1. I am a member of the EPFO EPS pension scheme with continuous service of 22 years, 2 months, and 16 days until superannuation, i.e., 58 years.
EPF Rule on Service Weightage
2. There is an EPF rule stating that if there is continuous service of 20 years, an additional 2-year weightage will be given to the total serviceable pension. Therefore, the serviceable pensionable duration should be (22 years, 2 months, 16 days + 2 years), i.e., 24 years, 2 months, 16 days.
Application for Additional Pension Benefit
3. I applied to get an additional 8.16% pension benefit or pension deferment after superannuation until age 60 years.
Pensionable Salary and Service Details
4. From February 2000 until 31 August 2014, the pensionable salary was 6500, and the pensionable service was 5305 days.
5. From February 2000 until 31 August 2014, the pensionable salary was 15000, and the pensionable service was 2809 days.
Calculation of Additional Service Weightage
6. As per the EPF rule, an additional service weightage of 2 years is granted as the total service until superannuation is more than 20 years. Therefore, the pensionable service under point 5 = 2809 + 2 years (i.e., 2 * 365 days) = 3539 days.
Pension Calculation
7. Pension part under point #4 = pensionable service (in days) * pensionable salary / (70 * 365) = 5305 * 6500 / (70 * 365) = Rs 1349.61.
8. Pension part under point #6 = pensionable service (in days) * pensionable salary / (70 * 365) = 3539 * 15000 / (70 * 365) = Rs 2077.69.
9. So, the total salary until superannuation = 1349.61 + 2077.69 = Rs 3427.3.
Discrepancy in Pension Amount
10. Now, considering an 8.16% additional pension on top of point 9 as a result of pension deferment until age 60 (from superannuation day to age 60 years). Pension = 3427.3 + 8.16% of 3427.3 = 3707. However, the pension fixed by EPFO for the above facts is Rs 3435, which is less. When I contacted EPFO, their response was that the 2-year weightage has already been given. There seems to be something missing on EPFO's side. Please advise on how to proceed to get the EPS pension corrected.
From India, Bengaluru
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EPF Rule on Service Weightage
2. There is an EPF rule stating that if there is continuous service of 20 years, an additional 2-year weightage will be given to the total serviceable pension. Therefore, the serviceable pensionable duration should be (22 years, 2 months, 16 days + 2 years), i.e., 24 years, 2 months, 16 days.
Application for Additional Pension Benefit
3. I applied to get an additional 8.16% pension benefit or pension deferment after superannuation until age 60 years.
Pensionable Salary and Service Details
4. From February 2000 until 31 August 2014, the pensionable salary was 6500, and the pensionable service was 5305 days.
5. From February 2000 until 31 August 2014, the pensionable salary was 15000, and the pensionable service was 2809 days.
Calculation of Additional Service Weightage
6. As per the EPF rule, an additional service weightage of 2 years is granted as the total service until superannuation is more than 20 years. Therefore, the pensionable service under point 5 = 2809 + 2 years (i.e., 2 * 365 days) = 3539 days.
Pension Calculation
7. Pension part under point #4 = pensionable service (in days) * pensionable salary / (70 * 365) = 5305 * 6500 / (70 * 365) = Rs 1349.61.
8. Pension part under point #6 = pensionable service (in days) * pensionable salary / (70 * 365) = 3539 * 15000 / (70 * 365) = Rs 2077.69.
9. So, the total salary until superannuation = 1349.61 + 2077.69 = Rs 3427.3.
Discrepancy in Pension Amount
10. Now, considering an 8.16% additional pension on top of point 9 as a result of pension deferment until age 60 (from superannuation day to age 60 years). Pension = 3427.3 + 8.16% of 3427.3 = 3707. However, the pension fixed by EPFO for the above facts is Rs 3435, which is less. When I contacted EPFO, their response was that the 2-year weightage has already been given. There seems to be something missing on EPFO's side. Please advise on how to proceed to get the EPS pension corrected.
From India, Bengaluru
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Write to the grievance cell of the EPFO, including the Central EPFO in Delhi, regarding the issues you have mentioned in this post. If your logic is sound, you will receive a reply and remedy. If it is not resolved, you may need to move to court.
S K Bandyopadhyay (WB, Howrah)
CEO-USD HR Solutions
[Phone Number Removed For Privacy-Reasons]
[Email Removed For Privacy Reasons]
From India, New Delhi
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367S K Bandyopadhyay (WB, Howrah)
CEO-USD HR Solutions
[Phone Number Removed For Privacy-Reasons]
[Email Removed For Privacy Reasons]
From India, New Delhi
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Clarification On Additional Two Years Pensionable Service Weightage To Members Of EPS.pdf