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Dear Seniors,
1. A employee worked for 15 years of service, deducted contribution on 6500/- ceiling 780 per month. How much pension amount monthly he will get ?.
2. And tell me how to do the pension calculation.
3. How much is minimum pension ?
REGARDS
V.R.MURTHY

Satish

I do not know whether all or some of the employees are asking for PF withdrawal or how educated they are. It is possible that now they have a HR person and they are just trying to find our the possibility.

Others have given you the rules and possibilities.

What is left is for you to handle this like a proper HR person - clearly communicate the provisions, understand the problem, try to work out a solution within the confines of the law and prevent it from becoming an issue / fermenting discontent.

One of the requirement of the law is to display an abstract of the the law so people know what (in summary) is the rights and duties. Putting that up in a language that the workers understand will help

Another thing is you can show some of the workers what the PF website says. It will have a local language version which u can show them. Perhaps help some of them to access their account and see the balance and what options it shows them.

Perhaps (if the audience is large enough), get a trainer or expert to give a training session on PF. The local PF officers may be willing to come and talk. I know of few cases where they have agreed to come and address the workers

It's like change management really

Think your way through.

Dear Sathish,

Prepare the below details in a tabular format at handover to employees who need to withdraw their amount.

Advance/ Withdrawals may be availed for the following purposes:

•Marriage / Education

Purpose : For the marriage/education of Self & Family

Eligibility : Should Complete atleast 7years of service.

Max Amount : 50% of Emp’e Share

Document : Apply in Form 31 thorough the Employer



•Treatment

Purpose : Treatment of Self, Family (Dependents)

Eligibility : No minimum service required

Max Amount : 6 times of Wages or Full of Emp’e Share

Documents : Apply in Form 31 through the Employer

•Purchase or construction of Dwelling house

Purpose : Purchase or Construction House/Flat

Eligibility : Should complete 5years only in one service.

Max Amount : 36 times of Wages.

Documents : Apply in Form 31 through Employer

•Repayment of Housing Loan

Purpose : Payment of House Loan

Eligibility : Should complete 10years only in one service.

Max Amount : 36 times of Wages

Documents : Apply in Form 31 through the Employer

•Purchase of Plot

Purpose : Purchase of Site/Plot

Eligibility : Should complete 5years only in one service

Max Amount : 24 times of Wages

Documents : Apply in Form 31 through the Employer

•Addition/Alteration of House

Purpose : Repair of house

Eligibility : Should complete 5years only in one service / Construction of House.

Max Amount : 24 times of Wages

Documents : Apply in Form 31 through the Employer

•Lockout

Purpose : Lockout of Closure of the Establishment

Eligibility : Should be closed for 15days / No wages for 2months.

Max Amount : Total of wages multiplied by no.of months closed

Documents : Apply in Form 31 through the Employer

•Withdrawal Prior to Retirement

Purpose : Withdrawal prior to Retirement

Eligibility : No min service, atleast 54 years of age /

1year before retirement.

Max Amount : 90% of total of both shares

Documents : Certificate from the Emp’r showing the date of

retirement / Apply in Form 31

•Other Advances

Purpose : Advance in Abnormal Conditions

Eligibility : Certificate of damage from appropriate authority

Max Amount : Rs. 5000/- or 50% of member’s own share of

contribution.

Documents : Certificate from Appropriate authority / Form 31.

This may help you..

Regards,

K.SAIKISHORE

SENIOR EXECUTIVE - HR

HYDERABAD

09949423193


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