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Dear Abbas,
I give here below the figures of my pension received by me:
Date of Birth 11//7/1944 ; Date of Joining 1/1/1982 ; Date of retirement 11/07/2002 with 6 months breakin the service after 1995
My initial pension Calculation was Past service 85*1.858=157 Current Service 6500*6/70=552; totaling 715 ROC-752 pension recd 643
in 2014,minimum pension 1000; cal was past 157+current 552+adjustment 285=1000-ROC 72= Pension recd 928.
In 2015, after Sup Court order to add 2 years weight-age the cal was past 157+current 743+adjustment 100=1000-ROC 90= Pansion recd 910
J have recd the payment of all pension totaling 1,58,319 till now.
Now recently Supreme court has given the order to do away with the ceiling of 5000 and 6500 and pay the pension of full contribution paid by the employer. Fortunately I have the month -wise details. I have worked out the average pension-able salary.it is 12000 for 12 m averags,11,102 for 36 M av and 10461 for 60 M average. The calculate pension works out to be 1528-153(ROC)=1375 (for 12 m a),1425-143=1282 for 36 m and 1353-135=1218 for 60 m . This looks to be lucrative and opt for it.( The scheme is optional for the member ie he can opt for it and get revised pension or leave with same pension as he gets now) . However, the member has to return the managmet part of contribution (paid to me in sept 2009) received with settlement of pf Contribution.The amount is 52319, it works out to be 105684 with simple interest at12% and 137092 with 12% compound interest
Now my question is should I opt it or not, will it be lucrative to get increased pension considering the interest otherwise recd on 1,37,000 which is required to be returned. secondly they will cosider onlyafterrepayment of our part, it may take little longer time forsettlement and the the consent and form 3A requirement from the employer. Employer may nit do it willinglyy as it requires the 25 years back data
i need your guidance. pl contact me on e mail or my mobile no 9967573871
Thankibng you

Dear Abbas,
I give here below the figures of my pension received by me:
Date of Birth 11//7/1944 ; Date of Joining 1/1/1982 ; Date of retirement 11/07/2002 with 6 months breakin the service after 1995
My initial pension Calculation was Past service 85*1.858=157 Current Service 6500*6/70=552; totaling 715 ROC-752 pension recd 643
in 2014,minimum pension 1000; cal was past 157+current 552+adjustment 285=1000-ROC 72= Pension recd 928.
In 2015, after Sup Court order to add 2 years weight-age the cal was past 157+current 743+adjustment 100=1000-ROC 90= Pansion recd 910
J have recd the payment of all pension totaling 1,58,319 till now.
Now recently Supreme court has given the order to do away with the ceiling of 5000 and 6500 and pay the pension of full contribution paid by the employer. Fortunately I have the month -wise details. I have worked out the average pension-able salary.it is 12000 for 12 m averags,11,102 for 36 M av and 10461 for 60 M average. The calculate pension works out to be 1528-153(ROC)=1375 (for 12 m a),1425-143=1282 for 36 m and 1353-135=1218 for 60 m . This looks to be lucrative and opt for it.( The scheme is optional for the member ie he can opt for it and get revised pension or leave with same pension as he gets now) . However, the member has to return the managmet part of contribution (paid to me in sept 2009) received with settlement of pf Contribution.The amount is 52319, it works out to be 105684 with simple interest at12% and 137092 with 12% compound interest
Now my question is should I opt it or not, will it be lucrative to get increased pension considering the interest otherwise recd on 1,37,000 which is required to be returned. secondly they will cosider onlyafterrepayment of our part, it may take little longer time forsettlement and the the consent and form 3A requirement from the employer. Employer may nit do it willinglyy as it requires the 25 years back data
i need your guidance. pl contact me on e mail or my mobile no 9967573871
Thankibng you D M Shah

Dear D M Shah,
For option to contribute to pension fund on full salary,
1) Your PF remittance made by employer should be on actual salary.
2) Your PF handling should be by EPFO (not by exempted Trusts run by the respective Organisations).
If the above conditions are satisfactory, you may remit the difference (8.33% of employer share to pension fund, balance 3.67% you can keep) with consent of RPFC and employer. Interest applicable is not flat 12%, but will vary from year to year, which I shall incorporate separately. For those become pensioner on or before 31.08.2014, pensionable salary will be average of last twelve months.
If EPFO give consent to contribute on full salary, it will not only provide more monetary benefit but better on social security aspect also.
Abbas.P.S


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File Type: pdf InterestRate_OnPFAccumulationsSince1952[1].pdf (117.8 KB, 44 views)

Thanks Abbas for your reply #43
How to get Consent from PF office . What is the procedure.
While contacting PE office they seem to be nit aware of it and ask to
1)get the calculation from your employer,I understand it is form 3A to be filled in for every year, in my case it will be from 1995-96 to 20022003 as intimated I have the copies of all old form 3a. Can I submit the same direct to PF Office. Guide for the procedure. (by chance company is closed, you can not apply- This reply can not be digested)
2) PF Office will calculate the difference of refundable pension fund with 12% interest -this also not digestable as pf office has paid us the 2 years weight age benefit without any interest.
3) The further pension calculation will be done only after you refund the excess amount paid
4) Theeis no reasonable time limit indicated for this exercise
Pl guide ,
Regards
DM Shah

Dear Abbas, Good job. your view is commendable since your excel may be useful to may employs Tks.
Thanks for xl sheet, very useful.
I super got retired at the age of 60 in 2012.
For some reasons, yet not applied for pension (almost 6 yrs post retirement / 8 yrs post reaching 58 yrs of age)
Will there be a problem if I apply for pension now?
If yes, what and how to overcome it pl.
Rgds/satish

Dear Mr. Satish,
As you are applying pension now only, EPFO may process pension from the date of completion of the age 60 years as pensionable amount x 1.0816. If so you will lose 2 years arrears (w.e.f date of completion of 58 years.)
Kindly mention the effective date as date of completion of 58 years and a copy of form 10 D, submitting to EPFO.
Abbas.P.S

Dear Abbas,
In case of vidyadhar calculation , how the figure 135 came. ?
Ashutosh

Dear Mr Ashutosh,
The figure 135 considered on basis of Past Service Benefit (for service upto 16th Nov. 1995) and Table A (which describes the Pension amt. for the Past Service).
Table A for service before 16/11/1995.
Years of Past Service Salary Upto ₹ 2500 Salary above 2500
Up to 11 years 80 85
11-15 years 95 105
15-20 years 120 135
Above 20 years 150 170
In case of Mr Vidyadhar DOJ = 01/08/1978, hence as on 16th Nov 1995 total service period is 15 years, which falls under 15-20 years slab for which the pension is 135.
There is Table B as well wherein a factor allotted for enhance pension. If any employee retires/leave the service after 16/11/1995 his pension amt. (as given above) will be multiplied by a factor (as given in Table B) for every completed year in relation to service after 16th Nov 1995 to DOL/retirement.
However, in my opinion the factor should be 1.649 (less than 7 year, 16.11.1955 to 31.05.2003), whereas Mr Abbas has considered 3.56 (which is applicable for service less than 17 years.
Though the calculation of Mr Abbas (in connection of PF Pension) is always commendable. I would like Mr Abbas to check once again and correct me if I am wrong.

Dear ,
As per the new supreme court April 2019 verdict , how to calculate new pension those who retired before Dec 2012 ?
DOB - 4 Nov 1954
Date of Joining - 01 January 1977
Retired Date - 4 Nov 2012
Salary at 16/11 1995 - 30,000
Retire salary - 75,000


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