What Is The Pension Fund Amount I Get On Withdrawl

ashokb2007
Hi Experts,
I wanted to understand and know how much I get from my Pension Fund when my PF balance is withdrawn
My service with my last company is 5 years 4 months (Nov 2004 to Mar 2010)
My pension Fund balance in my PF account shows - 34441 as of 01/04/2010
Now I have applied for my PF withdraw, so how much I get from my pension Fund?
If I calculate as given in EPS-95 document = 6500*5.02= 32630, which is less than the contribution(even w/o adding interest + govt contribution)
Please clarify how much I will get now from my pension fund.
Thanks,
Ashok
abhinavchandra82
Dear Ashok,
As per your above query , the monthly amount of PF Contribution as per the PF Ceiling is Rs.780 / month (Rs.6500 * 12%) and the same equal amount is contributed by Employer in an Employee's PF Account. So, Total PF Contribution comes to Rs.1,560 (780 + 780)
Out of 780 ( 6,500 * 8.33 % = Rs.541 goes to Pension Fund Account Monthly)
Now as per your service tenure it comes to >>>> 64 Months i.e ( 12 months * 5 + 04 Months )
So, your PF Contribution amounts to Rs.99,840 i.e ( Rs.1,560 * 64 Months )
And your Pension Fund Contribution amounts to Rs.34,624 i.e (Rs.541 * 64 Months )
Hope the above details are as desired.
boss2966
Dear Abhinav Chandra
The calculation made by you is wrong.
PF Contribution = Rs.6500 X 15.67% X 64 months = Rs.65187/- + Interest
EPS Contribution = Rs.6500 X 8.33% X 64 months = Rs. 34624/-
The EPS amount will not attract any interest, and the Government Contribution of 1.16% will be for those who are willing to take Pension and not for everyone who are breaking the service.
ashokb2007
Thanks for your replies
But PF contribution is not my question here.
What amount I will get from EPS contribution, from your above calculation it shows 34624.
Do I get this amount or any other amount. Please clarify
bhatmenakshi
Dear Ashok,
You will get less amount than the actual amount, if you withdraw it before completing ten years of service either with the same company or working in more than one.There is an EPS table which is made for 9 years and you will be paid according to that table. I dont have that table with me but u can use research button to get that.
abbasiti
Dear Ashok,
The calculation furnished by you on EPS withdrawal amount, i.e Factor as per Table D x Salary subject to ceiling of Rs. 6500 (if not opted beyond) = 5.02x6500 = 32630 is correct.
Abbas.P.S
na
Hi
I have for worked for 16.6 years, and every year the Basic n DA was changing, my last contirbution for EPF was 971, what would be my Withdrawal amount and pension withdrawal amount, and I am 52yrs
Deepak Rakshe
Hello Sir,
I have withdrawal my pf last year but i haven't received My PF amount in my accont. I have inform to my agency but he told and also call To chandighar PF dept they told due to system error not release but till date I havent received the My Pension deducation amount or not trasfer My new PF account.
I have complted 2 year 3 Month
Please help how i resolved the queary
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