Labour Laws Consultants
Assistant Engineer, Indian Telephone Industries,
Consultancy In Pf
Generally on completion of 58 years' age you are eligible to get pension. To calculate pension amount kindly provide 1) your Date of Birth 2) Service details (Date of join, date of reieiving etc.) of the previous company 3) date of join in the present company etc.
26th July 2014 From India, Bangalore
26th July 2014 From India, Delhi
Your pension amount for family pension period (till 16.11.1995) will be Rs. 605 and for pensionable service (w.e.f 16.11.1995) will be Rs. 1764. Hence total will be Rs. 2369.
The ceiling of salary for PF will be increased from Rs. 6500 to Rs. 15000 soon. Accordingly that will reflect in your pension amount also.
26th July 2014 From India, Bangalore
The calculation of pension prior to the scheme i.e.16.11.1995 seems to be wrong. In my opinion maximum benefit for prior period was fixed lump sum at maximum Rs.200/- if you contributed up to the ceiling limits.
Secondly, if you remain member for 20 years to EPF, you will get 2 grace years while compiling number of years of contributions.
P K Sharma
28th July 2014 From India, Delhi
As per Employee's Pension Scheme 1995, the calculation formula of monthly pension is as below:
= Latest PF Basic('i.e max Rs.6500)*No. of years service/70
As per above case:
=6500*19 yrs service/70
No need to wait to attain 58 yrs to get monthly pension amount, if you are not employee you can apply for monthly pension once you attain the age of 50 yrs. the authority will deduct 3%while calculation pension for each year if he is less than 58 years.
Seniors pls correct me if I am wrong.
I don't want to give wrong information here.
Praveen Kumar Shetty
28th July 2014 From India, Mumbai
It seems that you are still in service and contributing Rs 541/-.
After completing age 58, you will be eligible for Pension.
Presently PF office is calculating on last 12 months average salary subject to Max Rs. 6500.00
6500/70 * No of years service after Nov 1995.
for Service before Nov 1995, there is separate table for Pension calculation available of PF site.
You can calculate Monthly pension as above.
Now EPF is proposed to get average salary for last 5 yrs contribution for EPS pension calculation. accordingly the member can get benefit of higher contribution benefit.
Thanks & Regards,
28th July 2014 From India, Pune
I was far from CiteHR due to Eidul Fither (Ramzan). Accordingly I am unable to timely respond to your queries.
The maximum slab amount for the period up to 16.11.1995 is Rs. 170/- (not 200), i.e, for a service of 20 years and above. In this case the service up to 16.11.1995 is 18 years only. Hence the slab amount is Rs. 135/-. (That too if the salary on 16.11.95 is above 2500. If it is less this will be 120.) But the slab amount is stipulated to those receive the benefit on 16.11.95. If we attain the age 58 years after 16.11.95, there is an interest factor as per Table B. Here there is less than 20 years (from 16.11.1995 to December 2014) before attain 58 years. For less than 20 years, the multiple factor, as per Table B is 4.485. Hence the calculation 135x4.485 = 605/-.
30th July 2014 From India, Bangalore
please let me know one of our employee are going to complete his 58 years of age in December-2014.
now what should i do in PF deduction, should i stop his pf contribution are continue.
and also let me know the Retire processing.
30th September 2014 From India, Dehra Dun
On completion of age 58, if still he is in service, do not deduct EPS contribution after December 14.
and MC will be equal with CC until retirement.
IF member's service is more than 10 yrs, send form 10 D to PF office for Monthly pension purpose even in service.
30th September 2014 From India, Pune
he has joined this here on 10 January 2012, so he has not completed 10 years of service in this organization.
i think he is not eligible for pension.
i have two question on completion the 58 years of age,
first can i take him on payroll, will he work as a regular employee as same now.
second is . what is basic formalities of retire?
16th December 2014 From India, Dehra Dun
The employee's service in EPS will be rounded to three years (2012 January to 2014 December). For 3 years, the factor as per Table D is 2.98 which will be multiplied by salary. The amount arrived thus will be paid as one time withdrawal benefit towards EPS contribution.
After completion of 58 years, whether the employee can continue or not; it depends on your company's terms & conditions, standing order etc.
17th December 2014 From India, Bangalore
Send form 10C duly filled to RPFC for withdrawal of EPS.
Member can continue on Payroll. Only his EPS contribution will not be deducted and added in Company Contribution.
About retirement follow guidelines of the Company. If nothing is mentioned, can continue as regular employee. After retirement he can withdraw his PF and other benefits if any.
17th December 2014 From India, Pune
Now only I have noticed your query. Past service benefit is in slab basis. For those having a salary of Rs. 2500 and above on 15.11.1995, the slab amount will be as follows.
upto 11 years - Rs. 85
12 to 15 - 105
16 to 19 - 135
20 & above - 170
As your service between October 1977 and 15.11.95 is 18 years, the slab amount is 135/-. But this amount is meant for those complete 58 years on 16.11.1995. If 58 years completion is after 16.11.1995, the said amount will be multiplied by a factor stipulated in Table B; in compliance with the difference between 16.11.1995 to the date of completion of 58 years. In this case difference between 16.11.1995 to Dec 2014 is less than 20 years and factor for less than 20 is 4.485. Hence pension for past service is 135x4.485 = Rs.605
22nd December 2014 From India, Bangalore