If a person has a salary of Rs. 50,000 per month, but Rs. 1,250 is deducted from the salary for the pension fund, and he is still working, please tell me if he will still continue his pension fund contribution at Rs. 15,000, will he get the pension scheme benefit? If he deposits his old pension fund of above Rs. 6,500 to the EPF department again, then what will he get from the pension fund?
From India, Chandigarh
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1From India, Chandigarh
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Revised Employees' Pension Scheme '95
Under the revised Employees' Pension Scheme '95, the contributor is entitled to a maximum of Rs. 7,500 as a pension, considering the restriction of contribution based on the wage ceiling of Rs. 15,000. Prior to the 2014 amendment, the maximum pension was Rs. 2,500 per month. There has been a progressive increase from that amount depending on the contribution period after the wage ceiling was revised to Rs. 15,000.
The option of retrospectively enhancing pension contributions to actual salary is presently not allowed by EPFO, but the matter is pending before the Supreme Court and different High Courts. The pensioners are optimistic about the matter being resolved in their favor in the higher courts of the country.
From India, Mumbai
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Under the revised Employees' Pension Scheme '95, the contributor is entitled to a maximum of Rs. 7,500 as a pension, considering the restriction of contribution based on the wage ceiling of Rs. 15,000. Prior to the 2014 amendment, the maximum pension was Rs. 2,500 per month. There has been a progressive increase from that amount depending on the contribution period after the wage ceiling was revised to Rs. 15,000.
The option of retrospectively enhancing pension contributions to actual salary is presently not allowed by EPFO, but the matter is pending before the Supreme Court and different High Courts. The pensioners are optimistic about the matter being resolved in their favor in the higher courts of the country.
From India, Mumbai
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Dear Sir, I worked for 26 years and contributed to the pension fund since 1983. I left the job in October 2008 and applied for pension benefits. The PF authorities have sanctioned me a pension of Rupees 1193.00 per month. At that time, I was unsure about continuing to work. However, in December 2008, I received a better opportunity and joined there. Despite my initial uncertainty about staying there long-term, I have now completed over 9 years in this company without contributing to the pension fund. My total amount is deposited in the EPF.
Sir, my question is: Can I still receive a pension if the amount in the EPF, along with interest, is paid out, and I deposit the amount received from the authority with applicable interests? Please advise. My Date of Birth is 04.03.1959.
Regards, Madan Lal
From India, New Delhi
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Sir, my question is: Can I still receive a pension if the amount in the EPF, along with interest, is paid out, and I deposit the amount received from the authority with applicable interests? Please advise. My Date of Birth is 04.03.1959.
Regards, Madan Lal
From India, New Delhi
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Pension Sanction and Contribution Query
The sanction of Rs. 1193 as a monthly pension from October '08 seems reasonable for your pensionable service under EPS '95 from 1995 to 2008. However, it is a bit confusing as you had resumed PF contribution in December '08 without contributing to the pension fund. This appears improbable on the face of it, as the apportionment of EPS contribution is compulsory once you contribute to PF. Your quest for getting a pension by depositing the EPS share may not be agreed upon by EPFO as the position stands now. Nevertheless, a similar matter of retrospective option is before High Courts and the Supreme Court; you may await the final result of the litigation.
From India, Mumbai
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The sanction of Rs. 1193 as a monthly pension from October '08 seems reasonable for your pensionable service under EPS '95 from 1995 to 2008. However, it is a bit confusing as you had resumed PF contribution in December '08 without contributing to the pension fund. This appears improbable on the face of it, as the apportionment of EPS contribution is compulsory once you contribute to PF. Your quest for getting a pension by depositing the EPS share may not be agreed upon by EPFO as the position stands now. Nevertheless, a similar matter of retrospective option is before High Courts and the Supreme Court; you may await the final result of the litigation.
From India, Mumbai
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PF Pension fund contribution beyond 58 years of age.pdf