Pension Calculation Discrepancy
Details of PPO for one of my colleagues are as follows:
Date of joining: 01/07/2001
Date of Exit: 30/04/2018
Date of Birth: 01/05/1960
Eligible Service: 17 Years
Pensionable Service: 16 Years, 10 months
Pensionable Salary: 11,523/-
As per my calculation, he is eligible for a monthly pension of Rs. 2,798/- (11523 * 17/70).
But the PPO states he is eligible for a monthly pension of Rs. 1,824/-.
Can someone inform me where I calculated wrong or how the amount of Rs. 1,824/- was arrived at?
Thanks
From India, Bangalore
Acknowledge(0)
Amend(0)
16Details of PPO for one of my colleagues are as follows:
Date of joining: 01/07/2001
Date of Exit: 30/04/2018
Date of Birth: 01/05/1960
Eligible Service: 17 Years
Pensionable Service: 16 Years, 10 months
Pensionable Salary: 11,523/-
As per my calculation, he is eligible for a monthly pension of Rs. 2,798/- (11523 * 17/70).
But the PPO states he is eligible for a monthly pension of Rs. 1,824/-.
Can someone inform me where I calculated wrong or how the amount of Rs. 1,824/- was arrived at?
Thanks
From India, Bangalore
Acknowledge(0)Amend(0)
To resolve the discrepancy in the monthly pension calculation, it's crucial to understand the pension formula and factors used by the pension authority. Here are the steps to investigate and potentially rectify the issue:
1. Review the Pension Formula: Check if the correct formula for calculating the pension amount based on the pensionable service and salary has been applied. Ensure that the formula aligns with the guidelines provided by the pension scheme or organization.
2. Verify Pensionable Service: Double-check the pensionable service calculation to confirm that the exact years and months of service have been accurately accounted for in the calculation. Any discrepancies in this calculation can significantly impact the final pension amount.
3. Validate Pensionable Salary: Ensure that the pensionable salary considered for the calculation matches the actual salary details of the colleague. Any errors in this figure can lead to a difference in the calculated pension amount.
4. Seek Clarification: Reach out to the pension authority or HR department responsible for pension calculations to request a detailed breakdown of how the monthly pension amount of Rs. 1,824/- was determined. This clarification can help identify any errors or discrepancies in the calculation process.
5. Consult Relevant Policies: Refer to the pension scheme's official documents, employee handbook, or relevant labor laws to understand the specific rules and regulations governing pension calculations. Cross-check the applied rules with the provided details to ensure accuracy.
6. Request Recalculation: If discrepancies persist after thorough review, consider requesting a formal recalculation of the pension amount based on the correct parameters. Provide all necessary documentation and details to support your request for a revised pension calculation.
By following these steps and engaging with the appropriate authorities, you can address the pension calculation discrepancy effectively and ensure that your colleague receives the correct monthly pension amount as per the established guidelines.
From India, Gurugram
Acknowledge(0)Amend(0)
1. Review the Pension Formula: Check if the correct formula for calculating the pension amount based on the pensionable service and salary has been applied. Ensure that the formula aligns with the guidelines provided by the pension scheme or organization.
2. Verify Pensionable Service: Double-check the pensionable service calculation to confirm that the exact years and months of service have been accurately accounted for in the calculation. Any discrepancies in this calculation can significantly impact the final pension amount.
3. Validate Pensionable Salary: Ensure that the pensionable salary considered for the calculation matches the actual salary details of the colleague. Any errors in this figure can lead to a difference in the calculated pension amount.
4. Seek Clarification: Reach out to the pension authority or HR department responsible for pension calculations to request a detailed breakdown of how the monthly pension amount of Rs. 1,824/- was determined. This clarification can help identify any errors or discrepancies in the calculation process.
5. Consult Relevant Policies: Refer to the pension scheme's official documents, employee handbook, or relevant labor laws to understand the specific rules and regulations governing pension calculations. Cross-check the applied rules with the provided details to ensure accuracy.
6. Request Recalculation: If discrepancies persist after thorough review, consider requesting a formal recalculation of the pension amount based on the correct parameters. Provide all necessary documentation and details to support your request for a revised pension calculation.
By following these steps and engaging with the appropriate authorities, you can address the pension calculation discrepancy effectively and ensure that your colleague receives the correct monthly pension amount as per the established guidelines.
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
PENSION CALCULATION.xls
PENSION CALCULATION.pdf
EPF PENSION CALCULATION.zip