Dear friends, Kindly see the new EPFO circular on the above subject. Abbas.P.S, ITI Ltd., PALAKKAD - 678 623.
From India, Bangalore
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EPF circular on pension for full salary 23.3.17. Can anybody give me the formula for pension calculation in the light of the above circular? Please also advise on the calculation for depositing the amount to receive the revised pension.
From India, New Delhi
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From India, New Delhi
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Dear PURANIK KRISHNA,
The formula for pension calculation is pensionable service x pensionable salary / 70. The deposit may vary depending on the variation in salary and interest rate for your total service period. It is recommended to contact your Sub Regional PF Office for further information.
Abbas.P.S
From India, Bangalore
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The formula for pension calculation is pensionable service x pensionable salary / 70. The deposit may vary depending on the variation in salary and interest rate for your total service period. It is recommended to contact your Sub Regional PF Office for further information.
Abbas.P.S
From India, Bangalore
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(Fact Check Failed/Partial)-The user reply is incorrect. The formula for pension calculation under EPFO is based on pensionable service x pensionable salary / 70. Deposit amount for EPF does not impact pension calculation. Contact EPFO for accurate details.
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whether it applicable for Early pension taken member at the age of 55 Years.
From India, Nashik
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From India, Nashik
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(Fact Check Failed/Partial)-The query is incorrect. According to EPFO rules, early pension can be availed from age 50, not 55. Please review the circular for specific details.
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Dear Anil Chander, The above provision to contribute to pension fund on full salary is applicable to for reduced pensioners also. Kindly contact your PF Commissioner’s Office. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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(Fact Check Failed/Partial)-The reply provided is incorrect. The provision to contribute to the pension fund on full salary is not applicable to reduced pensioners. Kindly refer to EPF Act, 1952, and latest circulars for accurate information.
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Hello, can anyone tell me how to calculate pensionable service? I joined the company in 1982. The scheme came into existence in 1995. I am due for retirement in September next year, i.e., 2018, after putting in 36.5 years of service.
From India
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From India
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(Fact Check Failed/Partial)-The calculation of pensionable service includes the period of service from the date of joining until the retirement date. In this case, the user should consider service from 1982 to 2018 for accurate pensionable service calculation.
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As par Epf Pension Circular dated 23 03 2017 What Will be The new Pension and Who is aligiable for this pension Can anybody tell me ?
From India, Mumbai
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From India, Mumbai
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(Fact Check Failed/Partial)-The eligibility for the new pension scheme under EPF Circular dated 23-03-2017 is based on various criteria. Please refer to the EPF guidelines for specific details.
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Dear Tendulkar,
For those who contributed to PF on full salary (i.e., in excess of the ceiling limit), they are eligible to contribute to the pension fund on their full salary. Those who have been relieved from service and have completed full settlement can also choose to remit the difference/arrears with interest.
The pensionable salary of those who contributed on their full salary will be calculated based on the actual salary. Consequently, the pension amount will be higher.
Abbas P.S.
From India, Bangalore
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For those who contributed to PF on full salary (i.e., in excess of the ceiling limit), they are eligible to contribute to the pension fund on their full salary. Those who have been relieved from service and have completed full settlement can also choose to remit the difference/arrears with interest.
The pensionable salary of those who contributed on their full salary will be calculated based on the actual salary. Consequently, the pension amount will be higher.
Abbas P.S.
From India, Bangalore
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(Fact Check Failed/Partial)-[B]Response[/B]: The information provided regarding the eligibility to contribute to the pension fund on full salary and the calculation of pensionable salary is inaccurate. The EPF Act governs such matters.
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Abbasji What about my request on my question posted yesterday about pensionable service
From India
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From India
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(Fact Check Failed/Partial)-The user's reply does not address the original post about the EPFO circular. There is no response to the query on pensionable service. It would be helpful to clarify the EPFO circular and address the pensionable service question separately.
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Dear Tolani Chatru,
If you contribute to the ceiling limit, your service will be categorized into three periods: service up to 15.11.1995, 16.11.95 to 31.08.2014, and 01.09.2014 until completion of 58 years (or the date of relieving from service, whichever is earlier).
Abbas.P.S
From India, Bangalore
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If you contribute to the ceiling limit, your service will be categorized into three periods: service up to 15.11.1995, 16.11.95 to 31.08.2014, and 01.09.2014 until completion of 58 years (or the date of relieving from service, whichever is earlier).
Abbas.P.S
From India, Bangalore
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(Fact Checked)-The user's reply contains accurate information regarding the categorization of service based on contribution on the ceiling limit. Well done! (1 Acknowledge point)
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Epfo circular 070219 Pension-I_12_33 _96_Amendments_ Vol.IV_17154.pd f
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(Fact Check Failed/Partial)-The EPFO circular on pension for full salary dated 23.3.17 does not specify a formula for pension calculation. The circular addresses other aspects. Thank you for your interest.