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.6,500/- and, 2) Pensionable salary from 01/09/2014 which is capped at Rs.15,000/- @ 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,
P.G.Reddy,
7013038199
From India, Secunderabad
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.6,500/- and, 2) Pensionable salary from 01/09/2014 which is capped at Rs.15,000/- @ 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,
P.G.Reddy,
7013038199
From India, Secunderabad
For the post 31.08.2014 retirees, the pension is to be calculated under the revised formula i.e., 60 months average. There is likely to be a marginal addition depending on the length of service under the revised scheme. In the EPS'95 the maximum pension payable is Rs. 2500/- while in the revised it would be higher depending on the pensionable service in the 2014 Scheme. The matter of 60 months average of the pensionable salary is under challenge in certain high courts and you may await the orders in this regard.
As regards your query for past service benefit, the position is given below:
(xii) "past service" means the period of service rendered by an existing member from the date of joining Employees' Family Pension Fund till the 15th November, 1995.
(b) Past service pension shall be as given below: -
The past service pension payable on completion of 58 years of age on 16.11.95
S.No. Years of Past Service Salary upto Salary more
Rs.2500/- per month than Rs.2500/- per month
(1) (2) (3) (4)
(i) Upto 11 years 80 85
(ii) More than 11 years
but upto 15 years 95 105
(iii) More than 15 years
but less than 20 years 120 135
(iv) Beyond 20 years 150 170
The amount under column (2) or column (3) above, as the case may be shall be multiplied by the factor given in Table B
corresponding to the period between 16-11-95 and the date of exit to arrive at past service pension payable.
From India, Mumbai
1530As regards your query for past service benefit, the position is given below:
(xii) "past service" means the period of service rendered by an existing member from the date of joining Employees' Family Pension Fund till the 15th November, 1995.
(b) Past service pension shall be as given below: -
The past service pension payable on completion of 58 years of age on 16.11.95
S.No. Years of Past Service Salary upto Salary more
Rs.2500/- per month than Rs.2500/- per month
(1) (2) (3) (4)
(i) Upto 11 years 80 85
(ii) More than 11 years
but upto 15 years 95 105
(iii) More than 15 years
but less than 20 years 120 135
(iv) Beyond 20 years 150 170
The amount under column (2) or column (3) above, as the case may be shall be multiplied by the factor given in Table B
corresponding to the period between 16-11-95 and the date of exit to arrive at past service pension payable.
From India, Mumbai
Dear All,
In a case of an employee, i mention below his details. Please Let me know his pension under eps'95 scheme in detail.
DOB : 10/05/1958, DOJ : 01/02/1986, DOE : 09/05/2016, Wages as on 16/11/1995 : Rs.4075/- 60 months average pensionable salary Rs.9333/- preceding to retirement date.
Please let me know his pension.
regards,
P.G.Reddy
From India, Secunderabad
In a case of an employee, i mention below his details. Please Let me know his pension under eps'95 scheme in detail.
DOB : 10/05/1958, DOJ : 01/02/1986, DOE : 09/05/2016, Wages as on 16/11/1995 : Rs.4075/- 60 months average pensionable salary Rs.9333/- preceding to retirement date.
Please let me know his pension.
regards,
P.G.Reddy
From India, Secunderabad
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SALARY SHEET CALCULATION.xls