I HAVE COME TO KNOW THAT THERE IS SOME AMENDMENT IN THE THE EMPLOYEE PENSION SCHEME,1995. CAN ANYONE TELL WHAT ARE THESE AMENDMENTS ? REGDS, VIKRAM SINGH
From India, Delhi
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108From India, Delhi
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As required,please find enclosed herewith the copy of GR for ammendment of B D in EPS 1995.I hope everybady can upadate this information. H.K.Bhosale
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Dear All, Please find the copy of the latest amendment in the Pension Scheme attached herewith.........
From India, Delhi
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From India, Delhi
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Please find attach file contain copy of amendment of EPS 1995. Thanks H.K.Bhosale
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My father retired on 31/12/2003, and his pension started from 1/7/2008. The first pension payment was received on 8/8/2008. Could you please tell me which factor table should be used to calculate his pension? Should I refer to the old Table B or the newly amended Table B? His current pension amount is lower based on my calculations, and I am considering filing an application for a revision. Please advise on which table I should use.
From India, Patiala
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From India, Patiala
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Dear Pramod Redhu,
For pension calculation, the following details are required:
1. Date of Birth
2. Date of Joining in EPF
3. Break in service before 16.11.95
4. Break in service after 16.11.95
5. Salary on 16.11.95
6. Salary at the time of Exit
From the available details, I have reached the following conclusions:
1. Your service before 16.11.95 is 17 years.
2. Service after 16.11.95 is 1 year.
As you are below 48 years of age on 16.11.95, you are entitled to the minimum pension as follows:
- If your salary on 16.11.95 is below 2500/-:
- Past Service Benefit - 120 x 4.844 = 581
- Pensionable Service Benefit - 635
- Total = 1216/- (Subject to a minimum of 800/-) for 24 years of service.
- For 18 years - 1216 x 18 / 24 = 912 (Subject to a minimum of 450/-)
- If the salary on 16.11.95 is 2500/- or above:
- Past Service Benefit - 135 x 4.844 = 654
- Pensionable Service Benefit - 635
- Total = 1289 for 24 years
- For 18 years = 967
Either you will receive 912 (if below 2500/- on 16.11.95) or 967 (if 2500/- & above on 16.11.95) upon reaching 58 years of age.
Individuals not in service with PF applicability can avail pension starting from the age of 50 years onwards. However, for each year they will face a 4% deduction. For instance, if you choose to opt for a pension at 51 years, the multiplying factor on pension will be 0.96 to the power of 7 = 0.885.
Therefore, the reduced pension at 51 years will be 807 (for below 2500/- on 16.11.95) or 856 (for 2500/- & above on 16.11.95).
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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For pension calculation, the following details are required:
1. Date of Birth
2. Date of Joining in EPF
3. Break in service before 16.11.95
4. Break in service after 16.11.95
5. Salary on 16.11.95
6. Salary at the time of Exit
From the available details, I have reached the following conclusions:
1. Your service before 16.11.95 is 17 years.
2. Service after 16.11.95 is 1 year.
As you are below 48 years of age on 16.11.95, you are entitled to the minimum pension as follows:
- If your salary on 16.11.95 is below 2500/-:
- Past Service Benefit - 120 x 4.844 = 581
- Pensionable Service Benefit - 635
- Total = 1216/- (Subject to a minimum of 800/-) for 24 years of service.
- For 18 years - 1216 x 18 / 24 = 912 (Subject to a minimum of 450/-)
- If the salary on 16.11.95 is 2500/- or above:
- Past Service Benefit - 135 x 4.844 = 654
- Pensionable Service Benefit - 635
- Total = 1289 for 24 years
- For 18 years = 967
Either you will receive 912 (if below 2500/- on 16.11.95) or 967 (if 2500/- & above on 16.11.95) upon reaching 58 years of age.
Individuals not in service with PF applicability can avail pension starting from the age of 50 years onwards. However, for each year they will face a 4% deduction. For instance, if you choose to opt for a pension at 51 years, the multiplying factor on pension will be 0.96 to the power of 7 = 0.885.
Therefore, the reduced pension at 51 years will be 807 (for below 2500/- on 16.11.95) or 856 (for 2500/- & above on 16.11.95).
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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Dear Abbas,
I am providing my details below. What amount should I get as a pension?
1. Date of Birth: 06-08-1951
2. Date of Join in EPF: 01-12-1974
3. Break in service before 16.11.95: NIL
4. Break in service after 16.11.95: NIL
5. Salary on 16.11.95 > 5000
6. Salary at the time of Exit > 50000.
By entering the above details in the Excel sheet you have provided, I should get Rs. 1780/- as a pension. However, I have received the P.P.O., and in that, the amount of the pension is Rs. 1687/-. Kindly advise me.
G R BAVARVA
From India, Ahmadabad
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I am providing my details below. What amount should I get as a pension?
1. Date of Birth: 06-08-1951
2. Date of Join in EPF: 01-12-1974
3. Break in service before 16.11.95: NIL
4. Break in service after 16.11.95: NIL
5. Salary on 16.11.95 > 5000
6. Salary at the time of Exit > 50000.
By entering the above details in the Excel sheet you have provided, I should get Rs. 1780/- as a pension. However, I have received the P.P.O., and in that, the amount of the pension is Rs. 1687/-. Kindly advise me.
G R BAVARVA
From India, Ahmadabad
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Dear Bavara,
Two more details I want.
1) Date of Exit from Service
2) Date of Pension availed
Note: If you have continued in service till the completion of 58 years and availed pension thereafter, you may contact the Office of the Regional PF Commissioner and inform me of their response.
Abbas
From India, Bangalore
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Two more details I want.
1) Date of Exit from Service
2) Date of Pension availed
Note: If you have continued in service till the completion of 58 years and availed pension thereafter, you may contact the Office of the Regional PF Commissioner and inform me of their response.
Abbas
From India, Bangalore
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Dear Abbas,
Below are the details that I forgot to submit, sorry.
1) Date of Exit from Service: I am still in service up to 31-08-2011.
2) Date of Pension Availed: My pension started from 06-08-2009 and was paid with arrears in March/April 2010 into my bank account. I had submitted an application at the Pension Office in Surat, but to date, I have not received any response from them.
Regards,
G R BAVARVA
From India, Ahmadabad
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Below are the details that I forgot to submit, sorry.
1) Date of Exit from Service: I am still in service up to 31-08-2011.
2) Date of Pension Availed: My pension started from 06-08-2009 and was paid with arrears in March/April 2010 into my bank account. I had submitted an application at the Pension Office in Surat, but to date, I have not received any response from them.
Regards,
G R BAVARVA
From India, Ahmadabad
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Dear Bavarva,
From the details furnished by you, you are entitled to get Rs. 1780/-. However, there seems to be a difference of Rs. 93. This is equivalent to one year's pension, i.e., 6500x1/70. It means there may be a break in service of around 3 months or more after 16.11.95.
The Pensionable Service calculation is as follows: 16.11.95 to 15.5.2009 = 13 years & 6 months, which needs to be rounded up to 14 years. But as per PF records, they might have counted the period prior to 15.5.2009. The reason for the shortage of this service may be a break in service or an error in rounding up for the last 8 months. However, the correct reason has to be obtained from EPF. If your employer is prompt, you can get the details from them as well.
Abbas. P. S.
From India, Bangalore
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From the details furnished by you, you are entitled to get Rs. 1780/-. However, there seems to be a difference of Rs. 93. This is equivalent to one year's pension, i.e., 6500x1/70. It means there may be a break in service of around 3 months or more after 16.11.95.
The Pensionable Service calculation is as follows: 16.11.95 to 15.5.2009 = 13 years & 6 months, which needs to be rounded up to 14 years. But as per PF records, they might have counted the period prior to 15.5.2009. The reason for the shortage of this service may be a break in service or an error in rounding up for the last 8 months. However, the correct reason has to be obtained from EPF. If your employer is prompt, you can get the details from them as well.
Abbas. P. S.
From India, Bangalore
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Dear Abbas,
I have received the answer from A.P.F. Commissioner Surat regarding my application of getting less pension as stated in earlier discussions. In their reply, he has given a reference of H.O. Letter No. PENSION/A&C/I/2000/PIC/VOL.VI/90737 DT.: 19/02/2009 for the fixation of pension. Kindly get details of the referred letter if possible. If there is any clause for clarification of my less pension, then okay. Otherwise, now where I have to approach for rectification, please advise.
G R BAVARVA
01-10-10.
Copy of the letter is attached.
From India, Ahmadabad
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I have received the answer from A.P.F. Commissioner Surat regarding my application of getting less pension as stated in earlier discussions. In their reply, he has given a reference of H.O. Letter No. PENSION/A&C/I/2000/PIC/VOL.VI/90737 DT.: 19/02/2009 for the fixation of pension. Kindly get details of the referred letter if possible. If there is any clause for clarification of my less pension, then okay. Otherwise, now where I have to approach for rectification, please advise.
G R BAVARVA
01-10-10.
Copy of the letter is attached.
From India, Ahmadabad
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Dear Bavarva,
You stated that your pension started on 6.8.2009. In my previous reply, I detailed that if the pension date is before 15.5.2009, the pensionable service will be 13 years, and for dates on or after 15.5.2009, it will be 14 years. However, the PF authorities have indicated that the pension processing letter date is 19.2.2009. Consequently, a one-year reduction in service is justifiable.
For those who continue in service, the service for pension calculation will be considered up to the completion of 58 years of age. Please verify if this applies in your case. If so, there is no basis for registering any complaints in this regard.
Abbas.P.S
From India, Bangalore
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You stated that your pension started on 6.8.2009. In my previous reply, I detailed that if the pension date is before 15.5.2009, the pensionable service will be 13 years, and for dates on or after 15.5.2009, it will be 14 years. However, the PF authorities have indicated that the pension processing letter date is 19.2.2009. Consequently, a one-year reduction in service is justifiable.
For those who continue in service, the service for pension calculation will be considered up to the completion of 58 years of age. Please verify if this applies in your case. If so, there is no basis for registering any complaints in this regard.
Abbas.P.S
From India, Bangalore
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EPS-95 Pension Scheme Calculation Inquiry
I am a member of the EPS-95 Pension Scheme. My birth date is 03/07/1958. My date of joining EPF is 22/06/1974, and my date of exit is 30/09/2009. Service before 15/11/1995 is 21 years, 0 months, 25 days, and service after 15/11/1995 is 13 years, 10 months, 15 days. My eligible service is 35 years. Wages on 15/11/1995 were Rs. 4,500, and on the date of exit were Rs. 6,500. NCP days are 0. I am getting a pension of Rs. 2,296 per month from 03/07/2016, and the type of pension is Superannuation. The weightage service factor is 2. Is this the correct calculation of the pension? If it is correct, please explain it to me.
Amendment in EPS-95 Pension Scheme
I also heard that there is an amendment in the EPS-95 Pension Scheme. The minimum pension will be Rs. 7,500. Is it true?
From India
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I am a member of the EPS-95 Pension Scheme. My birth date is 03/07/1958. My date of joining EPF is 22/06/1974, and my date of exit is 30/09/2009. Service before 15/11/1995 is 21 years, 0 months, 25 days, and service after 15/11/1995 is 13 years, 10 months, 15 days. My eligible service is 35 years. Wages on 15/11/1995 were Rs. 4,500, and on the date of exit were Rs. 6,500. NCP days are 0. I am getting a pension of Rs. 2,296 per month from 03/07/2016, and the type of pension is Superannuation. The weightage service factor is 2. Is this the correct calculation of the pension? If it is correct, please explain it to me.
Amendment in EPS-95 Pension Scheme
I also heard that there is an amendment in the EPS-95 Pension Scheme. The minimum pension will be Rs. 7,500. Is it true?
From India
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF