PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Assistant Engineer, Indian Telephone Industries,
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abbasitiRegarding PF amount, it is not easy to reply. In the case of pension I shall furnish some details.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
For details please see the web site :
EPFO <link updated to site home>
From your details it is learnt that your salary is Rs. 8550, because its 12% (1026) is deducted to EPF. If you have not opted pension for beyond Rs. 6500/-, it will be limited at 6500/-
Your service - 22yrs
Pensionable Service with bonus - 22+2=24
Pension = 24x6500/70 =2229
Note that the calculation is based on the ceiling limit of Rs. 6500/-. If it is getting hiked, the pensionable amount will also be enhanced proportionately.
After member's death spouse will get 50% of the pensionable amount till her death or remarriage. In addition two children will get 25% each of the widow/widower pension till attainment of 25 yrs age. When widow/widower pension is stopped, the child pension will become as orphan pension, resulting 3times of original child pension.
I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.
In case of any error or suggestion, please notice to me.
ITI Employees' Association,
ITI LTD, PALAKKAD - 678 623,
Ph. +91 9447 467 667
From India, Bangalore
greetings for the day...........
Kindly let me know , my worker age is 62 and he is still working with us.what is the procedure of his pension and he get his pension without leaving his job.
From India, Mumbai
abbasitiDear Priyankasmarth, Even if he is in employment, he is eligible for pension from the date of completion of 58 years' age. Kindly apply in form 10D at the earliest. Abbas.P.S
From India, Bangalore