Am I Eligible for EPS 1995? Help Me Calculate My Monthly Pension After Resignation

At the time of my resignation, my salary was $30,000 per month. If I am eligible for EPS 1995, what will be my monthly pension? Please reply to my query.

Pension Calculation as per PF Act

As per the PF Act, the pension calculation is as follows: Pensionable Salary * Pensionable Service / 70. Regardless of the gross earnings of the employee, the pension slab remains the same.

Now, the Pensionable Salary is ₹6,500. You have worked for around 18 years and 6 months. The number 70 represents the maximum age limit of a person. So, based on my knowledge, it is calculated as: 6,500 * 19 / 70 = ₹1,764 approximately.

Apart from that, you will receive PF Accumulations amount for the service (both employee and employer), Gratuity for your service in the organization, etc. You will be eligible for a pension after reaching 58 years of age. You need to apply for a Scheme Certificate by marking 'YES' in Form 10-C. After reaching this age, you may apply for the pension.

Note: PF authorities are considering increasing the slab for the pensionable salary from ₹6,500 to ₹15,000, but it has not yet been finalized.

Regards

Kindly provide your date of birth. Only then can the calculation be done, as the pension calculation consists of two parts: service before 16.11.1995 and service on or after 16.11.1995.

For the first part, the date of birth is necessary. The calculation for the second part is as follows: 6500 x 17/70 = 1579.

Please share your date of birth.

Regards,
Abbas.P.S