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EPFO pensioners to receive pension calculation worksheet
Posted on: 18/Mar/2019 4:56:25 PM
It is likely that very soon, all the EPFO pensioners will get a concise statement about monthly pension calculation together with the order that sanctions pension. With that, there will be increased transparency and help pensioners in figuring out any likely errors and rectify them faster.
Experts say the Employees’ Pension Scheme is a scheme for the benefit of people. This scheme however does not clearly link the EPS benefit with the employer’s contributions. Under EPS, the employees become eligible to get monthly pension. This is based on some calculations as per the law. The total time period for EPS eligibility is 10 years of service. When the service period is lesser, the beneficiary will be able to get a sum withdrawn. with the proposed pension worksheet as stated recently, the Provident Fund office shall clearly intimate the pension calculation system. As this will make the process very transparent, it is likely to reduce employee grievances.
At the same time, there is no clear intimation as to whether there will be any worksheet for employees who hold service period lesser than 10 years. Also the mode of sharing the worksheet is also not clear: whether through mail or hard copy.
