The EPS '95 Pension calculation procedure by the EPFO, appears in an incorrect way . They are calculating the pension in 2 spells, i.e. (1) the pension upto 31/08/2014 with the pensionable salary of Rs.6,500/-and (2) the pension from 01/09/2014 with the pensionable salary of Rs.15,000/-, which is against the procedure stipulated in the EPS '95 manual.
The EPS '95 pension calculation formula is as follows:
Pensionable Salary X Pensionable Service /70
Here the pensionable salary is, the average wages of the latest 60 months to the retirement date, which should be the one and only.
But they are following the methods, against the method stipulated in EPS '95 manual, to reduce the the monthly pension payout.
In this regard, I request the experts to disclose their valuable opinions/experiences.
The EPS '95 pension calculation formula is as follows:
Pensionable Salary X Pensionable Service /70
Here the pensionable salary is, the average wages of the latest 60 months to the retirement date, which should be the one and only.
But they are following the methods, against the method stipulated in EPS '95 manual, to reduce the the monthly pension payout.
In this regard, I request the experts to disclose their valuable opinions/experiences.