I recently submitted EPF and EPS final settlement request through UAN portal. After 10 days, both EPF and EPS amount got credited to my bank account. My total service is about 9 years in three different organisations, two years back itself I had submitted transfer request form through UAN portal and PF amount also got transferred from my previous employments.
As per Table-D of Employee pension scheme, 9.33 should be the proportion of wage for 9 years service to calculate the EPS amount at exit. My last employment basic salary was Rs.30000, hence I assumed I would get Rs.139950 (9.33x15000) as EPS amount, but I have got only Rs.62950. I would like to know whether my calculation is right or wrong, how much money I should have gotten from EPS.
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EPS is 8.33 % and it is not calculated on last salary, but on actual salary paid during the whole service
i.e when the EPS ceiling was 6500/- then the contribution was locked at 521, and now at 15000/- it is locked at 1250
make sum of all passbook and you will find that the amount will get matched
Table D is used for calculation of pension claimed under form 10D and not applicable in form 10C ( withdrawal)
Thank you for your response.
I had registered a grievance and got a response that "It is to inform you that as per this office records your total service is 8 years 10 month 17 days. Hence the withdrawal benefit was calculated automatically by the system to the maximum wages of 15000/- and your withdrawal benefit settled for Rs 62950.
My last three year employer pension contribution was Rs.1250 (36 month*1250=45000). If I calculate Rs.521 for remaining 70 month, i am getting Rs.36470.
So by this calculation, I was supposed to get minimum Rs.81,470
I even tried the EPS withdrawal benefit calculator which i found in this site. As per that excel sheet, I was supposed to get Rs.101958 as pension withdrawal amount for 9 years (from Oct 2009 to Sep 2018)
When the UAN portal transition happened, my first 3 year and 9 month service didn't get updated in UAN portal. So I registered a grievance two year back itself, got an usual response that as per their (PF office) records all services have been updated properly. But those 3 year and 9 month service never appeared in my UAN portal.
obtain form 3A from employer (prior to 2012 form 3A was mandatory) where you can find the actual contribution paid
mere assumption that you have been paid "full 521, or 1250" is wrong
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