The clarification required on pension calculation under the Provident Fund.
From India, Chennai
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From India, Chennai
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Pension Calculation Clarification under the Provident Fund
To address the query on pension calculation for the superannuated employee in Chennai, India, let's break down the process step by step:
1. Service Calculation:
- The employee joined the organization on 1st Nov 1994 and superannuated on 26/01/2021 at the age of 58.
- Total service: 26 years (1 year and 15 days before 15/11/1995 + 25 years, 2 months, and 11 days after).
- PF office increased service by 2 years, making it 28 years.
2. Family Pension Entitlement:
- The employee's family members are entitled to Rs. 1955 as widow pension and Rs. 489 as children's pension.
3. Pension Calculation:
- The PF office calculated the pension at Rs. 3,909.
- The member believes it should be Rs. 5,570, calculated as "Pensionable salary multiplied by pensioner service and divided by 70."
4. Explanation:
- The discrepancy might arise from different calculation methods used by the member and the PF office.
- The PF office's calculation likely considers specific factors such as the average salary, service period, and pension formula stipulated by the Provident Fund.
5. Understanding the Calculation:
- The formula provided by the member (Pensionable salary * Pensioner service / 70 = Rs. 5,570) may not align with the official calculation method used by the PF office.
- The official calculation method usually involves a standardized formula based on the employee's service, salary, and other relevant factors.
6. Seeking Clarification:
- To gain a clear understanding of the PF office's calculation pattern, it is advisable to directly contact the PF office or refer to the official Provident Fund guidelines.
- Requesting a detailed breakdown of the factors considered in the pension calculation can provide clarity on the final pension amount.
In conclusion, while the member's calculation method suggests a higher pension amount, understanding the specific criteria and formula used by the PF office is crucial for accurate pension calculations under the Provident Fund in India.
From India, Gurugram
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54To address the query on pension calculation for the superannuated employee in Chennai, India, let's break down the process step by step:
1. Service Calculation:
- The employee joined the organization on 1st Nov 1994 and superannuated on 26/01/2021 at the age of 58.
- Total service: 26 years (1 year and 15 days before 15/11/1995 + 25 years, 2 months, and 11 days after).
- PF office increased service by 2 years, making it 28 years.
2. Family Pension Entitlement:
- The employee's family members are entitled to Rs. 1955 as widow pension and Rs. 489 as children's pension.
3. Pension Calculation:
- The PF office calculated the pension at Rs. 3,909.
- The member believes it should be Rs. 5,570, calculated as "Pensionable salary multiplied by pensioner service and divided by 70."
4. Explanation:
- The discrepancy might arise from different calculation methods used by the member and the PF office.
- The PF office's calculation likely considers specific factors such as the average salary, service period, and pension formula stipulated by the Provident Fund.
5. Understanding the Calculation:
- The formula provided by the member (Pensionable salary * Pensioner service / 70 = Rs. 5,570) may not align with the official calculation method used by the PF office.
- The official calculation method usually involves a standardized formula based on the employee's service, salary, and other relevant factors.
6. Seeking Clarification:
- To gain a clear understanding of the PF office's calculation pattern, it is advisable to directly contact the PF office or refer to the official Provident Fund guidelines.
- Requesting a detailed breakdown of the factors considered in the pension calculation can provide clarity on the final pension amount.
In conclusion, while the member's calculation method suggests a higher pension amount, understanding the specific criteria and formula used by the PF office is crucial for accurate pension calculations under the Provident Fund in India.
From India, Gurugram
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Provident Fund - Excluded Employee - Definition.pdf
PROVIDENT FUND CALCULATION.xls