Example of EPS Pension Calculation for those who joined before 15.11.1995
• Date of Joining: 01/06/1985
• Salary as on 15/11/1995: Above Rs 2500 per month.
• Salary on Completion of 58 years as on 01/01/2018: Rs 15,000
• Past Service : 01/06/1985 to 15/11/1995 or 10 years
• Compensation, For Past Service as per Table A, is Rs 85
• But Retirement at age of 58 is on 01/06/2018,difference between 01/06/2017 and 15/11/1995 is 22 years, So its 5.649 as per Table B.
• Past Service Benefit (Table A x B): Rs 85 x 5.649= Rs 480.165
• Pensionable Service from 15/11/1995): 22 years
• Additional Weight age: 2 years
• Pensionable Salary(last 5 years): Rs 11,600.
• Pension Admissible: 11,600.x 24/70 = Rs 3977
• Total Pension: Rs 5142+Rs 515 = Rs 4457
How much EPS Pension will you get if you joined after 15.11.1995
For those who joined after 15 Nov 1995 the formula for calculation of Pension is simple. the formula of calculation of pension is,
EPS Pension = Average Salary X Number of Years Service / 70