Dear HR Fraternity, What is EPF monthly Pension amount Limit, please clarify Thanks., Ramakrishnan G
From India, Chennai
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From India, Chennai
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at present maximum limit is capped at 7500/- while the minum is 1000/- depends on the service period and last 60 months average EPS salary
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Dear Mr Abbas sir, what do you mean by PF Pension? are you referring to EPS Pension.
From India, New Delhi
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From India, New Delhi
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Dear Srinath Sairam, As EPS is provided by EPFO, it is usually referred as PF pension. Hence either use EPS (Employees' Pension Scheme) or PF pension. But not EPS pension. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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@abbasiti no of years x EPS salary ( presently capped 15000/) / 70 now you can calculate as maximum service span is calculated @ 35 years in normal cases
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Dear All, Is there any formula to calculate pf pension?? @ please help to understand how to calculate pension amount. Thanks, Mahesh Jadhav
From India, Pune
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From India, Pune
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Dear All, Please check if the following working formula helps you in arriving at the pension amount. You need to change the number of years of service and assumed contributions.
Example with ceiling salary for EPS contribution:
Based on the information provided, you worked for 32 years and retired on 31st December 2015 (DOB 29.12.1957) (Employment from 31.12.1983 to 31.12.2015) and attained the age of 58 years.
Pensionable salary = average of the last 60 months ceiling salary as applicable.
In the last 16 months before retirement, this was 15,000 (1250 a month) and before that for 44 months, it was Rs. 6500 (541 P. M.).
So you have a pensionable monthly salary as follows:
[(16 x 1250 = 20000) + (44 x 541 = 23804) = 43804] / 60 = Rs. 730
Pensionable annual salary is approximately Rs. 8760 (12 times 730).
EPS Pension = 8760 x (32 + 2) / 70 = Rs. 4,255
The above calculation is based on the assumption that there was no loss of pay and full contribution for the last 60 months. It may vary if there was any deduction.
* 2 years of Bonus service are added after completing 20 years of service. Hence, you are eligible for 32 + 2 = 34 years of pensionable service.
Regards, Suresh
From India, Thane
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Example with ceiling salary for EPS contribution:
Based on the information provided, you worked for 32 years and retired on 31st December 2015 (DOB 29.12.1957) (Employment from 31.12.1983 to 31.12.2015) and attained the age of 58 years.
Pensionable salary = average of the last 60 months ceiling salary as applicable.
In the last 16 months before retirement, this was 15,000 (1250 a month) and before that for 44 months, it was Rs. 6500 (541 P. M.).
So you have a pensionable monthly salary as follows:
[(16 x 1250 = 20000) + (44 x 541 = 23804) = 43804] / 60 = Rs. 730
Pensionable annual salary is approximately Rs. 8760 (12 times 730).
EPS Pension = 8760 x (32 + 2) / 70 = Rs. 4,255
The above calculation is based on the assumption that there was no loss of pay and full contribution for the last 60 months. It may vary if there was any deduction.
* 2 years of Bonus service are added after completing 20 years of service. Hence, you are eligible for 32 + 2 = 34 years of pensionable service.
Regards, Suresh
From India, Thane
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EPF PENSION CALCULATION.zip
EPF Pension xls new calculation.xls