Curious About My Pension Fund Withdrawal: How Much Will I Actually Receive?

Hi Experts, I want to understand how much I will receive from my Pension Fund when I withdraw my PF balance. My service with my last company was 5 years and 4 months (Nov 2004 to Mar 2010). The pension fund balance in my PF account shows - 34,441 as of 01/04/2010. I have now applied for my PF withdrawal, so I am curious about the amount I will receive from my pension fund.

If I calculate as per the EPS-95 document = 6,500 * 5.02 = 32,630, which is less than the contribution (even without adding interest + government contribution). Could you please clarify how much I will receive from my pension fund at this point?

Thank you,
Ashok

As per your query above, the monthly amount of PF contribution as per the PF Ceiling is Rs. 780 per month (Rs. 6,500 * 12%), and the same equal amount is contributed by the Employer into an Employee's PF Account. Therefore, the total PF Contribution amounts to Rs. 1,560 (780 + 780).

Out of the Rs. 780 contributed, Rs. 541 goes to the Pension Fund Account monthly (6,500 * 8.33%).

Considering your service tenure of 64 months (12 months * 5 + 4 months), your PF Contribution totals to Rs. 99,840 (Rs. 1,560 * 64 months), and your Pension Fund Contribution amounts to Rs. 34,624 (Rs. 541 * 64 months).

I hope the above details meet your requirements.

Best regards,
Regards

Dear Abhinav Chandra,

The calculation you made is incorrect.

PF Contribution Calculation

PF Contribution = Rs. 6500 x 15.67% x 64 months = Rs. 65,187/- + Interest

EPS Contribution Calculation

EPS Contribution = Rs. 6500 x 8.33% x 64 months = Rs. 34,624/-

The EPS amount will not attract any interest, and the Government Contribution of 1.16% will apply only to those who opt for a pension, not for everyone who is ending their service.

Regards

Thanks for your replies. However, PF contribution is not my question here. What amount will I get from the EPS contribution? From your above calculation, it shows 34,624. Do I get this amount or any other amount? Please clarify.

You will receive a lesser amount than the actual sum if you withdraw it before completing ten years of service, either with the same company or while working in multiple companies. There is an EPS table designed for 9 years, and you will be compensated based on that table. I don't have that table with me, but you can use the research button to access it.

Regards

The calculation furnished by you on the EPS withdrawal amount, i.e., Factor as per Table D x Salary subject to a ceiling of Rs. 6500 (if not opted beyond) = 5.02 x 6500 = 32630, is correct.

Regards,
Abbas.P.S

Hi there,

I have worked for 16.6 years, and every year the Basic and DA have been changing. My last contribution to EPF was 971. I am now 52 years old. Could you please let me know what my withdrawal amount and pension withdrawal amount would be?

Thank you.

Hello Sir,

I withdrew my PF last year, but I haven't received my PF amount in my account. I have informed my agency, but they told me to contact the Chandigarh PF department. They mentioned that due to a system error, the amount has not been released. However, to date, I have not received my pension deduction amount or had it transferred to my new PF account.

I have completed 2 years and 3 months. Please help me resolve this query.

Thank you.