Why We Have To Divided By 70 In Pension Calculation
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I am also waiting for this answer. If anyone knows, kindly elaborate.
Dear all,Good afternoon, I have a small doubt in PF Pension calculation formula. Please elaborate on the doubt I have - Is the formula Average salary X Number of years of service / 70? Why is 70 taken for dividing?Regards,Prakash K
The calculation appears alright. Please verify from the local RPFC how the pension amount was fixed.
Dear Kalaparam,You worked prior to 15.12.1995\. Also you worked after 15.12.1995\. To you the pension calculation formula is different.Following formula is applicable to you:Past Service benefit (plus) Pensionable service benefit (less) Proportionate reduction s...
I started working under PF Act from 16.04.2013\. When should I be applicable for pension and how much?
How is the pensionable salary calculated?
As per details of "PPO Enquiry Sheet" received by my colleague on attaining the age of 58 (Superannuation) on 15th March 2018, pension details are as below:- Pension amount: Rs. 2967/-- Past Service Up to 15-11-1995: 5 Years, 7 Months, and 15 Days- Date of Joini...
70 is nothing but a mathematical figure only. The labor department ensures that the employee can work a maximum of 35 years, and the pension would be 50% of the last wages. So, the 35/70 formula is applied. There are many more intricacies within the scheme, but ...
Dear All,I have a small doubt in PF Pension calculation formula. Please explain the doubt I have. The formula is Average salary X No. of years of service / 70\."Why is 70 taken for dividing?"Regards,Rajesh S
**Pension Calculation Clarification under the Provident Fund**To address the query on pension calculation for the superannuated employee in Chennai, India, let's break down the process step by step:1\. **Service Calculation**:- The employee joined the organizati...