Shri A.D.Nagpal was instrumental for increasing EPF interest to 9.5% for more than 50 million workers. The 77 years old Chandigarh man who is a trade union leader ,a practising socialist and a close associate of Late Shri Jayprakash Narayan, ferreted out the detail that provided the EPF trust with a fiscal cushion. He unearthed the treasure of a disposable surplus of Rs.1731.57 crores and not Rs. 158 crore, as the trust officials believed earlier.
Click here to read news from Business StandardTuesday, September 21, 2010
Friday, September 3, 2010
Second Pension option - Calculations
We are receiving requests from many individuals for calculating their pension, commutation and gap amount payable to the bank. It is impossible to calculate pension for every individual request. The pension calculators are made readily available on this site. Using these calculators an individual pension optee can easily calculate his pension, commutation and D.A. For ready reference procedure for 2nd option calculation is given Below.
1. Calculate your pension basic using pension calculator.
Inputs required - Last 10 months average basic, and
allowances qualifying for PF, Qualifying service.
Click here for Pension Calculator
2. Calculate commutation amount and commutation value
using commutation calculator. Inputs required - Pension
Basic (calculated using above refered pension calculator),
Age on the next birthday as on 01/09/2010 (the date for
reckoning the age may differ according to individual bank
The date referred in the bank circular may be taken for
this purpose.)
Click here for Commutation Calculator
3. Calculate D.A on Basic Pension using D.A. calculator.
Inputs required - Pension Basic calculated using pension
calculator . D.A. depends upon date of retirement . Please
select proper option in D.A. calculator according to your
date of retirement. (D.A is calculated on original basic
pension and not on the reduced basic pension after
commutation.)
Click here for D.A. calculator
4. Calculate your monthly net pension by adding Basic,D.A
and reducing commuted amount from it.
Net monthly pension = Basic + D.A. - commuted amount.
5. Calculate the amount to be refunded to the bank
1. Bank's Contribution to PF (along with intrerest
paid by bank)
2. Gap Amount - Multiply the above figure by 0.56
(i.e 56% of bank's contri to PF with interest)
By adding above figures one will get the amount
to be refunded to the bank.
6. Calculate the amount to be received from the bank
1. Commutation value calculated using commutation
calculator (Step No. 2 above)
2. Arrears of pension receivable - Pension is payable
w.e.f from 27/11/2009 upto the date i.e arrears for
11 months and 4 days will be paid by the bank if
the date of option is 31/10/2010. The arrears pension
will be Full Basic pension + D.A and NOT reduced
basic after commutation.
By adding above figures amount to be received from
the bank can be calculated.
7. Net payable to the bank can be arrived at by deducting
the amount receivable from bank ( step 6 above) from
amount payable by bank (step 7 above). Some banks are
allowing to set off commutation value and / or pension
arrears against the amount payable to the bank and in
that case only net amount is to be paid to the bank.
Some banks are not allowing to set off this amount.
1. Calculate your pension basic using pension calculator.
Inputs required - Last 10 months average basic, and
allowances qualifying for PF, Qualifying service.
Click here for Pension Calculator
2. Calculate commutation amount and commutation value
using commutation calculator. Inputs required - Pension
Basic (calculated using above refered pension calculator),
Age on the next birthday as on 01/09/2010 (the date for
reckoning the age may differ according to individual bank
The date referred in the bank circular may be taken for
this purpose.)
Click here for Commutation Calculator
3. Calculate D.A on Basic Pension using D.A. calculator.
Inputs required - Pension Basic calculated using pension
calculator . D.A. depends upon date of retirement . Please
select proper option in D.A. calculator according to your
date of retirement. (D.A is calculated on original basic
pension and not on the reduced basic pension after
commutation.)
Click here for D.A. calculator
4. Calculate your monthly net pension by adding Basic,D.A
and reducing commuted amount from it.
Net monthly pension = Basic + D.A. - commuted amount.
5. Calculate the amount to be refunded to the bank
1. Bank's Contribution to PF (along with intrerest
paid by bank)
2. Gap Amount - Multiply the above figure by 0.56
(i.e 56% of bank's contri to PF with interest)
By adding above figures one will get the amount
to be refunded to the bank.
6. Calculate the amount to be received from the bank
1. Commutation value calculated using commutation
calculator (Step No. 2 above)
2. Arrears of pension receivable - Pension is payable
w.e.f from 27/11/2009 upto the date i.e arrears for
11 months and 4 days will be paid by the bank if
the date of option is 31/10/2010. The arrears pension
will be Full Basic pension + D.A and NOT reduced
basic after commutation.
By adding above figures amount to be received from
the bank can be calculated.
7. Net payable to the bank can be arrived at by deducting
the amount receivable from bank ( step 6 above) from
amount payable by bank (step 7 above). Some banks are
allowing to set off commutation value and / or pension
arrears against the amount payable to the bank and in
that case only net amount is to be paid to the bank.
Some banks are not allowing to set off this amount.
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pension
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