Dear Sir, My DOB -29/12/1957. Joined on 31/12/1983. Completed 58 yrs age on 28/12/2015 in the same company. Please calculate my EPS’95 Pension applying salary ceiling. Thanks SK Verma
From India, Kolkata
1From India, Kolkata
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Dear Mr Suresh Verma, Please upload your PPO-Pension payment Order issued to you by EPFO.Are you not getting Pension from 28/12/2015?
From India, New Delhi
From India, New Delhi
Dear Shri Suresh Kumar Verma,
Example with ceiling salary for EPS contribution
Based on information provided, you worked for 32 years and retired on 31st December 2015 (DOB 29.12.1957) (Employment from 31.12.1983 to 31.12.2015) attained age of 58 yrs.
Pensionable salary = average of last 60 months ceiling salary as applicable.
In the last 16 months before retirement this was 15,000 (1250 a month) and before that for 44 months it was Rs. 6500 (541 P. M.)
So you have pensionable monthly salary as under: 01.09.2014 to 31.12.2015=16 months & 01.01.2011 to 31.08.2014 = 44 months.
[(16 x 1250=20000) + (44 x 541=23804)=43804]/60 = Rs. 730
Pensionable annual salary ~ Rs.730 x 12 Rs. 8760 (12 times 730)
EPS Pension = 8760 x (32+*2)/70 ~ Rs. 4,255
The above calculation is based on assumption that there was no loss of pay and had contributed full for last 60 months. It may vary if there was any deduction.
* 2 years Bonus service is added after putting 20 yrs. of service. Hence you are eligible for 32+2=34 yrs. of pensionable service.
Regards,
Suresh
From India, Thane
Example with ceiling salary for EPS contribution
Based on information provided, you worked for 32 years and retired on 31st December 2015 (DOB 29.12.1957) (Employment from 31.12.1983 to 31.12.2015) attained age of 58 yrs.
Pensionable salary = average of last 60 months ceiling salary as applicable.
In the last 16 months before retirement this was 15,000 (1250 a month) and before that for 44 months it was Rs. 6500 (541 P. M.)
So you have pensionable monthly salary as under: 01.09.2014 to 31.12.2015=16 months & 01.01.2011 to 31.08.2014 = 44 months.
[(16 x 1250=20000) + (44 x 541=23804)=43804]/60 = Rs. 730
Pensionable annual salary ~ Rs.730 x 12 Rs. 8760 (12 times 730)
EPS Pension = 8760 x (32+*2)/70 ~ Rs. 4,255
The above calculation is based on assumption that there was no loss of pay and had contributed full for last 60 months. It may vary if there was any deduction.
* 2 years Bonus service is added after putting 20 yrs. of service. Hence you are eligible for 32+2=34 yrs. of pensionable service.
Regards,
Suresh
From India, Thane
Dear Sir,
But EPFO is paying me Rs. 2506/- monthly pension. In fact the calculation of EPS's 95 pension is worked out by splitting the service period in two parts: Ist service period prior to 16. Nov.1995 (Past Service), when EPS'95 was implemented and the employee was covered under EPF family pension scheme, And IInd part includes period of service rendered after 16.11.1995 to date of completion of 58 years age in the service.
Please, help me to find out the calculation of pension for past service period.
Thanks
SK Verma
From India, Kolkata
But EPFO is paying me Rs. 2506/- monthly pension. In fact the calculation of EPS's 95 pension is worked out by splitting the service period in two parts: Ist service period prior to 16. Nov.1995 (Past Service), when EPS'95 was implemented and the employee was covered under EPF family pension scheme, And IInd part includes period of service rendered after 16.11.1995 to date of completion of 58 years age in the service.
Please, help me to find out the calculation of pension for past service period.
Thanks
SK Verma
From India, Kolkata
Dear Shri Verma ji,
I do not have your salary details. However, I presumed that your Basic salary prior to Sept. 2014 was >Rs.6,500/- and from 1st September, 2014 >Rs.15,000/- i.e. ceiling salary for EPS contribution and there was no loss of pay during last 5 years service (1st January 2011 till 31st December, 2015).
You can visit EPFO Office, Jabalpur and give written application for copy of Employees Pension amount working as you are not satisfy with the approved amount. Compare the working with calculation sent by me and for variation, if any, you may cross checked with PF Authority. You can also show my working and ask them politely, which working is correct.
Regards,
Suresh
From India, Thane
I do not have your salary details. However, I presumed that your Basic salary prior to Sept. 2014 was >Rs.6,500/- and from 1st September, 2014 >Rs.15,000/- i.e. ceiling salary for EPS contribution and there was no loss of pay during last 5 years service (1st January 2011 till 31st December, 2015).
You can visit EPFO Office, Jabalpur and give written application for copy of Employees Pension amount working as you are not satisfy with the approved amount. Compare the working with calculation sent by me and for variation, if any, you may cross checked with PF Authority. You can also show my working and ask them politely, which working is correct.
Regards,
Suresh
From India, Thane
Dear Mr Suresh Sharma, Please note that you have uploaded only Covering letter of your PPO.From this, we can not make out anything.Please upload Annexure containing details of your working.Further, to know details of working/or Doubt regarding les pension, Please approach EPF Offce-Jabalpur
I presume there is nothing wrong in quantification of Pension of Rs2,506/PM
Nevertheless, let us wait for further comments after perusing Annexure
From India, New Delhi
I presume there is nothing wrong in quantification of Pension of Rs2,506/PM
Nevertheless, let us wait for further comments after perusing Annexure
From India, New Delhi
Age.xls