Assistant Engineer, Indian Telephone Industries,
Srinath Sai Ram
15th June 2017 From India, Bangalore
Pls check if the following working formula helps you in arriving pension amount. You need to change no. of years of service and assumed contributions.
Example with ceiling salary for EPS contribution
Based on information provided, you worked for 32 years and retired on 31st December 2015 (DOB 29.12.1957) (Employment from 31.12.1983 to 31.12.2015) attained age of 58 yrs.
Pensionable salary = average of last 60 months ceiling salary as applicable.
In the last 16 months before retirement this was 15,000 (1250 a month) and before that for 44 months it was Rs. 6500 (541 P. M.)
So you have pensionable monthly salary as under:
[(16 x 1250=20000) + (44 x 541=23804)=43804]/60 = Rs. 730
Pensionable annual salary ~ Rs.730 x 12 Rs. 8760 (12 times 730)
EPS Pension = 8760 x (32+*2)/70 ~ Rs. 4,255
The above calculation is based on assumption that there was no loss of pay and had contributed full for last 60 months. It may vary if there was any deduction.
* 2 years Bonus service is added after putting 20 yrs. of service. Hence you are eligible for 32+2=34 yrs. of pensionable service.
6th April 2018 From India, Thane