If i worked for 11 years and i just completed 59, my basic + d.a amt is 8500 for whole working period, what will be my pf and pension amt ?
From India, Mumbai
Acknowledge(0)
Amend(0)
5From India, Mumbai
Acknowledge(0)Amend(0)
The act is applicable to all establishments employing 20 or more persons, and an exemption is granted for cooperative societies set up under central, provincial, or state acts where contributory PF or any scheme or rule is applicable. Please provide some details regarding the type of organization you have worked for.
In general, your PF amount would be in the range of Rs. 179,520 to Rs. 291,720, depending on the percentage by which you contributed.
From India, Delhi
Acknowledge(0)Amend(0)
In general, your PF amount would be in the range of Rs. 179,520 to Rs. 291,720, depending on the percentage by which you contributed.
From India, Delhi
Acknowledge(0)Amend(0)
Dear Krishna,
For pension in EPF, service up to 58 years will be counted. If you have 11 years of service at the age of 59 years, your pensionable service will be 10 years. The statutory ceiling of EPS is Rs. 6500/-. Therefore, the pension calculation would be 10 x 6500 / 70 = Rs. 929/-.
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
For pension in EPF, service up to 58 years will be counted. If you have 11 years of service at the age of 59 years, your pensionable service will be 10 years. The statutory ceiling of EPS is Rs. 6500/-. Therefore, the pension calculation would be 10 x 6500 / 70 = Rs. 929/-.
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
I am not clear how the pension amount is calculated. Suppose every month, my company deducts 1250 as an employee contribution and 1250 as an employer contribution for the PF fund. I am 27 years old, and I will retire at 58 years. Can you please inform me about what my pension amount would be and what is the maximum period for which I will receive it? Could you also explain how the pension is calculated?
Thank you.
From India, Mumbai
Acknowledge(0)Amend(0)
Thank you.
From India, Mumbai
Acknowledge(0)Amend(0)
Dear Govind,
To calculate the pension, the following details are required:
1. Date of Birth
2. Date of Joining in EPF
3. Date of Exit from EPF
4. Break in service, if any
5. Salary at the time of exit from EPF or at age 58, whichever is earlier.
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
To calculate the pension, the following details are required:
1. Date of Birth
2. Date of Joining in EPF
3. Date of Exit from EPF
4. Break in service, if any
5. Salary at the time of exit from EPF or at age 58, whichever is earlier.
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
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 past service and the latter one pensionable service. Past service is divided into 4 slabs: service up to 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 who 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: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of the 2nd category, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For details, please visit the website: [EPFO](http://epfindia.com)
One example I shall quote:
Date of Birth - 2.1.1961
Date of Joining - 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 years 9 months (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 of calculation, there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorized into three groups:
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 give a brief on the 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 years or more of service. If it is less than 24 years, this will be reduced proportionately (amount x actual service / 24). However, this amount will be subject to a minimum of Rs. 450.
I shall insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund), and break in service before and after 16.11.95, if any, in the green column. The results will appear in the yellow column. The red column is for static information.
In case of any errors or suggestions, please notify me.
Abbas. P. S, ITI Ltd, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
Acknowledge(0)Amend(0)
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of the 2nd category, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For details, please visit the website: [EPFO](http://epfindia.com)
One example I shall quote:
Date of Birth - 2.1.1961
Date of Joining - 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 years 9 months (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 of calculation, there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorized into three groups:
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 give a brief on the 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 years or more of service. If it is less than 24 years, this will be reduced proportionately (amount x actual service / 24). However, this amount will be subject to a minimum of Rs. 450.
I shall insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund), and break in service before and after 16.11.95, if any, in the green column. The results will appear in the yellow column. The red column is for static information.
In case of any errors or suggestions, please notify me.
Abbas. P. S, ITI Ltd, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
EPF PENSION CALCULATION.zip
EPF Pension xls new calculation.xls