Pensionable salry calculator - pension calculation Xls Download
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Pensionable Salry Calculator - Pension Calculation

JAWEDALAM Started The Discussion:

Hi to all.
enclosed please find a PENSIONABLE SALRY CALCULATOR. I have tried to develop this calculator and in the process some mistakes u may find, so i request u all to please help me if u can prepare a better PENSIONABLE SALRY CALCULATOR, it will be very helpful.
Suggestiona are welcome.
regards.


Attached FilesProvided by community member JAWEDALAM. Join us to learn and grow with your peers.
File Type: xls PENSIONABLE SALRY CALCULATOR.xls (68.5 KB, 1658 views)
shmkumar - Contributing Member
Hi, Thanks for posting ... Regards, Shyam (Career Forum) at http://www.jobslinked.in

JAWEDALAM - Contributing Member
hi, some changes done because in previous version the pension calulation was done on the basis of 60 years but it is to be done on 58 years. sorry.. regards. JawedAlam

JAWEDALAM - Contributing Member
hi . forget to upload file...sorrrrryyyyyyy to all. this is changed file. regards


Attached FilesProvided by community member JAWEDALAM. Join us to learn and grow with your peers.
File Type: xls NEW PENSIONABLE SALRY CALCULATOR.xls (60.5 KB, 782 views)
abbasiti - Contributing Member
There is no upper limit for Eps-95 pension. For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.

For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.

For details please see the web site :
EPFO

One example I shall quote.

Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)

Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)

Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)

Total Pension - (A) + (B) = Rs. 2840

I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.

In case of any error or suggestion, please notice to me.

ABBAS.P.S
Secretary,
ITI Employees' Association,
ITI LTD, PALAKKAD - 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667


Attached FilesProvided by community member abbasiti. Join us to learn and grow with your peers.
File Type: xls EPF Pension.xls (27.5 KB, 503 views)
dharma_mbs - 
Dear JawedAlam

Please include in the calculation method those who are not completed 10 years of service How much they will get pension

For Best Calculation of PENSION & WITHDRAWAL BENEFIT Please visit this link:

http://www.epfkerala.in/calcpenwb.html


Dharma

abbasiti - Contributing Member
Dear Dharma,

Those who have not completed 10 years in EPF are not eligible for PF pension and hence there is no room to raise such a question.

In the above excel sheet I have included all details including the nearest date for pension entitlement, which I didn't experienced from any other site. Even then you have quoted the best calculation is from "epfkerala".

Piease go thoroughly through my excel sheet.

Abbas.P.S

JAWEDALAM - Contributing Member
dear abbasiti. Thanx for useful info... and thanx to all.. again more suggestions in this regard are welcom.. regards jawedalam

karnna - 
Dear Abbas, I have gone through you EPF Pension Calculator. Is it applicable for all who have PF ? I mean people working in Pvt. Companies ? Regards Varghese mumbai svarghese@hotmail.com

abbasiti - Contributing Member
Dear Varghese, In Employees Pension Scheme 1995, there is no difference between Private and Public Sector. Hence you may use for both. Abbas.P.S



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