kalaparamAs per details of "PPO Enquiry Sheet" received by my colleague on attaining the age of 58 (Superannuation) on 15th March 2018, pension details is as below:
Pension amount Rs.2967/-
Past Service Up to 15-11-1995 : 5 Years, 7 Months and 15 Days
Date of Joining : 01-04-1990
Date of Exit : 15-03-2018
Reason of Exit : Superannuation
Eligible Service : 28 Years
Wage on 15-11-1995 Rs.1200/-
Wage on Date of Exit Rs.15000/-
Actual Service After 15-11-1995 22 Years , 3 Months and 27 Days
Pensionable Service : 22 Years 1 Month and 27 Days
NCP Days 61 Days
Pensionable Salary Rs.12144/-
Weightage Service : 2 Years
As per our understanding, PF Pension will be calculated based on the following formula.
EPF Pension = Pensionable Salary * Number of Years of Service / 70
If we calculate the pension based on the above formula, he should get Rs. 4163/-
(12144 * 24 / 70 ). There is a difference of 1196/- in pension amount as per our workings and PPO sheet.
Request members to enlighten us on the PF Pension calculation.
From India, Thiruvananthapuram
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Korgaonkar K A
KK!HRThe calculation appears all right. Pl verify from the local RPFC how pension amount was fixed.
From India, Mumbai
korgaonkar k aDear Kalaparam,
You worked prior to 15.12.1995. Also you worked after 15.12.1995. To you the pension calculation formula is different.
Following formula is applicable to you:
Past Service benefit (plus) Pensionable service benefit (less) Proportionate reduction subject to minimum pension specified for each group.
What you need to do is as under:
1. For past service benefit you have to calculate pension amount for the period beforeáthe 16/11/1995.
2. For pensionable service benefit you have to calculate the pension for the period after 16/11/1995 as per the formula mentioned by you.
3. You need to check the proportionate reduction subject to minimum period depending on when the pension started orádate of commencement of pension.
Calculation of pension amount for the period beforeáthe 16/11/1995 is very complex subject which one need to study. I had given presentations on this calculation but right now I have forgotten it. Till last year I had the presentation material which I discarded it in 5S carried out by me.
From India, Mumbai
kirtichandra-paniI started working under pf act from 16.04.2013 when should i applicable for pension and how much
From India, Anand
sajal-mitrahow is the pensionable salary calculated ?
From India, Agartala