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.
Posted 9th August 2010 From India, Dhanbad
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Shared By Cite.Community Member "JAWEDALAM" For Public Download
File Type: xls PENSIONABLE SALRY CALCULATOR.xls (68.5 KB, 2061 views)
Hi, Thanks for posting ... Regards, Shyam (Career Forum) at http://www.jobslinked.in
Posted 10th August 2010 From India, Madras
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
Posted 10th August 2010 From India, Dhanbad
hi . forget to upload file...sorrrrryyyyyyy to all. this is changed file. regards
Posted 10th August 2010 From India, Dhanbad
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Shared By Cite.Community Member "JAWEDALAM" For Public Download
File Type: xls NEW PENSIONABLE SALRY CALCULATOR.xls (60.5 KB, 943 views)
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 <link updated to site home>

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
Posted 11th August 2010 From India, Bangalore
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Shared By Cite.Community Member "abbasiti" For Public Download
File Type: xls EPF Pension.xls (27.5 KB, 588 views)
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
Posted 11th August 2010
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
Posted 11th August 2010 From India, Bangalore
dear abbasiti. Thanx for useful info... and thanx to all.. again more suggestions in this regard are welcom.. regards jawedalam
Posted 11th August 2010 From India, Dhanbad
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
Posted 2nd November 2010 From India, Mumbai
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
Posted 2nd November 2010 From India, Bangalore
Dear Varghese, Employees Pension Scheme is common for both Private and Public Sector. Hence you can use for both. Note that I have attached a revise excel sheet. Abbas.P.S
Posted 2nd November 2010 From India, Bangalore
karnna 
Dear Abbas which is revised excel sheet ? which shows 26 kb another one shows 27.5 kb yet another shows 21.5 kb Please help me to download the correct one. Thanks Varghese
Posted 2nd November 2010 From India, Mumbai
This one is very good useful info.. Normally the topic is not discussed and very few have some idea.. This one really helpful. Thanks. Govind
Posted 29th December 2010 From India, Mumbai
Who are elligible for pension ? A service company which was operational for 10 years and have shut down due to owners ill health .The employees were under PF scheme and none of them are close to retirement age is entitled for pension ?
Please advise .
Thanks
Partha
Posted 22nd January 2011 From India, Mumbai
Those who have a service of 9 years and 6 months or more in pension scheme are eligible for pension. The minimum age to receive pension is 50 years. Those who have not a service of 9 years and 6 months can avail the withdrawal benefit.

Abbas.P.S
Posted 27th January 2011 From India, Bangalore
Hi, Thank you for sharing this information Regards, Shyam (Career Forum) at http://www.jobslinked.in
Posted 24th February 2011 From India, Madras
one of our employee death on november 4th '2010 his pensionable salary Rs.6500/- how much widow pension is getting
Posted 9th March 2011 From India, Hyderabad
Widow Pension (Table C) is Rs. 2051. Also if widow has children below the age of 25 years, each of them will get Rs. 513 till they attain an age of 25 years. Abbas.P.S
Posted 10th March 2011 From India, Bangalore
Hello all,

I need to know how to calculate my monthly family pension as i have refered some posts but still not able to come conculsion. please find the below details and suggest wht will be my monthly pension.

dob:01.01.1951
doj01.02.1972
dor:31.12.2010

basic+da=28925 (last month or avg of ten months.)

Thanks in advance

Regards
Santosh
Posted 13th April 2011 From India, Bangalore
HI I want to calculate my monthly pension i have done a service of 40 yrs and i am the karnataka state employ and the pensionable calculator is applicate for the state employs also. Regards santosh
Posted 14th April 2011 From India, Bangalore



 
 
 
 







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