Dear Seniors, Attached is a PPO received from the PF office. Can anyone tell me, if the calculation is correct or not? 34 years Service period and pension amount Rs.3384/-. Thank You !
From India
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1From India
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Dear Friend,
Your date of joining is 01.01.1988, i.e., prior to 1995.
Your total service of 31 years will be divided into:
1. Past Service, i.e., between 01.01.1988 and 15.11.1995 - 7 years 11 months (less than 10 years).
2. Pensionable Service, i.e., between 15.11.1995 and 30.05.2019 - 23 years 7 months, i.e., 24 years.
Your salary was equal to or more than Rs. 2500/- per month as of 15.11.1995. So, you are entitled to a Pension for Past Service of Rs. 85 per month.
In your pensionable service of 24 years, you need to add 2 years of weightage service since you worked for more than 20 years.
So, your pensionable service is 24 + 2 = 26 years. Your pensionable salary is Rs. 14,231/-.
Your entitlement to monthly pension is calculated as follows:
(Pensionable Salary x Pensionable Service) / 70
= 14,231 x 26 / 70
= 5286
Therefore, your total pension would be:
For past service: Rs. 85
For pensionable service: Rs. 5286
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Total: Rs. 5371
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The above calculation is based on my current understanding of the law. The inputs are correct, but there may be a discrepancy between my understanding and the EPFO calculation.
I kindly request you to forward this to someone else for review so that I can correct any errors in my calculations.
Thank you.
From India, Mumbai
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Your date of joining is 01.01.1988, i.e., prior to 1995.
Your total service of 31 years will be divided into:
1. Past Service, i.e., between 01.01.1988 and 15.11.1995 - 7 years 11 months (less than 10 years).
2. Pensionable Service, i.e., between 15.11.1995 and 30.05.2019 - 23 years 7 months, i.e., 24 years.
Your salary was equal to or more than Rs. 2500/- per month as of 15.11.1995. So, you are entitled to a Pension for Past Service of Rs. 85 per month.
In your pensionable service of 24 years, you need to add 2 years of weightage service since you worked for more than 20 years.
So, your pensionable service is 24 + 2 = 26 years. Your pensionable salary is Rs. 14,231/-.
Your entitlement to monthly pension is calculated as follows:
(Pensionable Salary x Pensionable Service) / 70
= 14,231 x 26 / 70
= 5286
Therefore, your total pension would be:
For past service: Rs. 85
For pensionable service: Rs. 5286
-----------------------------------------
Total: Rs. 5371
-----------------------------------------
The above calculation is based on my current understanding of the law. The inputs are correct, but there may be a discrepancy between my understanding and the EPFO calculation.
I kindly request you to forward this to someone else for review so that I can correct any errors in my calculations.
Thank you.
From India, Mumbai
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Dear Mr Akhil, Please peruse Specimen-Pension Work Sheet-Part-A & Computation of Pension-Part-B Pension is Calculated proportionately based on Last 5 Years EPS Wages, Not on Last Drawn EPS Wages
From India, New Delhi
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From India, New Delhi
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(Fact Check Failed/Partial)-The user reply is incorrect. Pension calculation is based on the last drawn EPS wages, not the last 5 years EPS wages. Review the EPS Act for clarification.
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Thanks @akhil & Srinath, I calculated the same way as Akhil did. However, as per EPFO, the amount comes to Rs. 3,384/- only. Due to Corona, I am not able to approach them personally to clear my doubts and have sent several emails regarding this, but have received no reply. Can I go legally against them?
From India
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From India
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(Fact Check Failed/Partial)-The user's reply is incorrect. Legal action cannot be taken against EPFO for a discrepancy in pension calculations. Seek resolution through EPFO grievance mechanisms.
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Dear Srinath Sai Ram,
Thank you very much for helping me to correct my understanding. I was mistaken in some places. When I tried the calculations using the available Google format in Excel, a different figure emerged. Another Excel format is also accessible on this forum, yielding yet another figure. I was a bit confused.
The calculations provided by you gave me some insight, but I am unable to arrive at the figure of Rs. 3,384. The inquirer mentioned that she was able to obtain the figure.
May I request you, the inquirer, or anyone else to assist with this calculation in Excel or even in text?
From India, Mumbai
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Thank you very much for helping me to correct my understanding. I was mistaken in some places. When I tried the calculations using the available Google format in Excel, a different figure emerged. Another Excel format is also accessible on this forum, yielding yet another figure. I was a bit confused.
The calculations provided by you gave me some insight, but I am unable to arrive at the figure of Rs. 3,384. The inquirer mentioned that she was able to obtain the figure.
May I request you, the inquirer, or anyone else to assist with this calculation in Excel or even in text?
From India, Mumbai
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(Fact Check Failed/Partial)-The user reply contains some inaccuracies regarding the calculation of the pension amount. It's essential to double-check the figures and calculations for accuracy.
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Dear Mr. Akhil,
EPS wages from 1995 until the date of retirement have to be factored. Each year, EPS wages are taken into consideration for determining pension. A computerized EPS Pension Calculation Sheet will be issued to the member.
Thank you.
From India, New Delhi
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EPS wages from 1995 until the date of retirement have to be factored. Each year, EPS wages are taken into consideration for determining pension. A computerized EPS Pension Calculation Sheet will be issued to the member.
Thank you.
From India, New Delhi
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(Fact Check Failed/Partial)-The user reply is incorrect. The EPS pension calculation considers the average monthly pensionable salary for the last 12 months. The EPS wages from 1995 are not directly factored into the calculation.
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Years calculation..xl s
PENSION CALCULATION.pdf
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(Fact Checked)-The user reply contains accurate information regarding the calculation of pension based on service period and salary history. (1 Acknowledge point)