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The eps '95 pension calculation procedure by the epfo, appears in an incorrect way
The eps '95 pension calculation procedure by the epfo appears in an incorrect way . they are calculating the pension in 2 spells i.e. 1 the pension upto 31/08/2014 with the pensionable salary of rs.6500/and 2 the pension from 01/09/2014 with the pensionable salary of rs.15000/ which is against the procedure stipulated in the eps '95 manual. the eps '95 pension calculation formula is as follows: pensionable salary x pensionable service /70 here the pensionable salary is the average wages of the latest 60 months to the retirement date which should be the one and only. but they are following the methods against the method stipulated in eps '95 manual to reduce the the monthly pension payout. in this regard i request the experts to disclose their valuable opinions/experiences.
Pension formula method
Dear all please tell me the figure 70 which is divided in pf pension calculation i.e. pensionable salary pensionable service 70 what method or logic used by pension committe behind this
Employees pension scheme - pension calculation
Dear all can you please tell me the correct formula to calculate employee s pension eps 1995? data for calculation is given below. date of joining the scheme: 01.05.1991 date of leaving the service: 30.04.2011 no break in service pf salary for the last 1 year is rs.13000/ i.e. basic da pensionalble salary is rs.6500/ for which eps contribution is remitted pensionable service 19 years 11 months i.e. 20 years since 11.09.1995 the formula applicable for pension calculation is pensionable salary x pensionable service 70 but for the service before 11.09.1995 how shall arrive to pension amount. please suggest me how to arrive total pension amount for the above said service. thanks in advance esaki
Clarification required on calculation pension under eps'5 scheme
Dear all i would like to know the procedure for calculation of employees pension under eps 95 scheme. can anybody share your valuable experience? i came to know from epfo that the pensionable salary under eps 95 pension scheme will be considered in 2 spells i.e. 1 pensionable salary upto 31/08/2014 which is capped at rs.6500/ and 2 pensionable salary from 01/09/2014 which is capped at rs.15000/ higher levels. but as per eps 95 scheme the pensionable salary is the average salary drawn in the latest 60 months to the date of superannuation and is to be calculated in a single spell only. i also would like to know that what is the past service and past service benefit in case of the employees who joined prior to the eps 95 scheme and are still in service? kindly update me. regards eddy 7013038199
Computation of pension
Dear seniors as we all know that pension is calculated as age by by 70. how do we calculate pensionable age and why do we divide it by 70. can anyone please throw some light on this subject matter? thank you for your help. j p das
Calculation of pension for death case - on what basis is pension amount derived?
Dear experts query: one of our female employee expired. her husband and two child s are receiving pension. husband pension amount : 2176 child s pension amount :554 each please let me know on what basis above pension amount is derived. in superannuation or retirement pension case pf applies formula: pensionable salary x pensionable service / 70. for death case pension any formula or how it is computed? details of case: employee span of service : 4 years 2 months basic: 4615 age: 36 please share your assured opinion. thanks in advance.