No Tags Found!

kbndevi
Thank you very much for the reply. Can you please tell how the withdrawal benefit is calculated and what percentage of total contribution is diverted to pension fund?
From India, Bangalore
jeevarathnam
633

hi On the employers contribution of 3.615 is been transferred to pension fund
From India, Bangalore
abbasiti
517

Dear friends,
Generally EPF contribution is 12% of salary. Out of this 8.33% (subject to a ceiling of Rs. 541) will be credited to pension fund.
For withdrawal benefit, factor as per Table D is multiplied by last drawn twelve months average salary (subject to a salary ceiling of Rs. 6500). Result will be the withdrawal benefit.
Abbas.P.S

From India, Bangalore
Vidyadhar Bhat
73

Dear All Pl find attached HAND BOOK on EPS with details of calculations. Please go through Thanks, Bhat
From India, Pune
Attached Files (Download Requires Membership)
File Type: pdf EPS Scheme 1995.pdf (5.76 MB, 688 views)

Adoni Suguresh
150

Dear KBN Devi,

This has already been discussed in this thread and many peoples have contributed their views Please search in this thread.

The employees Pension Fund was introduced on 16th November, 1995 by superseding Employees Family Pension Scheme,. 1971. As per new Employees Pension scheme, 1995, to get the benefit of this fund the employee should complete pensionable service ie 10 years from the date of his joining. To get this benefit the employee should attain the age of 58 years. The actual benefit will be calculated only after the retirement of the employee. The exact pension amount per month cannot be arrived. As of now who have completed the 10 years and above and retired after attaining the age of 59 years an amount of Rs.1,400 to 1,500 per month may get (approx) Pensionable salary is the same and applicable to all kinds of employees including General Managers. Newly joined or not completed minimum pensionable service, the employee has got the option to with draw his or her contribution by applying the claim Form No.10C if it is less than ten years.

Bifurcation of Employers contribution towards Provident Fund, Pension is already explained by me in earlier contribution.

Adoni Suguresh

Sr.Executive (Pers, Admin & Ind.Rels) Rtd

Labour Laws Consultant .

From India, Bidar
Adoni Suguresh
150

Dear All
This is with reference to my contribution dt 22nd instant in this thread and subject, there was a typographical error while typing 58 years, by oversight it was typed as 59 years. Readers are requested to read it as 58 years. I regret for the inconvenience and sorry form the same.
Adoni Suguresh
Labour Laws Consultant

From India, Bidar
abbasiti
517

Dear Sir,
You have stated that the exact pension amount cannot be arrived. This wrong there is clear calculation method for both past service (service up to 15.11.1995) and pensionable service (service w.e.f 16.11.1995). Kindly furnish the date of birth, date of join, salary on 16.11.1995 & pensionable salary (average salary of last twelve months prior to stoppage of pension contribution), service break if any before attaining the age of 58 years etc.
Abbas.P.S

From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.