Pension Scheme Under EPF

Dear Seniors,
Plz see below detail
Basic Salary EPF Pension 8.33%
5000.00 416.00
Total Period = 10 yrs = 10x12=120 months
Suppose Total Pension amount submitted is =120x416=49920.00
My question is that when above employee left the company after completion of 10 yrs . he will be entitled for 499920.00 only. 49920.00 will be paid to him in the form of monthly pension for the specific period OR He will be entitled fix monthly pension for life time.
Please guide me becoz I am in great confusion.
What is calculation method about monthly pension amount for the above case.
Thanks
Shalu

Dear Shalu,
As per my understanding, the pension calculated as given below
Last 12 months average salary (PF deductable ie. Basic) X Total no. of Years Service / 70 ( Average life of Human)
5000 X 10 /70 = Rs. 714 per month