hi, I am krishna, I want to know what is eligibility of pension fund under pf fund ?
From India, Mumbai
5From India, Mumbai
Dear Krishna, Your question is not clear. Please make it clear that whether your question is regarding contribution to Pension Fund or the return / pension from the above fund. Abbas.P.S
From India, Bangalore
From India, Bangalore
Dear Niel Payasi,
For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
For details please see the web site :
EPFO
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Besides the above method of calculation there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorised into three.
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 & 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already over, I shall a give a brief on third.
Pensionable benefit (minimum) of Rs. 635 and Past service benefit as mentioned above, subject to a minimum of Rs. 800. This amount is for 24 yrs or more service. If it is less than 24 yrs, this will be reduced in proportionate (amount x actual service / 24). However this amount will be subject to a minimun of Rs. 450.
I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.
In case of any error or suggestion, please notice to me.
Abbas.P.S.
ITI Ltd,
PALAKKAD - 678 623
Ph. +919447 467 667
From India, Bangalore
For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
For details please see the web site :
EPFO
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Besides the above method of calculation there will be a minimum for those who have service before 16.11.95. In the EPS-95, they are categorised into three.
1. Date of commencement of Pension before 16.11.2000
2. Date of commencement of Pension between 16.11.2000 & 16.11.2005
3. Date of commencement of Pension after 16.11.2005
As the first two categories are already over, I shall a give a brief on third.
Pensionable benefit (minimum) of Rs. 635 and Past service benefit as mentioned above, subject to a minimum of Rs. 800. This amount is for 24 yrs or more service. If it is less than 24 yrs, this will be reduced in proportionate (amount x actual service / 24). However this amount will be subject to a minimun of Rs. 450.
I shall insert Excel work sheet to calculate pension. Enter Date of Birth, Date of Join, Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation from Service ( in compliance with the contribution to pension fund) and break in service before and after 16.11.95, if any in green colour column. The results will appear in yellow colour column. The red colour is for static information.
In case of any error or suggestion, please notice to me.
Abbas.P.S.
ITI Ltd,
PALAKKAD - 678 623
Ph. +919447 467 667
From India, Bangalore
Thanx Mr abbas Excellent information clarity on very aspect and nothing is left to be covered
From India, Mumbai
From India, Mumbai
Sir
My name is Arokiam worked in chennai and my details are given below
date of birth : 07/02/1953
past service upto 15/11/1995 :15y 9m 3d
actual service :15y 2m 22d
eligible service : 31y
ncp days :3days
pensionable service :15y 2m 19d
pensionable salary :6500
wages on15/11/1995 :2364
date of joining in eps71 :13/02/1980
date of joining in eps95 :16/11/1995
My past service benefit under eps 1971 :396 (A)
pension :1413 (B)
Total actual pension (A+B) :1809
Howe to calculate this above pension kindly answer me with excel worksheet
Thanks
Arokiam
From India, Madras
My name is Arokiam worked in chennai and my details are given below
date of birth : 07/02/1953
past service upto 15/11/1995 :15y 9m 3d
actual service :15y 2m 22d
eligible service : 31y
ncp days :3days
pensionable service :15y 2m 19d
pensionable salary :6500
wages on15/11/1995 :2364
date of joining in eps71 :13/02/1980
date of joining in eps95 :16/11/1995
My past service benefit under eps 1971 :396 (A)
pension :1413 (B)
Total actual pension (A+B) :1809
Howe to calculate this above pension kindly answer me with excel worksheet
Thanks
Arokiam
From India, Madras
Sir
My name is Arokiam worked in chennai and my details are given below
date of birth : 07/02/1953
past service upto 15/11/1995 :15y 9m 3d
actual service :15y 2m 22d
eligible service : 31y
ncp days :3days
pensionable service :15y 2m 19d
pensionable salary :6500
wages on15/11/1995 :2364
date of joining in eps71 :13/02/1980
date of joining in eps95 :16/11/1995
My past service benefit under eps 1971 :396 (A)
pension :1413 (B)
Total actual pension (A+B) :1809
Howe to calculate this above pension kindly answer me with excel worksheet
Thanks
Arokiam
From India, Madras
My name is Arokiam worked in chennai and my details are given below
date of birth : 07/02/1953
past service upto 15/11/1995 :15y 9m 3d
actual service :15y 2m 22d
eligible service : 31y
ncp days :3days
pensionable service :15y 2m 19d
pensionable salary :6500
wages on15/11/1995 :2364
date of joining in eps71 :13/02/1980
date of joining in eps95 :16/11/1995
My past service benefit under eps 1971 :396 (A)
pension :1413 (B)
Total actual pension (A+B) :1809
Howe to calculate this above pension kindly answer me with excel worksheet
Thanks
Arokiam
From India, Madras
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.
Provident fund.zip
PROVIDENT FUND.rar
PROVIDENT FUND.doc