PF Pension
How much is the PF Pension we will get after 58 Years. I am 42 Years old and i am contributing the maximum ceiling amount which is Rs.1250.
Is there any way to withdraw the pension fund also even if we cross 10 Years of PF Contribution? more
Is there any way to withdraw the pension fund also even if we cross 10 Years of PF Contribution? more
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These are complex formulas and not easy to compute . On rough scale you should expect pension of around 2000/ pm if you do not commute the pension. The worst part is that the pension has no DA component like government employees and hence we do not get any benefit . We move from poor to poorer and no one seams to be thinking in this direction. Modiji did make minimum pension as 1000/ pm but that is too meagre in these days of inflation . Moral of the story is do not count the pension..yes it will pay for your mobile and dth recharge. more
Sep 26
Pension formula is = Pensionable service x pensionable salary divided by 70. Hower prior to 15.11.1995 EPS was not there but only FPS was pension for the period of contribution the factor is calculated as per table give in the Act. From April 2014 onwards the pensionable salary was revised to 15000/- per month. In your case the pension is calculated a) The pensionable salary was considered from 16.11.1995 to 31.3.2014 as Rs. 6500/- and from 1.4.2014 onwards the pensionable salary would be taken as Rs. 15000/-. Based on the prevailing conditions you would get pension approx. of Rs. 5800 - Rs. 6000/- per month on attaining the age of 58 years. However this may get enhanced if the pensionable salary is revised further. more
Sep 26
Amount of pension is decided by he following formula: (pensionable salary)/70 * (number of contributory years.). where pensionable salary (as its definition stands today) is average of last 5 years of wages (salary on which EPS was deducted- which is 15000 today). At the time of your retirement, this 15000/- ceiling would further get revised. Also you get 2 bonus years of contribution when you complete 20 years of contribution. So all these factors will decide your pension. It cannot be withdrawn if you completed 10 years of contribution. more
Sep 26
