Thank you very much for the reply. Can you please tell how the withdrawal benefit is calculated and what percentage of total contribution is diverted to pension fund?
From India, Bangalore
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From India, Bangalore
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Generally, the EPF contribution is 12% of the salary. Out of this, 8.33% (subject to a ceiling of Rs. 541) will be credited to the pension fund. For withdrawal benefit, the factor as per Table D is multiplied by the last drawn twelve months' average salary (subject to a salary ceiling of Rs. 6500). The result will be the withdrawal benefit.
Regards,
Abbas. P. S.
From India, Bangalore
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530Regards,
Abbas. P. S.
From India, Bangalore
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Dear All Pl find attached HAND BOOK on EPS with details of calculations. Please go through Thanks, Bhat
From India, Pune
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From India, Pune
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This has already been discussed in this thread, and many people have contributed their views. Please search in this thread.
Introduction to the Employees' Pension Fund
The Employees' Pension Fund was introduced on 16th November 1995 by superseding the Employees' Family Pension Scheme, 1971. As per the new Employees' Pension Scheme, 1995, to avail of the benefit of this fund, the employee should complete pensionable service, i.e., 10 years from the date of joining. To receive this benefit, the employee should attain the age of 58 years. The actual benefit will be calculated only after the employee's retirement. The exact pension amount per month cannot be determined. As of now, those who have completed 10 years and above and retired after attaining the age of 59 years may receive an amount of Rs. 1,400 to 1,500 per month (approx). The pensionable salary is the same and applicable to all types of employees, including General Managers. Newly joined or those who have not completed the minimum pensionable service have the option to withdraw their contribution by applying the claim Form No. 10C if it is less than ten years.
The bifurcation of the employer's contribution towards Provident Fund and Pension has already been explained by me in an earlier contribution.
Regards,
Adoni Suguresh
Sr. Executive (Pers, Admin & Ind. Rels) Rtd
Labour Laws Consultant.
From India, Bidar
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Introduction to the Employees' Pension Fund
The Employees' Pension Fund was introduced on 16th November 1995 by superseding the Employees' Family Pension Scheme, 1971. As per the new Employees' Pension Scheme, 1995, to avail of the benefit of this fund, the employee should complete pensionable service, i.e., 10 years from the date of joining. To receive this benefit, the employee should attain the age of 58 years. The actual benefit will be calculated only after the employee's retirement. The exact pension amount per month cannot be determined. As of now, those who have completed 10 years and above and retired after attaining the age of 59 years may receive an amount of Rs. 1,400 to 1,500 per month (approx). The pensionable salary is the same and applicable to all types of employees, including General Managers. Newly joined or those who have not completed the minimum pensionable service have the option to withdraw their contribution by applying the claim Form No. 10C if it is less than ten years.
The bifurcation of the employer's contribution towards Provident Fund and Pension has already been explained by me in an earlier contribution.
Regards,
Adoni Suguresh
Sr. Executive (Pers, Admin & Ind. Rels) Rtd
Labour Laws Consultant.
From India, Bidar
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Dear Sir, You have stated that the exact pension amount cannot be determined. This is incorrect as there is a clear calculation method for both past service (service up to 15.11.1995) and pensionable service (service from 16.11.1995 onwards). Kindly provide the date of birth, date of joining, salary on 16.11.1995, pensionable salary (average salary of the last twelve months before the cessation of pension contributions), any service breaks before turning 58 years, etc.
Abbas.P.S
From India, Bangalore
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Abbas.P.S
From India, Bangalore
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.
PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
Pension Calculation with all Papers for W.B.Govt Employees(Retir ed Employees).xls