No Tags Found!


abbasiti
517

Dear Jatin,
Your date of join in service & EPS, may be different. Otherwise there may be some break in service or non contributory period. Even for 1 year if your last drawn salary applicable for PF is 4700, you had to get 4700x1.02 = 4794.
Date of exit from EPS is the last day of contribution to EPS. This will be either the last date of contribution to EPF or the date of attainment of 58 years, whichever is early.
Better you contact the concerned Office of Regional PF Commissioner. They are only able to tell the correct reason.
Abbas.P.S

From India, Bangalore
kannanmv
257

Dear Abbas & Jatin,
It was quite an interesting case for discusssion.
If my understanding is correct the wages for computing EPS withdrawal is based on the average of wages drawn for 12 months preceeding the date of leaving.
In Jatin's case the total wages for the last 12 months (from July 2003 to June 2004) works out to Rs.52893/-. If we divide it by 12 then the average wage works out to Rs.4415.25 if this is multiplied by 1.02 as mentioned by Abbas then the withdrawal amounts to around Rs.4503/-.
Is this calculation right?
I have assumed he was not a member of EPS for one year from the date of joining.
M.V.KANNAN

From India, Madras
jatinz
Hello Kannan & Abbas
Thanks for contributing in this discussion. It will be a case for all to understand the working at the backend.
To further add, I think I was a member of EPS right from the beginning of my joining that organisation because I filled all the forms in the beginning itself & I know that the employer started submitting the employer contribution into EPS from the very next month.
I am still not clear why are we considering it 1 year of membership in EPS. According to me, we should have taken a factor of 1.99 from table D.
Please clarify how do we take it 1.02.
Also, if we consider membership for the whole time period of employment, then the average comes out to be 4336/-. (Refer again to the attached excel in the inital posts)
Am I right?
Regards,
Jatin

From India, Delhi
abbasiti
517

Dear Jatin,

For withdrawal benefit two components has to be arrived

1. Average salary of last 12 months

2. Factor stipulated in Table D in compliance with number of years' service in EPS

For 1 to 9 years, (w.e.f 10.6.2008) the factors as per Table D are 1.02, 1.99, 2.98, 3.99, 5.02, 6.07, 7.13, 8.22 & 9.33 respectively. Form 1.8.2002 to 15.5.2004, it is 21.5 months and is rounded to 2 years with a corresponding factor 1.99. But if 4 months are deducted in any reason as,

1. Date of join in job & EPS are different

2. Date of attainment of 58 years' age, before completing service

3. Break in service

4. Non contributory period due to LWOP, lapse from employer etc.

Then the above service in EPS will be rounded down to 1 year and equivalent factor will be 1.02.

The format of the said excel sheet is originated by me. But it is altered by some unskilled. For eg. ceiling limit from 1.6.2001 onwards is Rs. 6500. But as per attached sheet it is w.e.f 1.11.2003. Therefore don't rely on that.

Note : Regarding last drawn salary.

In Table D it is written as 'Wages at Exit'. But practically it is average of last twelve months.

Either you check with your employer or contact your Regional PF Commissioner's Office for the actual fact.

Abbas.P.S

From India, Bangalore
kannanmv
257

Dear Jatin,
I will certainly agree with Abbas suggestion that it is time that you approach the EPFO with your query.
In my opinion it ought to have been a clerical error by the section clerk. He would have inadvertently considered your service as one year instead of two years by oversight and this could have eluded the attention of the section head.
Generally, few people go through the details and get back to them. It is high time that you take up the matter.
Regards
M.V.KANNAN

From India, Madras
abbasiti
517

Dear Ashok,
Those who have a contributory period of 114 months or more in EPS are eligible for pension. Whether your PF is dealt by the PF authorities or exempted Trust, it is immaterial in this regard. Because EPS is directly under the EPFO, no connection with the Trust.
Abbas.P.S

From India, Bangalore
dineshkumarji.dks
37

Dear Abbas.ji,
After amendment w.e.f 1.09.2014, a new formula has been introduced to calculate EPS withdrawal benefit which is something like this:
Average Weighted wage multiplied by the factor as shown in Table D.
Here, Would you explain me how to calculate the Average Weighted Wage. (2 factors are taken wages before 01.01.2014 and wages at the time of exit which is further multiplied by some value which I do not know)
If you have any idea please share.
Regards
Dinesh Kumar

From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.






Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.