Calculation Of Pension Under EPF & Mis. Act-1995

sudhir
Hi, can any body help that "how can we calculat the pension under EPF & mis. Act-1995.
suppose X person who is getting salary 10000 (Basic is Rs.5500) has completed his 9 years and 7 months in compony and he would like to left the compony. my question is that "he is entitle for Pension fund or not ?
thanks
sudhir
ANAND SIVAKUMAR
I understand from PF act, if an employee completes 10 yrs of service, he is not eligible to withdraw pension amount rather he may get scheme certificate.
If less than 10 yrs, he may withdraw the pension amount by way ticking the option in form 10-c (Scheme certificate not requried).
Hope this clarifies.
REgards,
S. ANAND SIVAKUMAR
babanaresh
Dear Sudhir,
As he has completed 9 years and 7 months, this is to be considered 10 years (fraction of more than 6 months is considered as one year), hence not entitled for pension fund withdrawl. Can only avail schemen certificate or pension after attaing an age of 50 years,
Regards,
Baba Naresh
abbasiti
He can avail pension at 50 years conditionally
1. He should not be in PF applicable service while claiming pension.
2. For every year below 58 years, 4% each on pension amount will be deducted.
But to apply for Scheme certificate, there is no such age limit, service limit etc.
Abbas
ANAND SIVAKUMAR
Dear bhanu sabarewal,
Asking for query about general calculation of provident fund is as follows:
PF - 12% (employee contribution)
FPF - 8.33% (employer contribution) - will restrict to Rs.541/- (rest of portion again will add to PF - 12%)
EPF - 3.67% (employer contribution will add into PF - 12%)
Hope this clarifies.
REgards,
S. ANAND SIVAKUMAR
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