Subbarao.v
Esi & Pf Consultant
+3 Others

Thread Started by #srivastava1967

Dear ,
pls advise me on my Pension amount eligibility, as I joined my previous company on 01.04.2002, as before that whereever i worked , i have withdrawn my PF amount totally and did not carried over to new company. Last company I worked from 01.04.2002 till 03.04.2012. I completed 10 yrs. I had submitted my PF papers for withdrawal. Now as per H.O , my EPF amount will be issued for EPS certificate and after attaining age of 58 yrs, I shall be eligible for pension.
Pls advise what will be my Pension eligible amount , as my last salary gross was Rs 80000/- and now I have joined new company where my salary is Rs 85000/- gross> pls confirm. Regards
31st July 2012 From India, Bangalore
You can obtain scheme certificate under Pension scheme and continue to contribute to your pension even after joining the new comapny which I feel, is the better option.
B.Saikumar
HR & Labour Law Advsor
Mumbai
31st July 2012 From India, Mumbai
from employer's share of Provident Fund contributions 8.33% of the total wages limited to Rs. 6500/- per month is segregated and credited to the Employees' Pension Fund in A/C No. 10 ( w.e.f. 1-06-2001 ).
The Central Government also would contribute at the rate of 1.1 / 6% of total wages.
1st August 2012 From India, Bangalore
Firstly, 8.33% of the 12% Provident fund contribution will be transferred to the separate account- "Employees' Pension Fund Account" maintained by the Regional Commissioner (Appointed by The Central Board under pension Scheme), for which you would be getting a separate account number maintained through your service.

Secondly, in case of discontinuation of service in the same company, you shall have to transfer the pension account to the nearest Regional Pension authority/office, by informing the Commissioner who transfers the account to the other nearest regional office.

Thirdly, Incase, if you have not transferred your account you may go to the related Commissioner's regional office discuss the issue and request for the pension amount or to combine the pension amount with the existing amount....

fourthly, your pension will be calculated considering your : Monthly pension amount payable multiplied by the total period of service rendered.

Which requires the minimum of 10yrs of service, for withdrawal completion of 20years and age above 50 or at the age of 58....... (in exceptional cases above 10 years of service for which there will be discounts in payments....)

For more details......... :

(1) A member shall be entitled to :-

(a) superannuation pension if he has rendered eligible service of 20 years or

(b) more and retires on attaining the age of 58 years;

(c) retirement pension, if he has rendered eligible service of 20 years or more and retires or otherwise ceases to be in the employment before attaining the age of 58 years ;

(d) short service pension, if he has rendered eligible service of 10 years or more but less than 20 years.

(2) In the case of a new entrant the amount of monthly superannuation pension or retiring pension, as the case may be, shall be computed in accordance with the following factors, namely :- -

Monthly member's pension = Pensionable salary X Pensionable service

--------------------------------------------------

(3) In the case of an employee 2[who was a member of the ceased Family Pension Scheme, 1971] and who has not attained the age of 48 years on the 16th November, 1995 :

Superannuation/retirement/short service pension shall be equal to the

aggregate of :-

(a) Pension as determined under sub-paragraph (2) for the period of pensionable service rendered from the 16th November, 1995 or Rs 635/- per month whichever is more ;

You may also refer Employee provident funds and miscellaneous provisions act 1952.......

Best Wishes......
1st August 2012 From India, Bangalore
The Employees Pension Scheme [EPS] came into effect from 16/11/1995. To calculate your eligibility for pension now it is essential to know whether you were in service as on 16/11/95 and whether you were covered by EPF and the earlier Family Pension Scheme 1991.
1st August 2012 From India, Madras
One formula is there for pension calculation PENSIONABLE SALARY*NO.OF YEARS SERVICE/70 For example if your BASIC is Rs.6500: 6500xno of years service(10)/70 v.subbarao
2nd August 2012 From India, Madras
Hello Srivastava,
You may refer : Do You Know - Pensioners Portal for clear and required details.......
3rd August 2012 From India, Bangalore
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