Presently employer is contributing the amount equal to employees contribution .Part of it presently Rs.1250/month max is going to pension scheme which reflects in EPF passbook without interest . What will happen of this amount ? Wheather an employee will get it in his life or it will get to his nominee after his death .If anybody knows please inform. more
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Sorry, the formula should be: Pensionable Service x Average Pensionable salary for the last 60 months ------------------------------------------------------------------------------------- 70 Example: Pensionable service : Total service rendered - Say 30 years ( note this is to be calculated from 16/11/1995 only. For those who are in service from a date prior to 16/11/1995, there is a different calculation) Pensionable Salary : If you are retiring on 30/04/2030, take the average salary ( salary on which pension contribution is made ) of last 60 months i.e from 05/2025 to 4/2030. Let us say it come to Rs 10,000. Now Pension = 30 x 10000 ---------------- 70 more
Apr 22
Sir, can you explain pensionable amount by any example Pensionable Service x Average Pensionable salary for the last 60 months ------------------------------------------------------------------------------------- 60 more
Apr 22
There are two scenarios : A) You have a service period of less than ten years ( all the service under different employer can be combined) - You are entitled for withdrawal benefit. The Contribution to Pension Fund shall be returned to you with some interest. You have to submit Form-10-C B) when you have more than ten years of service ( all the service under different employer can be combined) : you will get pension when you attain 58 years. The formula for calculating pension is: Pensionable Service x Average Pensionable salary for the last 60 months ------------------------------------------------------------------------------------- 60 On death of the employee( pensioner), Pension to Spouse ( for life) and two children till they attain 25 years of age. C) In case of death : i) Pension to Spouse ( for life) and Children till they attain 25 years of age. even if you have not rendered 10 years of service. If there are four children. The first two will get pension. when the first child attains 25 years of age, the third child will get pension. ii) Pension to nominee ( anybody) for his whole life provided there is ten years of service. If case there is no nominee, pension shall be given to dependent Parent ( father first then mother till death) more
Apr 22
