NEW PF PENSION SCHEME
Dear Friends,
CONGRATULATIONS
Above news will turn out to be a life changing news for many retired friends who did not go for additional source of income and preferred to lead a peaceful life after four decades of hectic life in BHEL.
With this decision, EPFO monthly pension is likely to go up to Rs25000-30000 per month from existing pension of Rs2000 approx for most of us. We will first of all have to deposit (8.33% + interest received ) at the time of retirement from Nov 1995 till attaining age of 58 years. Total amount may work out Rs10-15 Lacs BUT will get arrears which may be double the amount paid to EPFO referred as recovery. Formula for pension is as under:
(Average of last 12 month pay (58th Year) received multiplied by 19 and divided by 70. (Pay means Basic pay+DA+Spl pay)
Those who have more authentic information on the subject may kindly share and oblige.
CONGRATULATIONS once again. more
CONGRATULATIONS
Above news will turn out to be a life changing news for many retired friends who did not go for additional source of income and preferred to lead a peaceful life after four decades of hectic life in BHEL.
With this decision, EPFO monthly pension is likely to go up to Rs25000-30000 per month from existing pension of Rs2000 approx for most of us. We will first of all have to deposit (8.33% + interest received ) at the time of retirement from Nov 1995 till attaining age of 58 years. Total amount may work out Rs10-15 Lacs BUT will get arrears which may be double the amount paid to EPFO referred as recovery. Formula for pension is as under:
(Average of last 12 month pay (58th Year) received multiplied by 19 and divided by 70. (Pay means Basic pay+DA+Spl pay)
Those who have more authentic information on the subject may kindly share and oblige.
CONGRATULATIONS once again. more
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Dear Shrinivasa Rao Peri Be assured that everybody would be covered provided whose EPF is deducted @12% on the wages /salaries exeeding the statutory ceiling more over member can't be debarred from exceeding the option to contribute 8.33% on higher wages /salaries to the pension fund provided all. Difference amount or returns as sought by EPFO wef 16-11-1995 till the date of attainment of 58 years age which in turn duly calculating revised. ( Average of last 12 months salary ) Personable Salary multiplying by Personable Service divided by 70 would Br your revised pension more
Mar 31
From the circular it appears it is applicable to those who opted for higer contribution on wages exceeding Rs. 5000/- or Rs. 6000/- i.e their full basic + DA. For example 'X' was drawing salary of Rs. 20,000/- in 1995 and he opted for pension contribution on 20,000/- (employer's monthly contribution toward EPS is 1670/- and Rs. 730/- towards Provident Fund). Then Pension will be calculated on RS. 20000/- and not on Rs 6500/-. I doubt, EPFO will accept the options from the retired members now. more
Mar 31
