EPS - pension calculation formula with calculator - benefit after superannuation? - CiteHR
P Ramachandran
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Dear sir, Guide me the pension benefit after supperannuation whoes basic salary is 4500. kindly send me pension calculation formula with calculator. Witgh Regards Santosh Harshe
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Please read the pension scheme, which itself has full details.
However, to say simply, if a person joined the FPS scheme after Nov.1995, the pension can be calculated as
Pensionable salary *pensionable years of service(divided BY)70
Example: if a person joined in the scheme on 1.08.2000 and left the job on superannuation on 31.08.2008 and his salary is RS.4900, then,
(4900*8/70=560 ) his pension is around Rs.560/- pm.
Dear Ramachandran please take me that is it basic salary or gross salary, and what is exactally meaning of superannuation. regards K S Nayak
Dear Mr.Ramachandran what is the eligibility of service to get monthly pension.is it 7 yrs or 10 yrs.
Dear All,

Pension under EPS is calculated on average basic salary +DA for last 24 months prior to leaving or retiring from the services. If your basic + DA is more than 6500 at the time of retirement then ur salary for pension calculation purposes will be Rs 6500/- If u have completed more than 20 years of service and contributed to EPS all along then an additional weitage is given while ur pension is computed. Entitlement to Pension under EPS accrues on completion of 9 yrs of membership of EPF and 50 years of age.But at 50 u will get a reduced pension @ 2 % per year falls short of actual age of superannuation which is 58. For example if you take VRS at 51 and ask for pension then 14% of the total amount will be discounted from your actual pension amount. No pension is payable if u have not contributed to EPS for 9 years and if u have not attained the age of 50. Under such circumstances cash refund is allowed. However if u have cotributed to EPS scheme for more than 9 years and have bot completed 50 years but have taken VRS u can apply for Scheme Certificate from EPFO office which ensures your pension entitltment.In case of death in service the restriction is waived. If the deceased employee has contributed to EPS only for one month then the widow and two minor children are eligible for pension under the scheme.

Superannuation means the age of retirement.
I think it 10 yrs of contributory service but not 9 yrs Plz check up the provisions containined in EPS 1995 RULES AND REGULATIONS
pension benefit on EPS Dear sir, Guide me the pension benefit after supperannuation whoes basic salary is 4500. kindly send me pension calculation formula with calculator. Witgh Regards pkt
pension calculation is 6500*(no of yrs contributed membership to EPS/70). 12 months average basic salary prior to cessation/retiremet is taken into consideration for the above calculation
To receive pension the first creteria is, member required contribute to the EPS fund for not less than 10 completed years and other creterias are 1) attaining supreannuation age ie 58years, 2) Under VRS, one should complete 40 years and pension is payable from 53 yrs on excercising option 3) cessation due to death : dependent family members irrespective of service put in or no of yrs contributed to fund , the above rules do not apply ( spouse, childres till 18yrs completion, there is no age limit to physically/mentally challenged children are eligible for pension.
Re: EPS limit

There is no upper limit for Eps-95 pension. For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.

For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given. One example I shall quote.

Date of Birth - 2.1.1961

Date of join - 23.2.1987

Salary on 16.11.95 - Rs. 2500 & above

Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)

Past Service - 8 yr 9 m (approx) rounded to 9 years

Compensation - Rs. 85

Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102

(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)

Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)

Pensionable Service - 23 years

Bonus (Service is 20 & above) - 2

Pensionable Salary - Rs. 6500

Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)

Total Pension - (A) + (B) = Rs. 2840

Even though the superannuation pension is for those completed 58 yrs' age, reduced pension is applicable after attaining 50yrs at the rate of 4% reduction for every year in short of 58 (not 2%). Also it is not flat rate. For example if he has to get pension at 56yrs, rate will be 0.96*0.96=0.922. But to get this reduced pension, he should not be in service. But after 58yrs, even if he continue service, he will get both pension and salary.

I shall insert Excel worksheet for pension calculation. Enter Date of Birth, Date of Join (in EPF), Date of Seperation from Service, Salary on 16.11.95, Salary on Seperation of Service (in compliance with contribution to pension fund) and Service break before & after 16.11.95, if any in green colour column. The results will appear in yellow and red colour is used for static informations.

In case of error or suggestion, make notice to me.

ABBAS.P.S

Secretary,

ITI Employees' Association,

ITI Limited,

Palakkad - 678 623

Ph +91 9447467667

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File Type: xls EPF Pension.xls (26.0 KB, 2682 views)

Hello Sir,
I want to transfer my previous PF account to new PF account. Can i still get a Scheme Certificate for previous PF account?
Or is there any other way to know the total service period is correctly recorded in EPFO record or not as I have also transferred my First Pf account to previous PF account.
Thanks,
Manish

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