I am a permanent resident of Calcutta. My present age is 44 years. I am working in Bata Company since 16th October 2000. From 16.10.2000 to 31.03.2006, I was posted at "Bata Calcutta factory". In that period, my contribution for Pension scheme has been deposited in "Calcutta Pension Fund Office" (West Bengal). From 01.04.2006, I have been transferred & doing job at "Bata Patna Factory" till this date. Here, my contribution for Pension scheme is being deposited in "Patna Pension Fund Office" (Bihar). Now I have decided to submit my resignation letter in January 2011. I will start Private Tution Coaching Centre in my home at Calcutta. So please tell me from where I will get my Pension ? Because my contribution has been deposited in both Calcutta & Patna Office. Also please tell me what I will have to do to get my pension. Because I am leaving my job before my retirement age 60 years. Please help me.
From India, Ranchi
From India, Ranchi
Dear Dasgouranga,
First of all you have transfer your previous EPS to present service, so that it will be added to a total of 10 years against pensionable service. For the same fill form13 and submit to previous RPFC through present employer. After transfer you have to apply for scheme certificate at the Patna RPFC. Because as you completed an age of 44 years only, you are not eligible for PF pension right now. Minimum age to get pension is 50 years. Also for pension before 58 years' age, you will lose 4% on pensionable amount for each year below 58 years.
Later after surrendering scheme certificate you may process for pension in form 10D from Patna RPFC.
Pension Calculation :
Pensionable Service x Pensionable Salary /70
Pensionable Service - 10 years (16.10.2000 to Jan 2011)
Pensionable Salary - Not given, let me take as 6500
Pension at 58 years - 10x6500/70 = 929
Pension at 50 years - 929x0.721 = 670
(The factor 0.721 is arrived as 0.96 to the power of 8. Here 0.96 is rduced factor for one year. 8 is the difference between 58 and 50).
i.e You are eligible for a pension of Rs. 670 at 50 years, which will be continued unaltered life long. If you opt pension at 58 years, the amount will be Rs. 929.
Abbas.P.S
From India, Bangalore
517First of all you have transfer your previous EPS to present service, so that it will be added to a total of 10 years against pensionable service. For the same fill form13 and submit to previous RPFC through present employer. After transfer you have to apply for scheme certificate at the Patna RPFC. Because as you completed an age of 44 years only, you are not eligible for PF pension right now. Minimum age to get pension is 50 years. Also for pension before 58 years' age, you will lose 4% on pensionable amount for each year below 58 years.
Later after surrendering scheme certificate you may process for pension in form 10D from Patna RPFC.
Pension Calculation :
Pensionable Service x Pensionable Salary /70
Pensionable Service - 10 years (16.10.2000 to Jan 2011)
Pensionable Salary - Not given, let me take as 6500
Pension at 58 years - 10x6500/70 = 929
Pension at 50 years - 929x0.721 = 670
(The factor 0.721 is arrived as 0.96 to the power of 8. Here 0.96 is rduced factor for one year. 8 is the difference between 58 and 50).
i.e You are eligible for a pension of Rs. 670 at 50 years, which will be continued unaltered life long. If you opt pension at 58 years, the amount will be Rs. 929.
Abbas.P.S
From India, Bangalore
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Amendment in Employees Pension Scheme, 1995.pdf