Hi Friends, seniors, and Experts,
I have some confusion regarding the pension scheme of PF and need your suggestions, comments, and guidance. My query is as follows:
We are employees of a Pvt. Ltd. company. One of the employees' DOB is 15.07.1946, and DOJ is 24.04.2000, and till date, he is in the job, and his PF contribution is continuous. Now, he wants to retire. My question is whether he is entitled to a pension or not? If yes, then how much pension will he get, considering his current salary is 4500/month?
With respect and regards,
Thanks,
Binod Kumar Dutta
Email: binodkumardutta@yahoo.com
From India, New Delhi
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I have some confusion regarding the pension scheme of PF and need your suggestions, comments, and guidance. My query is as follows:
We are employees of a Pvt. Ltd. company. One of the employees' DOB is 15.07.1946, and DOJ is 24.04.2000, and till date, he is in the job, and his PF contribution is continuous. Now, he wants to retire. My question is whether he is entitled to a pension or not? If yes, then how much pension will he get, considering his current salary is 4500/month?
With respect and regards,
Thanks,
Binod Kumar Dutta
Email: binodkumardutta@yahoo.com
From India, New Delhi
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Hello Seniors,
I am working as an HR Executive and I joined as a fresher. Now, I have to submit ESI returns, but I don't know how to prepare and what details to mention. We had one consultant, but our boss doesn't want to pay him, so I have to do that job. Could you please provide me with details or a sample of ESI and PF returns (not now)? I would appreciate it if you could send those files or copies to my email address: sarita4friends@gmail.com.
Thank you.
From India, Hyderabad
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I am working as an HR Executive and I joined as a fresher. Now, I have to submit ESI returns, but I don't know how to prepare and what details to mention. We had one consultant, but our boss doesn't want to pay him, so I have to do that job. Could you please provide me with details or a sample of ESI and PF returns (not now)? I would appreciate it if you could send those files or copies to my email address: sarita4friends@gmail.com.
Thank you.
From India, Hyderabad
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He must be around 64 years of age, and you are still contributing towards his pension fund? Or did he withdraw the benefits on attaining 58 years of age and continued with his Provident Fund only? Please clarify.
Regards,
Madhu.T.K
From India, Kannur
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4526Regards,
Madhu.T.K
From India, Kannur
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Dear Madhu,
Please visit the ESI website where you will find all the forms required for registration. You can also meet labor law consultants in person, and they will guide you. Additionally, visit the ESI office near your workplace. The challans include forms 5, 12, and 10a, and we can submit them twice a year.
Regards,
Gauri
From India, Delhi
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Please visit the ESI website where you will find all the forms required for registration. You can also meet labor law consultants in person, and they will guide you. Additionally, visit the ESI office near your workplace. The challans include forms 5, 12, and 10a, and we can submit them twice a year.
Regards,
Gauri
From India, Delhi
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Dear Binod Kumar Dutta,
As per the norms of the Employees' Pension Scheme - 1995 (PF Pension), contribution to the Pension Fund will cease upon reaching the age of 58. In this case, the completion of 58 years is on 14.7.2004, meaning that his pensionable service is only 4 years (between 24.4.2000 and 14.7.2004). The minimum service required to qualify for EPF pension is stipulated as 10 years.
Therefore, he is not eligible to receive the above pension. However, he is entitled to a withdrawal benefit immediately after turning 58. For the four years, the calculation will be 3.99 (factor as per Table D) multiplied by the salary at the time of turning 58. The present salary of Rs. 4500/- does not play a role in these calculations.
After turning 58, the full PF contribution has to be directed to his individual account.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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As per the norms of the Employees' Pension Scheme - 1995 (PF Pension), contribution to the Pension Fund will cease upon reaching the age of 58. In this case, the completion of 58 years is on 14.7.2004, meaning that his pensionable service is only 4 years (between 24.4.2000 and 14.7.2004). The minimum service required to qualify for EPF pension is stipulated as 10 years.
Therefore, he is not eligible to receive the above pension. However, he is entitled to a withdrawal benefit immediately after turning 58. For the four years, the calculation will be 3.99 (factor as per Table D) multiplied by the salary at the time of turning 58. The present salary of Rs. 4500/- does not play a role in these calculations.
After turning 58, the full PF contribution has to be directed to his individual account.
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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Dear Sarita, ESIC HALF YERALY RETRUN - FROM 5 Dinesh Bhardwaj
From India, Delhi
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From India, Delhi
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Dear Abbas P.S. & Madhu T.K.,
Thanks for your quick response. This response improved our knowledge and will help in solving the case. The detailed scenario of the situation is as follows. I am mentioning it once again because there is some change in the information provided previously.
Employee's Date Of Birth - 08.09.1946
Employee's Date Of Joining - 15.04.2000
Salary was - Rs. 1,874.42 P. Per month (April 2004)
Due to a lack of awareness, contribution to the Pension Fund has been ceaseless till date. We will stop it from next month (Contribution for the month of August - 2010).
Now, my question is what are the formalities to withdraw benefits. What will happen to the contribution deposited from 04/2004 onwards? Will this amount be calculated the same as Mr. Abbas informed for the period from the Date of Joining to attaining 58 years of age, which attracts Table 'D'? I am eager to know what will happen to the contribution deposited in the pension fund after attaining age 58 years.
I hope I have clearly explained the case now, and you are in a position to suggest better.
Waiting for your early response.
Thanks.
With Respect & Regards,
Binod Kumar Dutta.
From India, New Delhi
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Thanks for your quick response. This response improved our knowledge and will help in solving the case. The detailed scenario of the situation is as follows. I am mentioning it once again because there is some change in the information provided previously.
Employee's Date Of Birth - 08.09.1946
Employee's Date Of Joining - 15.04.2000
Salary was - Rs. 1,874.42 P. Per month (April 2004)
Due to a lack of awareness, contribution to the Pension Fund has been ceaseless till date. We will stop it from next month (Contribution for the month of August - 2010).
Now, my question is what are the formalities to withdraw benefits. What will happen to the contribution deposited from 04/2004 onwards? Will this amount be calculated the same as Mr. Abbas informed for the period from the Date of Joining to attaining 58 years of age, which attracts Table 'D'? I am eager to know what will happen to the contribution deposited in the pension fund after attaining age 58 years.
I hope I have clearly explained the case now, and you are in a position to suggest better.
Waiting for your early response.
Thanks.
With Respect & Regards,
Binod Kumar Dutta.
From India, New Delhi
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Dear Binod Kumar Dutta,
Withdrawal benefit is applicable only up to 58 years. In this case, it is 3.99 x 1874.42 = 7479/- (Round figure). Contribution to the Pension Fund after 58 years has to be converted to his individual PF account as the Employer's contribution.
In this regard, please contact/write to your Regional EPF Commissioner with full details.
With regards,
Abbas P.S.
From India, Bangalore
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Withdrawal benefit is applicable only up to 58 years. In this case, it is 3.99 x 1874.42 = 7479/- (Round figure). Contribution to the Pension Fund after 58 years has to be converted to his individual PF account as the Employer's contribution.
In this regard, please contact/write to your Regional EPF Commissioner with full details.
With regards,
Abbas P.S.
From India, Bangalore
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Dear Mr. Abbas,
Firstly, thank you so much for your precise explanation of PF eligibility for pension. I would like to have the (factor as per Table D) x salary. Can you please share the table consisting of yearly eligibility and percentages as per the PF Act?
Regards,
R. Ramkishore
From India, Bangalore
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Firstly, thank you so much for your precise explanation of PF eligibility for pension. I would like to have the (factor as per Table D) x salary. Can you please share the table consisting of yearly eligibility and percentages as per the PF Act?
Regards,
R. Ramkishore
From India, Bangalore
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can we get the pf pension amount at 9.6 years of service, not completed 10 years of service period?
From India, New Delhi
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From India, New Delhi
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Since a fraction of a year above six months is considered a year for the purpose of pension, you are deemed to have attained pensionable service. However, you will not receive a lump sum amount but will be entitled to a monthly pension, which will commence after you turn 58 years old. A reduced pension will be available if you are 50.
Regards,
Madhu.T.K
From India, Kannur
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Regards,
Madhu.T.K
From India, Kannur
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Good morning, sir, I am working in a private limited company. I joined on 21/05/2008, and I have been working continuously since then. My date of birth is 04/04/1979.
Eligibility for Pension
I have a question: How many years of service do I need to complete to be eligible for a pension? Every month, $1500 is deducted from my salary for PF. Please advise.
Regards
From India, Hyderabad
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Eligibility for Pension
I have a question: How many years of service do I need to complete to be eligible for a pension? Every month, $1500 is deducted from my salary for PF. Please advise.
Regards
From India, Hyderabad
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PF & Pension Amdmt Scheme 2010 for IW.pdf
Employee Pension Scheme, 1995.doc