Please clarify my following problem:
I am working in a company in Gurgaon from 1995 to date. I am already 65 years old. P.F. is deducted from my salary for all these years. I was told that the pension will not be given if one attains the age of 58. Then how can I claim the amount that has already been deducted from my salary from age 58 to 65, which has accrued in the P.F. office? And to whom can I claim it from - the company or the P.F. office?
How much pension can I get? Is it possible to receive it as a lump-sum amount?
Gratuity Calculation
For the calculation of Gratuity - I have a salary structure of Basic + HRA + Conveyance. Will it be Basic + HRA, Basic Only, or the total of all? How is it calculated? Is it 15 days' salary (total) or Monthly Salary x Number of years in service divided by 26?
Please offer your valuable opinion/solution.
Thank you,
S. Kannan
From India, Gurgaon
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I am working in a company in Gurgaon from 1995 to date. I am already 65 years old. P.F. is deducted from my salary for all these years. I was told that the pension will not be given if one attains the age of 58. Then how can I claim the amount that has already been deducted from my salary from age 58 to 65, which has accrued in the P.F. office? And to whom can I claim it from - the company or the P.F. office?
How much pension can I get? Is it possible to receive it as a lump-sum amount?
Gratuity Calculation
For the calculation of Gratuity - I have a salary structure of Basic + HRA + Conveyance. Will it be Basic + HRA, Basic Only, or the total of all? How is it calculated? Is it 15 days' salary (total) or Monthly Salary x Number of years in service divided by 26?
Please offer your valuable opinion/solution.
Thank you,
S. Kannan
From India, Gurgaon
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Once you cross 58 years, contributions to the Pension Fund are not deposited into the Pension account. The full PF deduction, inclusive of the Pension, is paid to your PF account. Please check with your employer.
Regards,
John Joseph
From India, Patna
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Regards,
John Joseph
From India, Patna
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Thank you very much for your information. However, our company did not consider my 58 years mandate at that time (they were not aware of my age!). Is it possible to claim the deducted amount?
Thank you for your information. Does the 15 days' salary include the full salary, or only the basic amount?
Regards,
S. Kannan
From India, Gurgaon
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Thank you for your information. Does the 15 days' salary include the full salary, or only the basic amount?
Regards,
S. Kannan
From India, Gurgaon
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Gratuity Calculation Explanation
In gratuity calculation, 15 represents the 15 days' salary for every completed year of service, and 26 is the number of days in a month. The number of years in continuous service will be considered for the same.
(Basic) x (Number of years in Service) x 15 (15 days' salary for every completed year) / 26 (Number of days in a month)
From India, Bangalore
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3In gratuity calculation, 15 represents the 15 days' salary for every completed year of service, and 26 is the number of days in a month. The number of years in continuous service will be considered for the same.
(Basic) x (Number of years in Service) x 15 (15 days' salary for every completed year) / 26 (Number of days in a month)
From India, Bangalore
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Your employer should be aware of your age and is also responsible for the deduction and deposit of the PF amount. So, please approach them. Your gratuity will be calculated as follows: (Basic salary/26 x 15) x Number of years of service.
Regards,
John
From India, Patna
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Regards,
John
From India, Patna
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15days paid in a year this is rule when we r calculate gratuity formula is basic salary divided 26 into 15 into no of year
From India, Delhi
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From India, Delhi
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As per the above discussion the gratuity is calculated by Gratuity=(Basic Salary*No. of yrs working * 15)/26days Its the Gratuity formula. Its same for all. With Regards Suchitra
From India, Hyderabad
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From India, Hyderabad
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If the P.F. amount is paid towards pension after 58 years, it is not correct. However, please seek clarification from your employer. If they have deposited it in the P.F. Pension account, you can claim the same by writing a letter through your employer and by sending the details of the remittance of the pension amount after 58 years. They will pay it in a lump sum to you.
Regards,
D. Gurumurthy LL.
HR & IR Consultant, Hyderabad.
From India, Hyderabad
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Regards,
D. Gurumurthy LL.
HR & IR Consultant, Hyderabad.
From India, Hyderabad
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Thank you very much for your kind advice. I will surely take up the matter with my employer. However, their usual stock reply is that the concerned staff at that time had already left the company, and they could not retrieve the old record for verification, etc. Anyhow, I will take up the matter once again.
Claiming Pension Amount in Lump Sum
Is there any separate form to submit to the P.F. office to claim the pension amount in a lump sum?
Thank you once again for your help and for posting a nice reply.
Regards,
S. Kannan
From India, Gurgaon
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Claiming Pension Amount in Lump Sum
Is there any separate form to submit to the P.F. office to claim the pension amount in a lump sum?
Thank you once again for your help and for posting a nice reply.
Regards,
S. Kannan
From India, Gurgaon
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