vikramlamhe Started The Discussion:
I HAVE COME TO KNOW THAT THERE IS SOME AMENDMENT IN THE THE EMPLOYEE PENSION SCHEME,1995. CAN ANYONE TELL WHAT ARE THESE AMENDMENTS ? REGDS, VIKRAM SINGH
my father has taken retirement on 31/12/2003, and his pension is starting from 1/7/2008 , first pension came on 8/8/2008, will u plz tell me which factor table will be used for calculating his pension... should i use old table B or the new amended table B...as his current pension is less as per my computation... i want to file an application for the revision plz tell me which table to use
i have 18yrs. service in hsmitc in haryana govt as j.e. i have c.p.f account.i have not withdrawn my dues till today. in 1996 i have been absrobed in panchayati raj deptt. at same post. in 2002 hsmitc has been closed by govt of haryana all employee of it lost their jobs. now i am 51 year old . my question is that can i have pension under pension scheme 1995 ? reply me on thank you
Dear Pramod Redhu,
For Pension calculation the following details are required.
1. Date of Birth
2. Date of Join in EPF
3. Break in service before 16.11.95
4. Break in service after 16.11.95
5. Salary on 16.11.95
6. Salary at the time of Exit
From the available details I have reached to a conclusion as
1. Your service before 16.11.95 is 17 yrs
2. Service after 16.11.95 is 1 yr
As you are below 48 yrs age on 16.11.95, you are entitled to get minimum pension as follows.
1. In case your salary on 16.11.95 is below 2500/-
Past Service Benifit - 120x4.844 = 581
Pensionable Service Benefit - 635
Total = 1216/- (Subject to a minimum of 800/-) for 24 yrs' service.
For 18 yrs - 1216x18/24 = 912 (Subject to minimum 450/-)
2. If salary on 16.11.95 is 2500/- or above
Past Service Benefit - 135x4.844 = 654
Pensionable Service Benefit - 635
Total = 1289 for 24 yrs
For 18 yrs = 967
i.e. Either you will get 912 (for below 2500/- on 16.11.95) or 967 (for 2500/- & above on 16.11.95) on completion of 58 yrs age.
Those who are not in service with PF applicablity, can avail pension from the age 50 yrs onwards. But for each year they will be deducted 4%. For example if you opt for pension now, at 51 yrs; multiplying factor on pension will be 0.96 to the power of 7 = 0.885
Therefore reduced pension at 51 yrs = 912x0.885=807 or 967x0.885=856.
Abbas.P.S, ITI Ltd, Palakkad - 678 623.
Ph. +91 9447 467 667
I AM GIVING MY DETAILS BELOW, WHAT AMOUNT I SHOULD GET AS PENSION.
1. Date of Birth : 06-08-1951
2. Date of Join in EPF : 01-12-1974
3. Break in service before 16.11.95 : NIL
4. Break in service after 16.11.95 : NIL
5. Salary on 16.11.95 > 5000
6. Salary at the time of Exit > 50000.
BY ENTERING ABOVE DETAILS IN THE EXEL SHEET YOU HAVE PROVIDED. I SHOULD GET RS. 1780/- AS PENSION. BUT, I HAVE RECEIVED P.P.O. AND IN THAT AMOUNT OF PENSION IS RS. 1687/- KINDLY ADVISE ME.
G R BAVARVA
Found This Useful? +Vote Up This Page Via Google.
Why Vote? User validation is extremely important for good content to prosper.
Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction towards the actions necessary. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.
Explore Topical Knowledge Areas
Topic Categories >> employee pension employee pension scheme esi interest rate Location-India-Delhi my dues pension calculation pension scheme thank you Complete List Of Categories
Interesting Relevant Discussions