The above calculation is not correct.
Past Service (round figure) - 12 years
Slab amount for 12 years - Rs. 105
Multiplying factor as per Table B - 1.526
105 x 1.526 = Rs. 160 - (1)
Pensionable Service (round figure) - 5 years
Pensionable amount - 5x6500/70 = Rs. 464 - (2)
Total Pension - (1)+(2) = 160+464 = Rs. 624
By remitting Rs. 95030, you will only get Rs. 624 per month (below 8% interest). Not only the interest rate is below the market/reasonable rate, but you are not going to get back the capital investment. Hence kindly deposit in some other worthy institutions which will yield you more than this, along with the return of your capital at the end.
9th August 2014 From India, Bangalore
Do u mean to say that I will not get Arrear Pension sion immediately? If I get back the Arrears foe 162 months @ 624.00
Arrear will amount to Rs.101088.00 and continue to get monthly Pension.
Kindly let me have your valuable opinion.
Thanks very much for valuable opinion so peomptly.
9th August 2014 From India, Kolkata
Thanks very much for your messages confirming pension payment from the start date of eligibility l.e from the date of attaining the age of 58 years.
It looks it will be beneficial to go for EPS1995 even if it causes inconvenience and hardship in the short term.
11th August 2014 From India, Kolkata
As I retired (attaining the age of 58 years) on 31/01/2001 and as there is a provision for calculation of Pension for those retiring between 16/11/2000 and
16/11/2005, can I take that pension in my case will be calculated as per sub-paragraph 4 of Paragraph 12?
(4) In the case of an existing member and in respect of whom the date of commencement of pension is between 16th November, 2000 and 16th November, 2005
(i) the superannuation/early pension shall be equal to the aggregate of : -
pension as determined under sub-paragraph (2) for the period of service rendered from the 16th November, 1995 or Rs. 438/- per month whichever is more ;
past service pension as provided in sub-paragraph (3)
(ii) The aggregate of (a) and (b) calculated as above shall be subject to a minimum of Rs. 600/- per month provided the eligible service is 24 years. Provided further that if it is less than 24 years the pension shall be proportionately less subject to the minimum of Rs. 325/- per month.
Can anybody throw any light on this? I will be very thankful for this as my effort to obtain Pension amount from concerned Authority has failed.
14th August 2014 From India, Kolkata
As per the above clause, maximum pension for pensionable service Rs. 438 and total pension pension is Rs. 600. But as per actual calculation the amounts are already crossed as Rs. 464 and Rs. 624 respectively. Hence there is no relevance in quoting the above clause in this case.But if you are unable to prove the length of service, you may avail minimum pension, as stipulated in the clause.
On attaining of the date of completion of completion of 58 years, all are eligible to get pension, irrespective of continuation or discontinuation of service.
18th August 2014 From India, Bangalore
the office of Provident Fund Commissioner and I received messages to this effect on 28/08/2014.It can also be seen in the Claim Status of EPF site.
Subsequently I received a letter from this office transferring my Application for Pension for issuance of PPO and disbursement of Pension amount as I had sought drawal of Pension from the Bank falling in the jurisdiction of this latter office of EPFO on 05/09/2014.
I had received no information from this EPFO regarding PPO or disbursement.
I understand that it is mandatory for PFC to disburse Pension within a month failing which they have to pay penalty.
I may write to EPFIGMS in this matter but earlier enquiries have brought sharp reaction and advice to visit their office physically which is far away and may even result in verbal reprimand and further delay in the process.
As in earlier cases I bank on your good advice and guidance in the matter as my own fund of Rs. 95030.00 is locked in.
23rd October 2014 From India, Kolkata
What document should be attached with 10D form in death claim now days???
20th August 2017 From India, Unnao