Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Senthil Kumar (Patent Consultant)     05 October 2008

Pension

I have a question.

For example, an employee who was worked more than 10 years and now he withdrawn his PF amount. Say X amount contributed by him while employment to the PF Account.

When he will get his pension amount?

How much he will get? based on X

What is the method to calculate the pension amount?

Thanks in anticipation.

Senthil

https://indiapatents.blogspot.com



Learning

 4 Replies

Sankaranarayanan (Advocate)     05 October 2008

after 58 th age u get that. the calculation.As Under The Employees Provident Fund , and Scheme framed thereunder, the types of pensions in your question are as follows;



(1) superannuation pension if he has rendered eligible service of 20 years or more and retires on attaining the age of 58 years;

(2) retirement pension, if he has rendered eligible service of 20 years or more and retires or otherwise ceases to be in the employment before attaining the age of 58 years;

(3) short service pension, if he has rendered eligible service of 10 years or more but less than 20 years.

One more term reduced pension, it is actually a pension which P.F. deptt. offers to those members who have attained the age of 50 years but not 58 and ceases to be a member of pension fund, such member can opt for reduced pension @ 3% reduction per year untill the attaining age of 58 years. After 58 reduction shall be stoped.



All industry covered under the Employees Provident fund and Miscle. Provisions Act-1952 will be covered under aforesaid pension schemes, applicable to case to case basis on an employee as defined.



Currently, From 16/11/1995, the formula of calculating pension is as follows;



Pension Amount = (Pensionable Service (No. of Years) * Pensionable Salary )/70



However there are many factors which are being taken in to consideration on calculating pension, such as past service of a member before 16/11/1995 etc.



For your kind information there are various other pensions also offered under the Act.

1. Widow Pension

2. Children Pension

3. Orphan Pension

4. In case of unmarried member - Pension to a Nominee or legal heir or dependable parents

Sankaranarayanan (Advocate)     05 October 2008

after 58 th age u get that. the calculation.As Under The Employees Provident Fund , and Scheme framed thereunder, the types of pensions in your question are as follows;



(1) superannuation pension if he has rendered eligible service of 20 years or more and retires on attaining the age of 58 years;

(2) retirement pension, if he has rendered eligible service of 20 years or more and retires or otherwise ceases to be in the employment before attaining the age of 58 years;

(3) short service pension, if he has rendered eligible service of 10 years or more but less than 20 years.

One more term reduced pension, it is actually a pension which P.F. deptt. offers to those members who have attained the age of 50 years but not 58 and ceases to be a member of pension fund, such member can opt for reduced pension @ 3% reduction per year untill the attaining age of 58 years. After 58 reduction shall be stoped.



All industry covered under the Employees Provident fund and Miscle. Provisions Act-1952 will be covered under aforesaid pension schemes, applicable to case to case basis on an employee as defined.



Currently, From 16/11/1995, the formula of calculating pension is as follows;



Pension Amount = (Pensionable Service (No. of Years) * Pensionable Salary )/70



However there are many factors which are being taken in to consideration on calculating pension, such as past service of a member before 16/11/1995 etc.



For your kind information there are various other pensions also offered under the Act.

1. Widow Pension

2. Children Pension

3. Orphan Pension

4. In case of unmarried member - Pension to a Nominee or legal heir or dependable parents

Senthil Kumar (Patent Consultant)     06 October 2008

Thank you very much Sankar

Sudhir Kumar, Advocate (Advocate)     19 November 2011

your query is vague.  It is not known if he has withdran a/c.II only or has withdrawn a/v.x as well.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Post a Suggestion for LCI Team
Post a Legal Query