After years long waiting, EPFO has released the circulars on minimum pension as Rs. 1000 and ceiling as Rs. 15000.
For those having a salary of Rs. 15000 and above, the following changes will be effected.
For those attaining 58 years on 30.9.2014, pension will be increased by Rs. 39, for an additional contribution of Rs. 709 (1250-541).
For those attaining 58 years on 30.11.2015, pension will be increased by Rs. 668, for 15 months contribution. i.e average of Rs. 44.50 for each month.
For those attaining 58 years on 30.11.2016, pension will be increased by Rs. 1257, for 27 months contribution. i.e average of Rs. 46.50 for each month.
For those attaining 58 years on 30.11.2017, pension will be increased by Rs. 1894, for 39 months contribution. i.e average of Rs. 48.50 for each month.
For those attaining 58 years on 30.11.2018, pension will be increased by Rs. 2581, for 51 months contribution. i.e average of Rs. 50.60 for each month.
After 5 years contribution w.e.f 01.09.2014 (i.e after 31.08. 2019), Pension for pensionable service (i.e service after 16.11.1995) will be 30/13 (nearly 2.3) times.
Regarding EDLI.
Now the benefit in EPF is Rs. 130000 which will be enhanced to R. 360000.
For in lieu of EDLI (with Insurance companies),
Rs. 132000 for natural death will be increased to Rs. 362000 and Rs. 264000 for accidental death will become Rs. 724000.
From India, New Delhi
35For those having a salary of Rs. 15000 and above, the following changes will be effected.
For those attaining 58 years on 30.9.2014, pension will be increased by Rs. 39, for an additional contribution of Rs. 709 (1250-541).
For those attaining 58 years on 30.11.2015, pension will be increased by Rs. 668, for 15 months contribution. i.e average of Rs. 44.50 for each month.
For those attaining 58 years on 30.11.2016, pension will be increased by Rs. 1257, for 27 months contribution. i.e average of Rs. 46.50 for each month.
For those attaining 58 years on 30.11.2017, pension will be increased by Rs. 1894, for 39 months contribution. i.e average of Rs. 48.50 for each month.
For those attaining 58 years on 30.11.2018, pension will be increased by Rs. 2581, for 51 months contribution. i.e average of Rs. 50.60 for each month.
After 5 years contribution w.e.f 01.09.2014 (i.e after 31.08. 2019), Pension for pensionable service (i.e service after 16.11.1995) will be 30/13 (nearly 2.3) times.
Regarding EDLI.
Now the benefit in EPF is Rs. 130000 which will be enhanced to R. 360000.
For in lieu of EDLI (with Insurance companies),
Rs. 132000 for natural death will be increased to Rs. 362000 and Rs. 264000 for accidental death will become Rs. 724000.
From India, New Delhi
Dear Yatin Pundhir,
I have gone thru your posting and got some doubts about the calculations. For example how you arrived the following
"For those attaining 58 years on 30.11.2015, pension will be increased by Rs. 668, for 15 months contribution. i.e average of Rs. 44.50 for each month"
Asok kumar
From India, Bangalore
I have gone thru your posting and got some doubts about the calculations. For example how you arrived the following
"For those attaining 58 years on 30.11.2015, pension will be increased by Rs. 668, for 15 months contribution. i.e average of Rs. 44.50 for each month"
Asok kumar
From India, Bangalore
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Pension doubling to 2000 also shelved.QBiz_ EPFO Shelves Plan to Double Minimum Pension & More -.pdf