Pf Pension calculation formula - CiteHR
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Dear All,
I have a small doubt in Pf Pension calculation formula.
Please explain the doubt i have
that is Formula is Average salary X No.of year service / 70.
"Why 70 is taken for dividing."
Rajesh S
Community Prime Sponsors - Payroll Software with GPS Enabled Attendance, Travel, Performance Management, HRMS. "Interactive Anywhere Learning". Executive courses from top reputed institutes like IIM, XLRI, MICA.
70 is nothing but a math figure only
Labor department makes ensure that the employee can work max 35 yrs and pension would be 50% of the last wages , so 35 /70 formula is applied, there are many more catches within the scheme but 70 is just a number to get the percentile of the payable amount
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