From "JAWEDALAM" : 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.
9th August 2010 From India, Dhanbad
Attached Files
 PENSIONABLE SALRY CALCULATOR.xls (68.5 KB, 2106 views)

JAWEDALAM 53
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
10th August 2010 From India, Dhanbad
JAWEDALAM 53
hi . forget to upload file...sorrrrryyyyyyy to all. this is changed file. regards
10th August 2010 From India, Dhanbad
Attached Files
 NEW PENSIONABLE SALRY CALCULATOR.xls (60.5 KB, 979 views)
abbasiti 419
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
11th August 2010 From India, Bangalore
Attached Files
 EPF Pension.xls (27.5 KB, 614 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
11th August 2010
abbasiti 419
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
11th August 2010 From India, Bangalore
JAWEDALAM 53
dear abbasiti. Thanx for useful info... and thanx to all.. again more suggestions in this regard are welcom.. regards jawedalam
11th August 2010 From India, Dhanbad
abbasiti 419
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
2nd November 2010 From India, Bangalore
abbasiti 419
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
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
2nd November 2010 From India, Mumbai
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