friends / Seniors
i have question that my employee having PPO details as under
Total Eligible Service - 17 yrs ( before - 15-11-95 0 yrs )
Pensionable Salary - 14575 inspite of wages on date of Exit - 15000/-
Pension Amount - 2126 /-
my question is
1) According to date of Exit, basic wages (since more that 5 years ) 15000 then how did they calculate pensionable salary is 14575/- and
2) if his pensionable salary 14575 - service - 17 years then how did they calculate monthly pension 2126/-
requested to all who have these idea plz share it
thanking you
Bipin
From India, Ahmedabad
1i have question that my employee having PPO details as under
Total Eligible Service - 17 yrs ( before - 15-11-95 0 yrs )
Pensionable Salary - 14575 inspite of wages on date of Exit - 15000/-
Pension Amount - 2126 /-
my question is
1) According to date of Exit, basic wages (since more that 5 years ) 15000 then how did they calculate pensionable salary is 14575/- and
2) if his pensionable salary 14575 - service - 17 years then how did they calculate monthly pension 2126/-
requested to all who have these idea plz share it
thanking you
Bipin
From India, Ahmedabad
Dear Member,
Rs. 14575/- is the last Pensionable salary. That does not mean to be Average Pensionable Salary. For Pension calculation we need average pension salary of last 60 months (prior to Date Of Leaving). Rs. 15000 Average Pensionable Salary will be calculated for those who will retire/leave on or after 31st Aug'19 (Bcoz 15000/- pension salary implemented wef 01st Sep'14). Any employee who leave / retire before 31st Aug'19, his Average Pensionable Salary will be less than 15,000/-.
If employee last Pension Salary is 15000/- that means may be during last five year it might be lesser side. Pls provide his exact date of leaving and exact preceding five years Pension Salary. Than only we can calculate approx. Average Pensionable Salary and appro. pension amount.
However, on basis of provided data the pension amt. seems to be lower side. But before making any final comment, we would require exact data. Also clarify if there is NCP (Non Contribution Period) in his service. That is also considerable point for pension calculation.
Also clarify whether Rs. 14575/- (Pensionable Salary) shown in Pension document or you are calculating at your own.
Fellow members can throw more light on the matter.
From India, Delhi
Rs. 14575/- is the last Pensionable salary. That does not mean to be Average Pensionable Salary. For Pension calculation we need average pension salary of last 60 months (prior to Date Of Leaving). Rs. 15000 Average Pensionable Salary will be calculated for those who will retire/leave on or after 31st Aug'19 (Bcoz 15000/- pension salary implemented wef 01st Sep'14). Any employee who leave / retire before 31st Aug'19, his Average Pensionable Salary will be less than 15,000/-.
If employee last Pension Salary is 15000/- that means may be during last five year it might be lesser side. Pls provide his exact date of leaving and exact preceding five years Pension Salary. Than only we can calculate approx. Average Pensionable Salary and appro. pension amount.
However, on basis of provided data the pension amt. seems to be lower side. But before making any final comment, we would require exact data. Also clarify if there is NCP (Non Contribution Period) in his service. That is also considerable point for pension calculation.
Also clarify whether Rs. 14575/- (Pensionable Salary) shown in Pension document or you are calculating at your own.
Fellow members can throw more light on the matter.
From India, Delhi
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