EPS amount withdrawal - Employee resigns and employee is working for only 15 days

I have a query regarding EPS amount withdrawal for anyone whose service is less than 10 years.

Suppose the monthly salary for the employee is Rs. 15,000. Now, if the employee resigns and the last working day falls on the 15th of the month. Since the employee is working for only 15 days, the salary for the month would be Rs. 7,500.

So, during the calculation of EPS withdrawal as per Table D, will the exit salary be calculated at Rs. 7,500 (15 days working) or a full month's salary of Rs. 15,000?

Location: Asansol, India

Tags: EPS withdrawal, Country-India, City-India-Asansol

In India, specifically Asansol, the calculation of the Employee Pension Scheme (EPS) withdrawal for an employee working for less than 10 years is based on certain criteria. When an employee resigns and has worked for only 15 days in a month where the monthly salary is Rs. 15,000, the calculation for EPS withdrawal is as follows:

The exit salary for EPS calculation is typically based on the average monthly salary in the last 12 months preceding the exit. Since the employee is resigning after working for only 15 days in a month with a salary of Rs. 15,000, the exit salary would be considered as Rs. 7,500 (calculated for the 15 days worked).

Therefore, in this scenario, the exit salary for EPS withdrawal would be calculated based on the actual salary earned during the 15 days worked, not the full month's salary of Rs. 15,000. This approach is in line with the standard practice of considering the actual earnings for the period worked for accurate EPS withdrawal calculations.