Independent Consultant Transportation Logistics
Hr & Admin - Officer
Assistant Engineer, Indian Telephone Industries,
Srinath Sai Ram
Director(pg) Millennium Institute Of Technology
Gen.secretary Of Nrb Employees Union
Chief Engineer, Iti Ltd, Bangalore
Dgm-gsm(retd)in Iti Ltd
Formula for pension calculation is, pensionable service x pensionable salary / 70. Deposit may vary depending upon the variation in salary and interest rate for your total service period. Better contact your Sub Regional PF Office in this regard.
For those contributed to PF on full salary (i.e in excess of ceiling limit) are eligible to contribute to pension fund on full salary. For those relieved from service and made full settlement can also opt by remitting the difference / arrears with interest.
Pensionable salary of those contributed on full salary will be calculated based on the actual salary. Accordingly the pension amount will be high.
If you contribute on ceiling limit, your service will be categorized into three. Service up to 15.11.1995, 16.11.95 to 31.08.2014 and 01.09.2014 to till completion of 58 years (or date of relieving from service whichever is earlier.)
Break-up of the EPF contribution
12% of the employee’s salary goes towards the EPF. 12 12
Whereas the employer’s contribution is divided as below:
3.67% goes towards contribution for EPF 3.67 3.67
8.33% goes towards contribution for EPS 8.33 8.33
0.5% goes towards contribution for EDLI 0.5 0.5
0.65% goes towards contribution for EPF administration charges 0.65 0.65
0.01% goes towards contribution for EDLI administration charges 0.01 0.01
TOTAL CONTRIBUTION 12 13.16 25.16
Can any one suggest me on the following :-
1. I retired on August , 2011 and not claimed my pension till June, 2015. I received the amount of pending period and pension regularly.
2. Can I claim for 4% per year hike in pension as per latest orders?
3. Am I entitle for new enhanced as per decision of Supreme Court of India.
Please note that you have been receiving pension with retrospective date i.e from the date of Retirement/Aug 2011.You have applied belatedly for pension in the Year June-2015.You have stated that you have already received arrears of Pension also.The Supreme Court pension you are quoting has no relevance to your case.Members of EPS Who are eligible to pension can contribute to EPS for 2 Years after attaining 58 Years or EPS Members Retired at 58 years can defer availing pension by 2 years.Consequently their Pension amount will go up by 8.16%. Please Peruse the attachment, which is self explanatory.
Sub : The new Circular on 31-05-17 on the new Pension scheme -
What is the implication of the new Circular on New Pension scheme issued on 31-05-2017 ? Almost all PSUs are run by Trust and the PF is remitted to EPFO only...
Whether the new pension scheme will be applicable to such PSUs ? especially for ITI Limited
When is the CBT meeting scheduled next ? The decision regarding the implementation of the new pension scheme and remitting the due amount in respect of the new pension calculation can happen only after this meeting and decision then ?
1. How is the pensionable service calculated in the new pension scheme ? a) before 1995 b) after 1995 & c0 after 2014 ? How is the service calculated based on these factors ? Is there a additional +2 score added to the service if service is more than 20 Years ? Then the ( No of pensionable service / 70 ) gives you the factor for multiplication with your Basic Salary + DA. Is this correct ?
2. The ( Basic + DA ) for arriving at the pension amount per month - How is this taken ? Average of the last five years or average of the last one year ?
3. EPF proposal for ESI Insurance has been finalised ?
4. Is there a proposal to give a lump sum amount for the EPF retirees as a terminal benefit ? What is the formula for this ?
I am not aware of the next meeting date of CBT. EPFO will change the interim notification only if the CBT's decision in favour of employees.
1. Generally service will be divided into two a) Past service, i.e. service up to 15.11.95 b) Pensionable service w.e.f 16.11.95. If total service (including past service) is more than 20 years, 2 years bonus/weightage will be added with pensionable service; provided relieving from service is after completion of 58 years of age. If contribution is on ceiling limit pensionable service will be again divided as up to 31.8.14 (6500) & w.e.f 1.9.14.
(Rest of the queries may be addressed later)
I mean to say that PF Trust Pension Fund and EDLI all have got different status. The individual exempted status can be viewed in EPFO website. But why one is linked to other, is not really very clear. If some one can explain it would be better.
Exemption is possible for all three cases viz. PF, pension & EDLI. Now EPFO is not ready for full salary option on pension, as it is much expensive. Their circular dated 23.3.17 is in compliance with the Supreme Court direction to give the facility to all. Now I shall come to the point on which EPFO is denying the provision and the courts countering the argument.
Even though there was provision to contribute to EPS on full salary, EPS cannot receive arrears with retrospective effect. To this argument courts says that there is no question of retrospective payment. Whether the deposit is in PF or EPS, it is with EPFO only. Only paper adjustment is needed to transfer amount from PF to EPS. Now EPFO has observed that in the case of exempted trusts, PF amount is not with EPFO, but with concerned organizations. Accordingly they feel that they are not to obey the court order regarding exempted trusts.
Employees having PF Account and EPS Account with concerned RPFC will only be given benefit of higher pension whereas Employees having PF Account with Trustees will not be the benefit of circular dated 23/03/2017.
This appears to be unreasonable and uncalled for as for no fault of an Employee having PF Account with Trustees is being deprived of a benefit accrued on the basis of Hon'ble Supreme Court's Order.
I joined ITI LTD as AEE on 7th March 1983 and retired as DGM on 30th April 2014.
I am getting pension of Rs 2331 from May 2014.
Am I eligible for enhanced pension as per epo circular dt 23.3.2017 ?
If so, what is the procedure ? What is the calculation to arrive at the revised pension ?
Please inform me.
k s manjunatha
Please do get details from https://m.economictimes.com under the caption "Can you also get a manifold hike in lifetime pension from EPFO? Find out
My view is existing members and retirees can benefit substantially out of the recent move and Apex court ruling.
I have posted a new thread too requesting practicing professionals to shed light on this for way forward.
Thank you very much focusing on Pension related issues and educating the employees.
Kindly clarify me that EPFO not considering Rs. 15000/- for calculating pension, who retires after 2015 on wards as employees are contributing on Rs.15000/- (rs.1450/- month) from 15 September 2014 on wards.
As per amendment notification they have to calculate 60 months average salary of before date of retirement.
Please check below details and clarify me:
DOB - 15.06.1959 , DOJoin: 01.01.1986, DOExit:14.06.2017 (superannuation)
Past service: (upto 15.11.95) = 9y 10 m 15 d
Actual service: (after 15.11.95) = 21y 7m 0d
Wages on 15.11.95 = 3500
Wages on date of exit: 15000
Eligible Service: 31 years
Pensionable Service: 21y 7 m O d
Pensionable Salary: 11175/-
Weightage Service: 2
With above details, can please calculate and tell me how much will be the monthly pension and widow pension.
One of our employee has been retired on 58 years, His Date of Birth is 09.07.1960, Date of Joining was 21.12.1995 and Retired on 09.07.2018, Total service calculated as 22 years 6 months. His last Basic was Rs.14422/-. Can you please inform about his Pension amount.
I am bringing the following for the information and guidance of the experts here. I have made an application for the enhanced pension in accordance with the supreme court order to the PF commissioner , Delhi on 8TH June 2017. In spite of sending several I did not get and reply. As I am now settled in kerala, I could not personally approach them. Recently I came to know that the PF Office has been bifurcated in to different Zone and my application has to be dealt by the Delhi South EPFO at Dwaraka. I again sent a copy of my old application to the Dwaraka Offfice on 22nd May 2018 and through one of my old colleagues, I have been pursuing my case.
Now I got information and my file has been located and called back from old office. The are now asking another application afresh and the interesting point is that my employer has to undertake to pay the matching contribution and divert 8.33% of actual salary. I retired from service in 2006 and final settlement has been made. How my ex employer give an undertaking when I have severed all my connection about 12 years back. I have already given and undertaking to remit the amount due to the Fund .
Please find attached the Underataking from emplyer.I request the comments on this from experts .
Please find the new Circular dated 22-01-2019 from EPFO regarding full pension option. Whether this circular permits all the EPF members to opt for the actual pension based on the last drawn salary ?
9482087049 / 9113054347
Glaring example of discrimination.
Matter regarding applicability of higher pension to such of the employees whose PF is with the Trusts of the Exempted Establishments is pending in Hon'ble Supreme Court and more than 250 cases filed by either individuals and/or Associations are pending for disposal.