Please advise me on my pension amount eligibility, as I joined my previous company on 01.04.2002. Before that, wherever I worked, I withdrew my PF amount entirely and did not carry it over to the new company. The last company I worked for was from 01.04.2002 till 03.04.2012, completing 10 years. I have submitted my PF papers for withdrawal. Now, as per the H.O, my EPF amount will be issued for an EPS certificate, and after attaining the age of 58 years, I shall be eligible for a pension.
Please advise on my eligible pension amount, as my last salary gross was Rs. 80,000, and now I have joined a new company where my gross salary is Rs. 85,000. Kindly confirm.
Regards
From India, Bangalore
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1Please advise on my eligible pension amount, as my last salary gross was Rs. 80,000, and now I have joined a new company where my gross salary is Rs. 85,000. Kindly confirm.
Regards
From India, Bangalore
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You can obtain a scheme certificate under the Pension scheme and continue to contribute to your pension even after joining the new company, which I feel is the better option.
Regards
From India, Mumbai
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From India, Mumbai
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Provident Fund Contributions and Pension Fund Details
From the employer's share of Provident Fund contributions, 8.33% of the total wages, limited to Rs. 6500 per month, is segregated and credited to the Employees' Pension Fund in A/C No. 10 (w.e.f. 1-06-2001). The Central Government also contributes at the rate of 1.16% of total wages.
Regards
From India, Bangalore
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From the employer's share of Provident Fund contributions, 8.33% of the total wages, limited to Rs. 6500 per month, is segregated and credited to the Employees' Pension Fund in A/C No. 10 (w.e.f. 1-06-2001). The Central Government also contributes at the rate of 1.16% of total wages.
Regards
From India, Bangalore
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Provident Fund and Pension Account Management
Firstly, 8.33% of the 12% Provident Fund contribution will be transferred to the separate account - "Employees' Pension Fund Account" maintained by the Regional Commissioner (appointed by The Central Board under the Pension Scheme), for which you will receive a separate account number managed through your service.
Secondly, in case of discontinuation of service in the same company, you will need to transfer the pension account to the nearest Regional Pension authority/office by informing the Commissioner, who will then transfer the account to the other nearest regional office.
Thirdly, in case you have not transferred your account, you may visit the related Commissioner's regional office to discuss the issue and request the pension amount or combine it with the existing amount.
Fourthly, your pension will be calculated based on your monthly pension amount payable multiplied by the total period of service rendered, requiring a minimum of 10 years of service, with the option of withdrawal after completing 20 years of service or at the age of 58. In exceptional cases with over 10 years of service, there will be discounts in payments.
Details on Pension Entitlement
For more details:
1. A member shall be entitled to:
- (a) Superannuation pension if they have rendered eligible service of 20 years or more and retire on attaining the age of 58 years.
- (b) Retirement pension if they have rendered eligible service of 20 years or more and retire or cease employment before attaining the age of 58 years.
- (c) Short service pension if they have rendered eligible service of 10 years or more but less than 20 years.
2. In the case of a new entrant, the amount of monthly superannuation pension or retiring pension shall be computed based on the following factors:
- Monthly member's pension = Pensionable salary X Pensionable service
3. In the case of an employee who was a member of the ceased Family Pension Scheme, 1971, and has not attained the age of 48 years on 16th November 1995:
- Superannuation/retirement/short service pension shall be equal to the aggregate of:
- (a) Pension as determined under sub-paragraph (2) for the period of pensionable service rendered from 16th November 1995 or Rs 635/- per month, whichever is more.
You may also refer to the Employee Provident Funds and Miscellaneous Provisions Act, 1952.
Best Wishes.
From India, Bangalore
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Firstly, 8.33% of the 12% Provident Fund contribution will be transferred to the separate account - "Employees' Pension Fund Account" maintained by the Regional Commissioner (appointed by The Central Board under the Pension Scheme), for which you will receive a separate account number managed through your service.
Secondly, in case of discontinuation of service in the same company, you will need to transfer the pension account to the nearest Regional Pension authority/office by informing the Commissioner, who will then transfer the account to the other nearest regional office.
Thirdly, in case you have not transferred your account, you may visit the related Commissioner's regional office to discuss the issue and request the pension amount or combine it with the existing amount.
Fourthly, your pension will be calculated based on your monthly pension amount payable multiplied by the total period of service rendered, requiring a minimum of 10 years of service, with the option of withdrawal after completing 20 years of service or at the age of 58. In exceptional cases with over 10 years of service, there will be discounts in payments.
Details on Pension Entitlement
For more details:
1. A member shall be entitled to:
- (a) Superannuation pension if they have rendered eligible service of 20 years or more and retire on attaining the age of 58 years.
- (b) Retirement pension if they have rendered eligible service of 20 years or more and retire or cease employment before attaining the age of 58 years.
- (c) Short service pension if they have rendered eligible service of 10 years or more but less than 20 years.
2. In the case of a new entrant, the amount of monthly superannuation pension or retiring pension shall be computed based on the following factors:
- Monthly member's pension = Pensionable salary X Pensionable service
3. In the case of an employee who was a member of the ceased Family Pension Scheme, 1971, and has not attained the age of 48 years on 16th November 1995:
- Superannuation/retirement/short service pension shall be equal to the aggregate of:
- (a) Pension as determined under sub-paragraph (2) for the period of pensionable service rendered from 16th November 1995 or Rs 635/- per month, whichever is more.
You may also refer to the Employee Provident Funds and Miscellaneous Provisions Act, 1952.
Best Wishes.
From India, Bangalore
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One formula is there for pension calculation PENSIONABLE SALARY*NO.OF YEARS SERVICE/70 For example if your BASIC is Rs.6500: 6500xno of years service(10)/70 v.subbarao
From India, Madras
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From India, Madras
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You may refer to Do You Know - Pensioners Portal for clear and required details.
From India, Bangalore
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From India, Bangalore
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Amendment in Employees Pension Scheme, 1995.pdf