Hi, Please tell me how I can calculate withdrawal amount of PF & Pension (Form 19 & 10C). Regards Yogi
From India, Shimla
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From India, Shimla
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Regarding PF, the interest will be monthly compounded and rounded to the nearest rupee in each month.
For pension calculation, the service will be divided into 2 parts: service before 16.11.95 and service from 16.11.95 onwards. The first part is called past service, and the latter is known as pensionable service. Past service is divided into 4 slabs: service up to 11 years, 12 to 15 years, 16 to 19 years, and 20 years & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120, and 150, respectively. For salaries of Rs. 2500 and above, the compensation will be Rs. 85, 105, 135, and 170. These amounts are for those who turn 58 years old on 16.11.95. If an individual turns 58 after 16.11.95, the compensation will be multiplied by a factor specified in Table B based on the difference between 16.11.95 and the date of completing 58 years.
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 and above, with contributions at the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 and choosing to contribute based on actual salary. For the 2nd group, the pensionable salary is Rs. 6500. For the other two groups, the pensionable salary will be the average of the last twelve months. Additionally, if the pensionable service is 20 years and above, a 2-year bonus will be provided.
For further details, please visit the website: http://epfindia.com <link updated to site home>.
One example I can provide:
Date of Birth - 2.1.1961
Date of Joining - 23.2.1987
Salary on 16.11.95 - Rs. 2500 and above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 years 9 months (approx.) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e., the difference between 16.11.95 and 1.1.2019) - 6.102
(This can be calculated as 1.08 raised to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 years and above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Apart from the above method of calculation, there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are classified into three categories:
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 and 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already completed, I will provide a brief overview of the third category.
The minimum pensionable benefit is Rs. 635 and the past service benefit mentioned above, subject to a minimum of Rs. 800 for 24 years or more of service. If the service is less than 24 years, this amount will be proportionately reduced (amount x actual service / 24). However, this amount will have a minimum of Rs. 450.
I will insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund), and breaks in service before and after 16.11.95, if any, in the green color column. The results will appear in the yellow color column. The red color is for static information.
If there are any errors or suggestions, please notify me.
Abbas. P. S., ITI LTD, PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
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530For pension calculation, the service will be divided into 2 parts: service before 16.11.95 and service from 16.11.95 onwards. The first part is called past service, and the latter is known as pensionable service. Past service is divided into 4 slabs: service up to 11 years, 12 to 15 years, 16 to 19 years, and 20 years & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120, and 150, respectively. For salaries of Rs. 2500 and above, the compensation will be Rs. 85, 105, 135, and 170. These amounts are for those who turn 58 years old on 16.11.95. If an individual turns 58 after 16.11.95, the compensation will be multiplied by a factor specified in Table B based on the difference between 16.11.95 and the date of completing 58 years.
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 and above, with contributions at the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 and choosing to contribute based on actual salary. For the 2nd group, the pensionable salary is Rs. 6500. For the other two groups, the pensionable salary will be the average of the last twelve months. Additionally, if the pensionable service is 20 years and above, a 2-year bonus will be provided.
For further details, please visit the website: http://epfindia.com <link updated to site home>.
One example I can provide:
Date of Birth - 2.1.1961
Date of Joining - 23.2.1987
Salary on 16.11.95 - Rs. 2500 and above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 years 9 months (approx.) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e., the difference between 16.11.95 and 1.1.2019) - 6.102
(This can be calculated as 1.08 raised to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 years and above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Apart from the above method of calculation, there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are classified into three categories:
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 and 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already completed, I will provide a brief overview of the third category.
The minimum pensionable benefit is Rs. 635 and the past service benefit mentioned above, subject to a minimum of Rs. 800 for 24 years or more of service. If the service is less than 24 years, this amount will be proportionately reduced (amount x actual service / 24). However, this amount will have a minimum of Rs. 450.
I will insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund), and breaks in service before and after 16.11.95, if any, in the green color column. The results will appear in the yellow color column. The red color is for static information.
If there are any errors or suggestions, please notify me.
Abbas. P. S., ITI LTD, PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
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EPF PENSION CALCULATION.zip
EPF Pension xls new calculation.xls