Hi, can anybody help with "how can we calculate the pension under EPF & mis. Act-1995. Suppose a person, X, who is getting a salary of 10000 (Basic is Rs. 5500), has completed 9 years and 7 months in the company and would like to leave the company. My question is, is he entitled to the Pension fund or not?
Thanks,
Sudhir
From India, Delhi
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1Thanks,
Sudhir
From India, Delhi
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I understand from the PF Act that if an employee completes 10 years of service, he is not eligible to withdraw the pension amount; rather, he may get a scheme certificate. If less than 10 years have been completed, he may withdraw the pension amount by ticking the option in form 10-C (Scheme certificate not required).
Hope this clarifies.
Regards,
S. ANAND SIVAKUMAR
From India, Madras
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Hope this clarifies.
Regards,
S. ANAND SIVAKUMAR
From India, Madras
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Dear Sudhir,
As he has completed 9 years and 7 months, this is to be considered 10 years (a fraction of more than 6 months is considered as one year); hence, he is not entitled to pension fund withdrawal. He can only avail of a scheme certificate or pension after attaining the age of 50 years.
Regards,
Baba Naresh
From India, Delhi
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As he has completed 9 years and 7 months, this is to be considered 10 years (a fraction of more than 6 months is considered as one year); hence, he is not entitled to pension fund withdrawal. He can only avail of a scheme certificate or pension after attaining the age of 50 years.
Regards,
Baba Naresh
From India, Delhi
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He can avail pension at 50 years conditionally. He should not be in PF applicable service while claiming pension. For every year below 58 years, 4% will be deducted from the pension amount. However, to apply for a Scheme certificate, there is no age limit or service limit.
Abbas
From India, Bangalore
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Abbas
From India, Bangalore
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Dear Bhanu Sabarewal,
I am writing to inquire about the general calculation of provident fund. The breakdown is as follows:
- PF: 12% (employee contribution)
- FPF: 8.33% (employer contribution) - will be restricted to Rs. 541/-, with the remaining portion added to PF (12%)
- EPF: 3.67% (employer contribution, which will be added to PF - 12%)
I hope this information clarifies your query.
Regards,
S. Anand Sivakumar
From India, Madras
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I am writing to inquire about the general calculation of provident fund. The breakdown is as follows:
- PF: 12% (employee contribution)
- FPF: 8.33% (employer contribution) - will be restricted to Rs. 541/-, with the remaining portion added to PF (12%)
- EPF: 3.67% (employer contribution, which will be added to PF - 12%)
I hope this information clarifies your query.
Regards,
S. Anand Sivakumar
From India, Madras
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EPF PENSION CALCULATION.zip
EPF Pension xls new calculation.xls