wanichetanWhat is the Pro-rata Pension in provident fund act and how it is calculated?
From India, Thana
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
KK!HRAs per Employees' Pension Scheme (EPS) rules, an EPFO member who retired before September 26, 2008 could get maximum one-third of his/her pension for ten years as lump-sum i.e. commuted pension and remaining two-thirds was paid as monthly pension to an employee for his/her lifetime. This was in news recently as the labour ministry, in a notification dated February 20, 2020, has notified the restoration of full pension after 15 years of retirement for pensioners under the Employee Provident Fund Scheme (EPF scheme) who have commuted part of their pension at the time of retirement. Pro rata pension refers to the 2/3 pension receivable after it is commuted.
From India, Mumbai
Full detailed explanation .
From India, Noida