date of birth is 17.06.1993. According to EPF calculations, the maximum service considered is 35 years. In my case, my 35 years of service will be completed on 01.02.2019. I would like to know if my EPF amount will be deducted after 01.02.2019. My basic payment is Rs. 16,750/-
I am awaiting your reply.
Regards, Jaya Ramachandran
From India, Pune
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I joined my current employer on 02.02.1984, and my date of birth is 17.06.1993. According to EPF calculations, the maximum service considered is 35 years. In my case, my 35 years of service will be completed on 01.02.2019. I would like to know if my EPF amount will be deducted after 01.02.2019. My basic payment is Rs. 16,750/-
I am awaiting your reply.
Regards, Jaya Ramachandran
From India, Pune
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Pension Digital Life Certificate.pdf
Reduced pension.jpg
PENSION BREAK IN SERVICE CERTIFICATE.doc