Dear Seniors, Please see the details below:
Basic Salary EPF Pension 8.33%
5000.00 416.00
Total Period = 10 yrs = 10x12 = 120 months Suppose the Total Pension amount submitted is = 120x416 = 49920.00
My question is, when the above employee leaves the company after completing 10 yrs, will he be entitled to receive only 49920.00? Will 49920.00 be paid to him in the form of a monthly pension for a specific period, or will he be entitled to a fixed monthly pension for a lifetime?
Please guide me because I am in great confusion. What is the calculation method for the monthly pension amount in the above case?
Thanks,
Shalu
From India, Delhi
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5Basic Salary EPF Pension 8.33%
5000.00 416.00
Total Period = 10 yrs = 10x12 = 120 months Suppose the Total Pension amount submitted is = 120x416 = 49920.00
My question is, when the above employee leaves the company after completing 10 yrs, will he be entitled to receive only 49920.00? Will 49920.00 be paid to him in the form of a monthly pension for a specific period, or will he be entitled to a fixed monthly pension for a lifetime?
Please guide me because I am in great confusion. What is the calculation method for the monthly pension amount in the above case?
Thanks,
Shalu
From India, Delhi
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As per my understanding, the pension is calculated as given below:
Pension Calculation Method
Last 12 months' average salary (PF deductible i.e., Basic) multiplied by the total number of years in service divided by 70 (average human lifespan).
5000 x 10 / 70 = Rs. 714 per month
Thank you.
From India, Hyderabad
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Pension Calculation Method
Last 12 months' average salary (PF deductible i.e., Basic) multiplied by the total number of years in service divided by 70 (average human lifespan).
5000 x 10 / 70 = Rs. 714 per month
Thank you.
From India, Hyderabad
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EPF PENSION CALCULATION.zip
EPF Pension xls new calculation.xls