Advocate - Labour & Industrial Law
Abbasiti
Assistant Engineer, Indian Telephone Industries,
Vmlakshminarayanan
Ankursaxena83
Payroll & Training&development
Gs_krishna
Team Member
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Dear All,
I worked for a company for 05 years and then for another company for 03 years. I got my PF and Pension fund transferred from my previous company to the second company. Now, i applied for withdrawal of both PF and EPF amounts. The EPFO office has paid me my Pension fund amount by considering only 03 years of service. My total service was 08 years 06 Months and 15 days.
Service period was from May 01, 2000 to Dec 14, 2005 and Dec 15,2005 to Dec 15,2008.
Kindly let me know :
1. the procedure of calculation of pension fund amount if we apply for withdrawal.
2. whether it would be taxable or not.
3. How much amount i should have got if my last basic salary was Rs.4208/-
Waiting eagaerly for your responses !!
Thanks,
Kishor Satyawali

From India, Pune
Halo,
calculation of pension(Form 10C) is as follows
Basic x 8.33%
In your case 4208 x 8.33% = 351 x (Total no. of months ie 60)= 351*60=Rs.21060/- (Excluding Interest)
For provident Fund (Form 19)
From Employee side 4208 x 12%=30300/-
From Employer side=4208 x 3.67% =9240
=Rs. 30300+9240 =39540 (Excluding Interest)
calculation is done considering 5 years =5*12=60months
It is not taxable.
Regards
Sandhya

From India, Ranchi
Dear kishor , As per sandhya the calculation is perfect, But let be sure that your 1st one amount is transferred or not in ur 2nd account.
From India, Ramnagar
Hi Sandhya, Please note that " there is no interest for Pension fund ". Interest is only applicable for Provident Fund. Regards V.M.Lakshminarayanan
Dear All,
Many thanks for your responses..I have sent my grievance to the EPFO online. Waiting for their reply. I think if the employer part of 3.67% was transferred to my second pf account then the rest 8.33 % must have been credited into the new account.
Thanks,
Kishor Satyawali

From India, Pune
Dear Kishor Satyawali,
If you contributed 8 years 6months and 15 days to pension fund, your service will be rounded upto 9 years. As per Table D, multiplying factor for 9 years will be 9.33 and will be multiplied by the salary on which the pension fund payment was made.
For e.g, if salary is 6500,one time withdrawal benefit is 6500x9.33 = 60645.
Abbas.P.S

From India, Bangalore
Dear Kishore
As per the provisions of Employees' Pension Scheme 1995 (amended upto date), the amount of Pension Fund (i.e. Return of contribution on exit from the employment) is calculated as provided in Table D of the scheme.
In your case, the Return of contribution on exit from the employment for working 08 years 6 months and 15 days would be as under:-
Year of service : 9 years (since rounded off to nearest six months)
Factor - Proportion of wages at exit : 9.33
Hence you may be entitled to an amount = (Last 12 months average Basic rate * 9.33)
Suppose your average pay is Rs. 4208, then the Return of contribution on exit from the employment would be 4208 X 9.33 = Rs. 39260.64
Regards

From India, Ludhiana
Excellent answer from Advocate Mr.Gupta........ Please follow with that answer....... All PF Pension with drawl based on Table D only up to 10 years..... Thanks..... satyaa k Human Resource
Dear All,
Many Thanks for your timely inputs. I have been regularly following up with this issue. I have come to know that i have received only my second company's pension fund amount. When asked why i didn't get my first company's pension fund amount they are saying that the PF office is asking for fresh attestation of annexure K form from the Vapi, Gujarat PF office. Accordingly, i have sent the K form copies for attestation to Vapi office by registered post in Feb,2013 but have not got any reply from their office.
Thanks,
Kishor

From India, Pune
I worked 7 years for a company, now i am planning to withdraw my PF amount, am i eligible to withdraw my pension as well?
If i am not eligible to withdraw pension can i withdraw same pension after 10 years i.e. irrespective of the PF withdrawal

From India, Bangalore
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