The Economic Times: "Arthos helps its customers set realistic retirement goals" --> FREE Limited time offer: HR Zone » Conflict & Labour Management » PF Information
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PF Information
Type: HR, Report if not a HR topic
Posted 21-09-2011Reply
Can you also please give the amount of money going for pension scheme from employer paid PF. Also is there any formula available for calculation of pension with no of years of service.
Dear Ranjan,
1) The formula for calculation of monthly members pension is as under:
Members Pension= Pensionable salary X (Pensionable Service+2)/ 70
* Pesionable salary is the monthly basic salary an employee draws & Pensionable service is the contributory service.
2) The employers share of PF contributing representing 8.33% of the wage is being diverted to the said fund.
1) The formula for calculation of monthly members pension is as under:
Members Pension= Pensionable salary X (Pensionable Service+2)/ 70
* Pesionable salary is the monthly basic salary an employee draws & Pensionable service is the contributory service.
2) The employers share of PF contributing representing 8.33% of the wage is being diverted to the said fund.
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