Super annuation pension
Alok Goswami
(Querist) 12 October 2012
This query is : Resolved
R/Sir ,
Being an employee of a private firm , I am getting relieved from my services in Nov 12 , I have Rs 12 Lakh amount in my super annuation fund , if I go for guaranteed 5 Years option then please let me know the pension amount which I will be getting on quarterly basis along with its detail of calculation
Tajobsindia
(Expert) 13 October 2012
The formula is given in Pension Act 1995 itself.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3 cutoffs;
1) Below Rs. 6500.
2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500 and
3) Above Rs. 6500 & opted to contribute on actual salary.
In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years and above 2 year's bonus will be given.
In your case for pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For more details see the official website for more clarity:-
http://www.epfindia.com/EPS95_Updated.htm
