Dear all members in this thread,
I have deliberately avoided telling about the reduced pension at 50 years, because a pre-requisite for the same is that the member should not be in employment after completion of 50 years age. In the inception when the scheme was introduced in 1995, the rate of reduction p.a was 3 % and a person at 50 years was getting 75 % of the normal pension, whereas now due to more number of reduced pension claims, the rate of reduction p.a. has been increased to 4 % and a member at 50 years would get 68 % of normal pension. The maximum wages limit for pension is Rs.6500/= Any employer contribution at 8.33 % over and above that limit (Rs.541/= pm) is diverted to the company contribution of EPF account of the individual member. For any person who may like to continue in employment after 50 years, can keep scheme certificate and get pension at any maximum age between 50 to 58 when he chooses to leave work. A person drawing monthly pension should produce Life certificate by his Banker in November of the year to his area pension office; otherwise his pension for the next year would be stopped at the PF office.
Any one who became disabled, can also apply for pension on medical grounds even if he has not reached the requisite age for reduced pension.
Ramchander can calculate the pension amount at maximum pension salary (Rs.6500) x number of years service (now 10) divided by 70, which amount he would be getting at 58 years.
Regards
M.Venkatraghavan
From India, Selam
34I have deliberately avoided telling about the reduced pension at 50 years, because a pre-requisite for the same is that the member should not be in employment after completion of 50 years age. In the inception when the scheme was introduced in 1995, the rate of reduction p.a was 3 % and a person at 50 years was getting 75 % of the normal pension, whereas now due to more number of reduced pension claims, the rate of reduction p.a. has been increased to 4 % and a member at 50 years would get 68 % of normal pension. The maximum wages limit for pension is Rs.6500/= Any employer contribution at 8.33 % over and above that limit (Rs.541/= pm) is diverted to the company contribution of EPF account of the individual member. For any person who may like to continue in employment after 50 years, can keep scheme certificate and get pension at any maximum age between 50 to 58 when he chooses to leave work. A person drawing monthly pension should produce Life certificate by his Banker in November of the year to his area pension office; otherwise his pension for the next year would be stopped at the PF office.
Any one who became disabled, can also apply for pension on medical grounds even if he has not reached the requisite age for reduced pension.
Ramchander can calculate the pension amount at maximum pension salary (Rs.6500) x number of years service (now 10) divided by 70, which amount he would be getting at 58 years.
Regards
M.Venkatraghavan
From India, Selam
thanks for your information .sir i have one doubt about pf now i would like region my present company myservice in company 10 years 2 months my present salary 9605 /-( 5865+2077+953)( basic+vda+hra) my epf cutting every month salary 953/-only
now how much i get the epf after region kindly tell me sir
From India, Hyderabad
now how much i get the epf after region kindly tell me sir
From India, Hyderabad
Hi Team,
I served for my previous organization for 10+ years and withdraw my PF money. I joined a new organization and got a new PF account. I understood that if somebody is serving for more than 10 years, they are eligible for the PF pension scheme. How enable the pension scheme? How to link my previous service and show the service continuity in my new account?
-Ganesh
From India, Thiruvananthapuram
I served for my previous organization for 10+ years and withdraw my PF money. I joined a new organization and got a new PF account. I understood that if somebody is serving for more than 10 years, they are eligible for the PF pension scheme. How enable the pension scheme? How to link my previous service and show the service continuity in my new account?
-Ganesh
From India, Thiruvananthapuram
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
EPF ON LINE REGN. USER MANUAL.pdf