Pension of Rs.35,594 if 28.29 lakhs is paid in addition; EPFO in High Court

KOCHI: The Employees' Provident Fund Organization (EPFO) has informed the High Court that an additional payment of Rs 28.29 lakh in the higher PF pension scheme will result in a monthly pension of Rs 35,594.

The explanation is in the petition of VR Balu, a resident of Thiruvananthapuram who retired from the Kerala Industrial Infrastructural Development Corporation. Justice Devan Ramachandran recorded this and adjourned the petition to April 2.

The petitioner is questioning the EPFO's circular that the pension of those who have paid a higher amount into the pension fund after giving the option will also be determined on a pro-rata basis.

Balu, who retired in 2022, had been notified by EPFO ​​to pay Rs 28,29,782 to the pension fund by April 30 to get a higher pension. The petition pointed out that Rs 52,361 per month should be received as a pension if this amount is paid, but only Rs 31,161 will be received under the pro rata scheme. It was argued that this was not legal and was against the Supreme Court order.

The court then directed to inform how much monthly pension would the petitioner get if he paid Rs 28.29 lakh.

EPFO's account

• Balu joined PF on January 6, 1986
• Period was over on February 16, 2022
• Average salary for 60 months before the pension is Rs 1,18,642
• His current pension is Rs.3921
• If Balu pays 28.29 lakhs together in the pension fund, he will get Rs 31,673 more per month.
• If Balu lives up to 80 years, he will get more than Rs 76 lakhs from March 2024 to February 2044.
• If Balu dies, the nominee will get half of the pension