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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.
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
Calculation of eps
Dear sir as we know that 8.33 of the company s contribution of epf goes to the eps scheme and it does not get reflected in the yearly pf statement. i want to know what is the formula based on which the monthly pension after retirement is calculated. regards sanjib datta
Pension calculation as per eps act & calculation before 1995?
Hi all can anyone share me pension calculation as per eps act & calculation before 1995 ? example; employee name : abc last basic da : rs. 15000 date of birth ; 1st oct 1958 date of joining pf pension service: 1st january 1991 date of leaving : 1st oct 2016 what is pension amount ? regards akshay
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
Epf? if i work for 10 years and then don't for 10 years
Scenario: if i first work for 10 years contribution is made in both epf and eps and then the next 10 years i don t work so no contribution is made to either. q1. can i withdraw my epf after lets say 20 years. form no ? q2. will i be eligible for pension. after withdrawal or if i don t withdraw. q3. from which age will i receive the pension. q4. is there any minimum amount that i would receive or is there any upper limit up to which only i would receive the pension. q5. and the amount that i would receive will it be monthly or yearly. a sample calculation will be good. q6. how will the pension amount be calculated. is there any calculator. q7. can we withdraw eps amount. is there any provision for that. ?