Dear All,
I am presently 56 years of age. I worked in the public sector for 19 years and was part of the Family Pension Scheme. I then joined the private sector in the year 1997, and all my PF and contributions to the Family pension were transferred to a new account in the company which I joined. Currently, my company is contributing Rs. 541/- to the pension fund. I would like to inquire about when my pension will commence and the amount I will receive.
Thanks,
Sunil
From India, Delhi
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I am presently 56 years of age. I worked in the public sector for 19 years and was part of the Family Pension Scheme. I then joined the private sector in the year 1997, and all my PF and contributions to the Family pension were transferred to a new account in the company which I joined. Currently, my company is contributing Rs. 541/- to the pension fund. I would like to inquire about when my pension will commence and the amount I will receive.
Thanks,
Sunil
From India, Delhi
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Dear Sunil,
Generally, on completion of 58 years of age, you are eligible to receive a pension. To calculate the pension amount, kindly provide the following information:
1) Your Date of Birth
2) Service details (Date of joining, date of receiving, etc.) of the previous company
3) Date of joining in the present company, etc.
Abbas.P.S
From India, Bangalore
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552Generally, on completion of 58 years of age, you are eligible to receive a pension. To calculate the pension amount, kindly provide the following information:
1) Your Date of Birth
2) Service details (Date of joining, date of receiving, etc.) of the previous company
3) Date of joining in the present company, etc.
Abbas.P.S
From India, Bangalore
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Thanks Abbas Sir, DOB: December 1956. DO joining first company: October 1977; Date of relieving: January 1997. DO joining next company January 1997 and continuing. Hope this helps. Sunil
From India, Delhi
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From India, Delhi
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Dear Sunil,
Your pension amount for the family pension period (till 16.11.1995) will be Rs. 605, and for the pensionable service (w.e.f. 16.11.1995) will be Rs. 1764. Hence, the total will be Rs. 2369. The ceiling of the salary for PF will be increased from Rs. 6500 to Rs. 15000 soon. Accordingly, that will reflect in your pension amount as well.
Abbas.P.S
From India, Bangalore
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Your pension amount for the family pension period (till 16.11.1995) will be Rs. 605, and for the pensionable service (w.e.f. 16.11.1995) will be Rs. 1764. Hence, the total will be Rs. 2369. The ceiling of the salary for PF will be increased from Rs. 6500 to Rs. 15000 soon. Accordingly, that will reflect in your pension amount as well.
Abbas.P.S
From India, Bangalore
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Dear Abbas Ji, Thanks a million for a very prompt and clear response. In case it is possible, for my own knowledge, please share the calculation of figure of Rs. 605. Thanks in advance. Regards Sunil
From India, Delhi
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From India, Delhi
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Dear Abbas Sir please share or send me the formula of calculating the pension. kindly share
From India, Dehra Dun
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From India, Dehra Dun
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Dear Sunil,
The calculation of pension prior to the scheme i.e. 16.11.1995 seems to be wrong. In my opinion, the maximum benefit for the prior period was a fixed lump sum at a maximum of Rs. 200/- if you contributed up to the ceiling limits.
Secondly, if you remain a member for 20 years with EPF, you will get 2 grace years when compiling the number of years of contributions.
P. K. Sharma
From India, Delhi
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The calculation of pension prior to the scheme i.e. 16.11.1995 seems to be wrong. In my opinion, the maximum benefit for the prior period was a fixed lump sum at a maximum of Rs. 200/- if you contributed up to the ceiling limits.
Secondly, if you remain a member for 20 years with EPF, you will get 2 grace years when compiling the number of years of contributions.
P. K. Sharma
From India, Delhi
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Dear All,
As per the Employee's Pension Scheme 1995, the calculation formula for monthly pension is as follows:
= Latest PF Basic (i.e., max Rs. 6500) * Number of years of service / 70.
In the case mentioned:
= 6500 * 19 years of service / 70
Rs. 1764/-
There is no need to wait until you reach 58 years to receive the monthly pension amount. If you are no longer an employee, you can apply for monthly pension once you reach the age of 50 years. The authority will deduct 3% during the pension calculation for each year if the individual is less than 58 years old.
Seniors, please correct me if I am mistaken. I want to ensure that I do not provide incorrect information here.
Regards,
Praveen Kumar Shetty
From India, Mumbai
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As per the Employee's Pension Scheme 1995, the calculation formula for monthly pension is as follows:
= Latest PF Basic (i.e., max Rs. 6500) * Number of years of service / 70.
In the case mentioned:
= 6500 * 19 years of service / 70
Rs. 1764/-
There is no need to wait until you reach 58 years to receive the monthly pension amount. If you are no longer an employee, you can apply for monthly pension once you reach the age of 50 years. The authority will deduct 3% during the pension calculation for each year if the individual is less than 58 years old.
Seniors, please correct me if I am mistaken. I want to ensure that I do not provide incorrect information here.
Regards,
Praveen Kumar Shetty
From India, Mumbai
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Dear Mr. Sunil,
It seems that you are still in service and contributing Rs 541/-. After completing age 58, you will be eligible for Pension. Presently, the PF office is calculating on the last 12 months' average salary subject to a maximum of Rs. 6500.00 - 6500/70 * Number of years of service after November 1995. For service before November 1995, there is a separate table for Pension calculation available on the PF site. You can calculate the monthly pension as mentioned above.
Now EPF is proposed to consider the average salary for the last 5 years of contribution for EPS pension calculation. Accordingly, the member can benefit from a higher contribution.
Thanks & Regards,
Bhat
From India, Pune
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It seems that you are still in service and contributing Rs 541/-. After completing age 58, you will be eligible for Pension. Presently, the PF office is calculating on the last 12 months' average salary subject to a maximum of Rs. 6500.00 - 6500/70 * Number of years of service after November 1995. For service before November 1995, there is a separate table for Pension calculation available on the PF site. You can calculate the monthly pension as mentioned above.
Now EPF is proposed to consider the average salary for the last 5 years of contribution for EPS pension calculation. Accordingly, the member can benefit from a higher contribution.
Thanks & Regards,
Bhat
From India, Pune
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Dear friends,
I was away from CiteHR due to Eid ul Fitr (Ramzan). Consequently, I am unable to respond to your queries in a timely manner.
The maximum slab amount for the period up to 16.11.1995 is Rs. 170 (not 200), i.e., for a service of 20 years and above. In this case, the service up to 16.11.1995 is only 18 years. Hence, the slab amount is Rs. 135 (if the salary on 16.11.95 is above 2500. If it is less, it will be 120). The slab amount is stipulated for those receiving the benefit on 16.11.95. If we attain the age of 58 years after 16.11.95, there is an interest factor as per Table B. There are less than 20 years (from 16.11.1995 to December 2014) before attaining 58 years. For less than 20 years, the multiple factor as per Table B is 4.485. Hence, the calculation is 135 x 4.485 = 605.
Abbas.P.S
From India, Bangalore
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I was away from CiteHR due to Eid ul Fitr (Ramzan). Consequently, I am unable to respond to your queries in a timely manner.
The maximum slab amount for the period up to 16.11.1995 is Rs. 170 (not 200), i.e., for a service of 20 years and above. In this case, the service up to 16.11.1995 is only 18 years. Hence, the slab amount is Rs. 135 (if the salary on 16.11.95 is above 2500. If it is less, it will be 120). The slab amount is stipulated for those receiving the benefit on 16.11.95. If we attain the age of 58 years after 16.11.95, there is an interest factor as per Table B. There are less than 20 years (from 16.11.1995 to December 2014) before attaining 58 years. For less than 20 years, the multiple factor as per Table B is 4.485. Hence, the calculation is 135 x 4.485 = 605.
Abbas.P.S
From India, Bangalore
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