chitra anand
2

hI,
Newly joined to this site. I need some info about PF pension scheme. How the person gets the final settlement, i agree after 5 years, he can apply for pesnion, if he is not interested, or before 5 years, whether the Pension amount also added in the PF amount or it goes to the govt kitty. kindly explain .
thanks
chitra

From India, Madras
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Abbasiti
Assistant Engineer, Indian Telephone Industries,
Chitra Anand
Hr Manager
+2 Others

vinay.a
2

hi hope this will help you ....... Regards Vinay
From India, Bangalore

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jimson
Hi,
Pls also go thru EPFO website / its various links wherein
complete info is available on all issues related to
PF / Pension scheme etc. However, few specific weblinks
are shown below for quick Ref:-
a) EPFO <link updated to site home>
b) The relevant forms (with brief explanatory
notes alongside ) are available under
the 'DOWNLOADS' link on said website.
EPFO <link updated to site home>
c) EPFO <link updated to site home>
d) EPFO <link updated to site home> #
regards
varghese

From India, Delhi
jimson
Dear Chitra,
Pls also find herewith PF Pension manual (this along with other supporting documents / notes etc are available on the EPFO website,
www.epfindia.gov.in )
regards
varghese

From India, Delhi

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File Type: doc INDEX.DOC (428.0 KB, 213 views)

abbasiti
517

Dear Chithra,

There should be minimum 10 years service in EPF to get 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

Besides the above method calculation there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorised into three.

1. Date of commencement of Pension before 16.11.2000

2. Date of commencement of Pension between 16.11.2000 & 16.11.2005

3. Date of commencement of Pension after 16.11.2005

As the first two categories are already over, I shall a give a brief on third.

Pensionable benefit (minimum) of Rs. 635 and Past service benefit as mentioned above, subject to a minimum of Rs. 800. This amount is for 24 yrs or more service. If it is less than 24 yrs, this will be reduced in proportionate (amount x actual service / 24). However this amount will be subject to a minimun of Rs. 450.

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, ITI Ltd, PALAKKAD - 678 623

Ph. +91 9447 467 667

From India, Bangalore

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