Generally EPF contribution is 12% of salary. Out of this 8.33% (subject to a ceiling of Rs. 541) will be credited to pension fund.
For withdrawal benefit, factor as per Table D is multiplied by last drawn twelve months average salary (subject to a salary ceiling of Rs. 6500). Result will be the withdrawal benefit.
This has already been discussed in this thread and many peoples have contributed their views Please search in this thread.
The employees Pension Fund was introduced on 16th November, 1995 by superseding Employees Family Pension Scheme,. 1971. As per new Employees Pension scheme, 1995, to get the benefit of this fund the employee should complete pensionable service ie 10 years from the date of his joining. To get this benefit the employee should attain the age of 58 years. The actual benefit will be calculated only after the retirement of the employee. The exact pension amount per month cannot be arrived. As of now who have completed the 10 years and above and retired after attaining the age of 59 years an amount of Rs.1,400 to 1,500 per month may get (approx) Pensionable salary is the same and applicable to all kinds of employees including General Managers. Newly joined or not completed minimum pensionable service, the employee has got the option to with draw his or her contribution by applying the claim Form No.10C if it is less than ten years.
Bifurcation of Employers contribution towards Provident Fund, Pension is already explained by me in earlier contribution.
Sr.Executive (Pers, Admin & Ind.Rels) Rtd
Labour Laws Consultant .
This is with reference to my contribution dt 22nd instant in this thread and subject, there was a typographical error while typing 58 years, by oversight it was typed as 59 years. Readers are requested to read it as 58 years. I regret for the inconvenience and sorry form the same.
Labour Laws Consultant
You have stated that the exact pension amount cannot be arrived. This wrong there is clear calculation method for both past service (service up to 15.11.1995) and pensionable service (service w.e.f 16.11.1995). Kindly furnish the date of birth, date of join, salary on 16.11.1995 & pensionable salary (average salary of last twelve months prior to stoppage of pension contribution), service break if any before attaining the age of 58 years etc.