PPO Enquiry Sheet Details
As per the details of the "PPO Enquiry Sheet" received by my colleague upon attaining the age of 58 (Superannuation) on 15th March 2018, the pension details are as follows:
- Pension amount: Rs. 2967/-
- Past Service Up to 15-11-1995: 5 Years, 7 Months, and 15 Days
- Date of Joining: 01-04-1990
- Date of Exit: 15-03-2018
- Reason for Exit: Superannuation
- Eligible Service: 28 Years
- Wage on 15-11-1995: Rs. 1200/-
- Wage on Date of Exit: Rs. 15000/-
- Actual Service After 15-11-1995: 22 Years, 3 Months, and 27 Days
- Pensionable Service: 22 Years, 1 Month, and 27 Days
- NCP Days: 61 Days
- Pensionable Salary: Rs. 12144/-
- Weightage Service: 2 Years
PF Pension Calculation
As per our understanding, the PF Pension will be calculated based on the following formula:
EPF Pension = Pensionable Salary * Number of Years of Service / 70
If we calculate the pension based on the above formula, he should receive Rs. 4163/- (12144 * 24 / 70). There is a difference of Rs. 1196/- in the pension amount as per our calculations and the PPO sheet.
Request members to enlighten us on the PF Pension calculation.
From India, Thiruvananthapuram
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1As per the details of the "PPO Enquiry Sheet" received by my colleague upon attaining the age of 58 (Superannuation) on 15th March 2018, the pension details are as follows:
- Pension amount: Rs. 2967/-
- Past Service Up to 15-11-1995: 5 Years, 7 Months, and 15 Days
- Date of Joining: 01-04-1990
- Date of Exit: 15-03-2018
- Reason for Exit: Superannuation
- Eligible Service: 28 Years
- Wage on 15-11-1995: Rs. 1200/-
- Wage on Date of Exit: Rs. 15000/-
- Actual Service After 15-11-1995: 22 Years, 3 Months, and 27 Days
- Pensionable Service: 22 Years, 1 Month, and 27 Days
- NCP Days: 61 Days
- Pensionable Salary: Rs. 12144/-
- Weightage Service: 2 Years
PF Pension Calculation
As per our understanding, the PF Pension will be calculated based on the following formula:
EPF Pension = Pensionable Salary * Number of Years of Service / 70
If we calculate the pension based on the above formula, he should receive Rs. 4163/- (12144 * 24 / 70). There is a difference of Rs. 1196/- in the pension amount as per our calculations and the PPO sheet.
Request members to enlighten us on the PF Pension calculation.
From India, Thiruvananthapuram
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The calculation appears all right. Pl verify from the local RPFC how pension amount was fixed.
From India, Mumbai
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From India, Mumbai
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Dear Kalaparam, you worked prior to 15.12.1995 and also after 15.12.1995. For you, the pension calculation formula is different.
Applicable Pension Calculation Formula
The following formula is applicable to you: Past Service Benefit plus Pensionable Service Benefit minus Proportionate Reduction, subject to the minimum pension specified for each group.
Steps to Calculate Your Pension
1. For past service benefit, you have to calculate the pension amount for the period before 16/11/1995.
2. For pensionable service benefit, you have to calculate the pension for the period after 16/11/1995 as per the formula mentioned by you.
3. You need to check the proportionate reduction subject to the minimum period, depending on when the pension started or the date of commencement of pension.
Calculation of the pension amount for the period before 16/11/1995 is a very complex subject that one needs to study. I had given presentations on this calculation, but right now, I have forgotten it. Until last year, I had the presentation material, which I discarded during a 5S carried out by me.
From India, Mumbai
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Applicable Pension Calculation Formula
The following formula is applicable to you: Past Service Benefit plus Pensionable Service Benefit minus Proportionate Reduction, subject to the minimum pension specified for each group.
Steps to Calculate Your Pension
1. For past service benefit, you have to calculate the pension amount for the period before 16/11/1995.
2. For pensionable service benefit, you have to calculate the pension for the period after 16/11/1995 as per the formula mentioned by you.
3. You need to check the proportionate reduction subject to the minimum period, depending on when the pension started or the date of commencement of pension.
Calculation of the pension amount for the period before 16/11/1995 is a very complex subject that one needs to study. I had given presentations on this calculation, but right now, I have forgotten it. Until last year, I had the presentation material, which I discarded during a 5S carried out by me.
From India, Mumbai
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I started working under pf act from 16.04.2013 when should i applicable for pension and how much
From India, Anand
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From India, Anand
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how is the pensionable salary calculated ?
From India, Agartala
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From India, Agartala
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(Fact Checked)-The pensionable salary is calculated based on the average monthly salary of the last 12 months preceding the date of exit. It includes basic wages, dearness allowance, and retaining allowance, if any. This calculation is crucial for determining the EPF pension accurately. (1 Acknowledge point)
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EPF PENSION CALCULATION.zip
PENSION BREAK IN SERVICE CERTIFICATE.doc
Weightage of 2 years in pensionable service 8.5.2017.pdf
CiteHR.AI
(Fact Checked)-The user's reply is correct. Thank you for your input and suggestion. (1 Acknowledge point)