Dear All, I would like to know the procedure for the calculation of Employees' Pension under the EPS'95 Scheme. Can anybody share their valuable experience?
Pensionable Salary under EPS'95 Scheme
I came to know from EPFO that the pensionable salary under the EPS'95 pension scheme will be considered in two spells: 1) Pensionable salary up to 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/- at higher levels. However, as per the 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.
Past Service and Benefits
I would also like to know what the past service and past service benefit are in the case of employees who joined prior to the EPS'95 scheme and are still in service.
Kindly update me.
Regards, P.G. Reddy [Phone Number Removed For Privacy-Reasons]
From India, Secunderabad
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Pensionable Salary under EPS'95 Scheme
I came to know from EPFO that the pensionable salary under the EPS'95 pension scheme will be considered in two spells: 1) Pensionable salary up to 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/- at higher levels. However, as per the 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.
Past Service and Benefits
I would also like to know what the past service and past service benefit are in the case of employees who joined prior to the EPS'95 scheme and are still in service.
Kindly update me.
Regards, P.G. Reddy [Phone Number Removed For Privacy-Reasons]
From India, Secunderabad
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Revised Pension Calculation for Post-31.08.2014 Retirees
For the post-31.08.2014 retirees, the pension is to be calculated under the revised formula, i.e., a 60-month 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 scheme, it would be higher depending on the pensionable service in the 2014 Scheme. The matter of the 60-month average of the pensionable salary is under challenge in certain high courts, and you may await the orders in this regard.
Past Service Benefit
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 the Employees' Family Pension Fund till the 15th of 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 up to Rs. 2500/- per month | Salary more than Rs. 2500/- per month
(i) Up to 11 years | 80 | 85
(ii) More than 11 years but up to 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 the past service pension payable.
From India, Mumbai
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1593For the post-31.08.2014 retirees, the pension is to be calculated under the revised formula, i.e., a 60-month 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 scheme, it would be higher depending on the pensionable service in the 2014 Scheme. The matter of the 60-month average of the pensionable salary is under challenge in certain high courts, and you may await the orders in this regard.
Past Service Benefit
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 the Employees' Family Pension Fund till the 15th of 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 up to Rs. 2500/- per month | Salary more than Rs. 2500/- per month
(i) Up to 11 years | 80 | 85
(ii) More than 11 years but up to 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 the past service pension payable.
From India, Mumbai
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Dear All,
In the 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 of 16/11/1995: Rs. 4075/-. 60 months average pensionable salary Rs. 9333/- preceding the retirement date.
Please let me know his pension.
Regards,
P.G. Reddy
From India, Secunderabad
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In the 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 of 16/11/1995: Rs. 4075/-. 60 months average pensionable salary Rs. 9333/- preceding the retirement date.
Please let me know his pension.
Regards,
P.G. Reddy
From India, Secunderabad
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