Pension
This query is : Resolved
26 March 2009
Dear All,
What is the medhod to calculate the Pension?
What is the limit to calculate pension is it 8.33% or Rs. 417 only?
What is the medhod to calculate the Pension?
What is the limit to calculate pension is it 8.33% or Rs. 417 only?
26 March 2009
Employer needs to contribute 12% of salary towards PF. Of this 8.33% should go to Pension and 3.67% to PF. However, the ceiling limit for 8.33% is Rs.6500. It means for salary upto Rs.6500 8.33% should be for pension and 3.67% should be for PF. For salary over and above Rs.6500 whole 12% should go to PF.
Whenever salary is over and above Rs.6500 use the following Logic.
12% of Salary xxx.xx
Less:Pension 541.45
Balance(PF) xxx.xx
All the limits stated above are monthly limits.
Whenever salary is over and above Rs.6500 use the following Logic.
12% of Salary xxx.xx
Less:Pension 541.45
Balance(PF) xxx.xx
All the limits stated above are monthly limits.
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