my joining date 01/04/1995 and retirement on 08/07/2017 my pf salary rs.15000/ now i am 51 years ol what is my pension now and after completion of 58 years
From India, Nizamabad
Employees’ Pension Scheme (EPS) of 1995 offers pension on retirement, disablement, pension to widow and pension for nominees. This article explains how much EPS Pension will you get along with the Pension Calculator if you retire at age of 58 years.
How much EPS Pension will you get?
Pension depends on your contribution to Pension Fund and your number of years of service. Way to calculate pension changed on 15 Nov 1995. Hence there are two ways in which pension can be calculated. Two different ways of calculating pension is explained below along with the EPS Pension Calculator.
• If you joined after 15/Nov/1995
• And If you joined before 15/Nov/1995 but will retire after 15/Nov/1995.
The other changes in EPS Pension Calculation are:
• Increase in Pensionable Salary from Rs 15,000 per year(Rs 1250 per month) after 1 Sep 2014 and was Rs 6500 per year(rs 541 per month) before 1 Sep 2014.
• No pension is payable before the age of 58 years. It was 55 years before 10 Feb 2016.
Number of Years of Service in calculating EPS Pension
• You are eligible for pension after the 10 years of contributing to EPS. If your number of years are less than 10 you can withdraw your EPS amount.
• Maximum service for the calculation of service is 35 years.
• If you have completed more than 20 years in service then add two years bonus in above equation.
• The fraction of service for six months or more is treated as one year and the service less than six months is ignored. So 9 years and 6 months will be rounded upto 10 years, 15 years 9 months will be rounded to 16 years but 15 years 3 months will be rounded to 15 years.
Salary in calculating EPS Pension
• The Average Salary here means pensionable salary in the scheme.
• Pensionable Salary here means amount you were contributing in EPS which is restricted to Rs 15,000 per year after 1 Sep 2014 and was Rs 6500 per year before 1 Sep 2014.
• It is arrived by considering the average contributing salary preceding 60 months from the date of exit. (Earlier it was preceding 12 months)

From India,

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