The Clarification required on Pension calculation under Provident fund.
The employee has been superannuated by 26/01/2021 after attaining age of 58 years. The employee has joined the organization on 1st Nov 1994. The employee's date of leaving is 26/01/2021 after superannuated at the age of 58 years.
The employee has put service of 26 years. His past service up to 15/11/95 is 1 year and 15 days, Service after 15/11/1995 is 25 years 2 months 11 days. Since the member has put in more than 20 years of service his service period is increased by 2 years by the PF office.
His family members wife & two children have also been entitled Rs. 1955 as widow pension and Rs. 489 as children pension respectively. The pension has worked out to the member Rs. 3,909/- by the PF office. The member has gone with some general version saying the pension amount be arrived at "Pensionable salary multiplied by pensioner service and to divide by 70 and thereby to calculate Rs. 5,570/-.
I am now requesting the calculation pattern on pension by the pf office so as to get awareness as well to explain..
From India, Chennai
The employee has been superannuated by 26/01/2021 after attaining age of 58 years. The employee has joined the organization on 1st Nov 1994. The employee's date of leaving is 26/01/2021 after superannuated at the age of 58 years.
The employee has put service of 26 years. His past service up to 15/11/95 is 1 year and 15 days, Service after 15/11/1995 is 25 years 2 months 11 days. Since the member has put in more than 20 years of service his service period is increased by 2 years by the PF office.
His family members wife & two children have also been entitled Rs. 1955 as widow pension and Rs. 489 as children pension respectively. The pension has worked out to the member Rs. 3,909/- by the PF office. The member has gone with some general version saying the pension amount be arrived at "Pensionable salary multiplied by pensioner service and to divide by 70 and thereby to calculate Rs. 5,570/-.
I am now requesting the calculation pattern on pension by the pf office so as to get awareness as well to explain..
From India, Chennai
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.
Salary Sheet & PF PT Calculation & Challan Nov 2010.xls
PF & Pension Amdmt Scheme 2010 for IW.pdf