I have a query pertaining to the calculation of pension, so I have mentioned three cases. Please advise me how much amount they can get as a pension:
1. Employee's Date of Joining: 15/03/1981, Date of Leaving: 30/11/2013. How much will he get as a monthly pension?
2. Employee's Date of Joining: 18/04/1992, Date of Death: 14/07/2007. How much will his dependents get as a monthly pension? He has a spouse and three children, and his children are under the age of 25 years.
3. If an employee met with an accident and became permanently disabled for work from 10/10/2008, how much will he get as a monthly pension? Date of Joining: 15/12/1993.
Please provide me with details and calculations so I can understand easily.
Many thanks for your support in advance.
Best regards,
Parimal
From India, Ahmadabad
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41. Employee's Date of Joining: 15/03/1981, Date of Leaving: 30/11/2013. How much will he get as a monthly pension?
2. Employee's Date of Joining: 18/04/1992, Date of Death: 14/07/2007. How much will his dependents get as a monthly pension? He has a spouse and three children, and his children are under the age of 25 years.
3. If an employee met with an accident and became permanently disabled for work from 10/10/2008, how much will he get as a monthly pension? Date of Joining: 15/12/1993.
Please provide me with details and calculations so I can understand easily.
Many thanks for your support in advance.
Best regards,
Parimal
From India, Ahmadabad
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Dear Parimal, In all the above three cases, Date of birth is to be provided. Also salary on 16.11.95 and date of leaving from PF is to be furnished. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Pension Calculation Requirements
Please find the requirements below:
1. Date of Birth: 25/11/1955, Salary on 16/11/1995: 3500.00 per month, Date of Leaving: 30/11/2013
2. Date of Birth: 15/05/1970, Salary on 16/11/1995: 4000.00 per month, Date of Expiry: 14/07/2007
3. Date of Birth: 20/06/1968, Salary on 16/11/1995: 4000.00 per month, Date of Accident: 10/10/2008
Best regards,
Parimal
From India, Ahmadabad
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Please find the requirements below:
1. Date of Birth: 25/11/1955, Salary on 16/11/1995: 3500.00 per month, Date of Leaving: 30/11/2013
2. Date of Birth: 15/05/1970, Salary on 16/11/1995: 4000.00 per month, Date of Expiry: 14/07/2007
3. Date of Birth: 20/06/1968, Salary on 16/11/1995: 4000.00 per month, Date of Accident: 10/10/2008
Best regards,
Parimal
From India, Ahmadabad
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Pension Calculation for Different Cases
In the first case, the past service benefit up to 16.11.95 is 105. The multiplying factor as per Table B is 4.152. Therefore, the pension for past service is calculated as 105 x 4.152 = 436 (A). The pension from 16.11.95 to 24.11.2013 is computed as 18 x 6500 / 70 = 1671 (B). The total pension is the sum of (A) and (B), which equals 436 + 1671 = 2107.
In the second case, the past service benefit up to 16.11.95 is 85. The factor as per Table B is 12.197. Hence, the pension is 85 x 12.197 = 1037 (A). The pension from 16.11.95 to 14.7.2007 is determined as 12 x 6500 / 70 = 1114 (B). The total pension is the sum of (A) and (B), resulting in 2151. The widow will receive an amount equivalent to the member pension, and two children (up to 25 years old) will each receive 25%.
In the third case, the past service benefit up to 16.11.95 is 85. The factor as per Table B is 10.457. Therefore, the pension is calculated as 85 x 10.457 = 889 (A). The pension from 16.11.95 to 10.10.2008 is computed as 13 x 6500 / 70 = 1207 (B). The total pension is the sum of (A) and (B), amounting to 2096.
Regards,
Abbas.P.S
From India, Bangalore
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In the first case, the past service benefit up to 16.11.95 is 105. The multiplying factor as per Table B is 4.152. Therefore, the pension for past service is calculated as 105 x 4.152 = 436 (A). The pension from 16.11.95 to 24.11.2013 is computed as 18 x 6500 / 70 = 1671 (B). The total pension is the sum of (A) and (B), which equals 436 + 1671 = 2107.
In the second case, the past service benefit up to 16.11.95 is 85. The factor as per Table B is 12.197. Hence, the pension is 85 x 12.197 = 1037 (A). The pension from 16.11.95 to 14.7.2007 is determined as 12 x 6500 / 70 = 1114 (B). The total pension is the sum of (A) and (B), resulting in 2151. The widow will receive an amount equivalent to the member pension, and two children (up to 25 years old) will each receive 25%.
In the third case, the past service benefit up to 16.11.95 is 85. The factor as per Table B is 10.457. Therefore, the pension is calculated as 85 x 10.457 = 889 (A). The pension from 16.11.95 to 10.10.2008 is computed as 13 x 6500 / 70 = 1207 (B). The total pension is the sum of (A) and (B), amounting to 2096.
Regards,
Abbas.P.S
From India, Bangalore
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Case No-1
Please let me know the following:
- (Basic + DA) of the beneficiary as of 15-03-81.
- (Basic + DA) of the beneficiary as of 30-11-13.
- How many increments he had availed during the entire service period.
- Increment dates and amount details of the entire service period.
- Whether there was any suspension or discontinuation of service during the entire service period.
- Whether there was any LOP during the entire service period.
- Whether the beneficiary had continued with a single employer or changed (Account Transfer).
- If changed, what was the date of joining and relieving and gap days.
Please let me know the above first, then we will go to the next question.
Thank you.
From India
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Please let me know the following:
- (Basic + DA) of the beneficiary as of 15-03-81.
- (Basic + DA) of the beneficiary as of 30-11-13.
- How many increments he had availed during the entire service period.
- Increment dates and amount details of the entire service period.
- Whether there was any suspension or discontinuation of service during the entire service period.
- Whether there was any LOP during the entire service period.
- Whether the beneficiary had continued with a single employer or changed (Account Transfer).
- If changed, what was the date of joining and relieving and gap days.
Please let me know the above first, then we will go to the next question.
Thank you.
From India
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Thank you for your reply. I have a doubt as to why they are receiving only the said amount. Are they not eligible for full pension, for example, up to the age of 58?
Please also provide me with Table B because when I refer to Table B, I do not see any factor as you have written here.
Best regards,
Parimal
From India, Ahmadabad
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Please also provide me with Table B because when I refer to Table B, I do not see any factor as you have written here.
Best regards,
Parimal
From India, Ahmadabad
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Understanding Pension Calculations
Table B is part of the Employees' Pension Scheme-95, which can be downloaded from EPFO. To understand pension calculation, kindly refer to any of my posts on CiteHR regarding pension calculation (vide citehr/pension calculation/abbas.p.s).
In the case of widow pension and disabled pension, completion of 58 years is not necessary to receive pension benefits. However, for member pension, it is essential to reach 58 years of age to qualify for the full pension.
Regards,
Abbas P.S.
From India, Bangalore
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Table B is part of the Employees' Pension Scheme-95, which can be downloaded from EPFO. To understand pension calculation, kindly refer to any of my posts on CiteHR regarding pension calculation (vide citehr/pension calculation/abbas.p.s).
In the case of widow pension and disabled pension, completion of 58 years is not necessary to receive pension benefits. However, for member pension, it is essential to reach 58 years of age to qualify for the full pension.
Regards,
Abbas P.S.
From India, Bangalore
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