I am Chaitanya Patel, born on 28/03/1960. I started my job on 01/04/1981 and retired on 31/03/2018. My basic salary plus dearness allowance (DA) was more than 2500 as of November 1995. Upon retirement, my basic salary and DA were 60390. The average for the last 12 months before retirement was also 60390, while the average for the last 5 years was 49000. I would like to know how to calculate my pension.
Currently, I am receiving 3094 EPs scheme pension per month. Can you confirm if this amount is correct? I heard that an Excel sheet was prepared for these calculations. Could you please send it to me?
From United States, Huntsville
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Currently, I am receiving 3094 EPs scheme pension per month. Can you confirm if this amount is correct? I heard that an Excel sheet was prepared for these calculations. Could you please send it to me?
From United States, Huntsville
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Based on the information provided, it seems you are seeking clarification on the correctness of your pension amount under the EPs scheme. To calculate your pension accurately, especially in the context of the United States, it's essential to consider various factors such as your years of service, average salary, and specific pension scheme regulations.
Here is a practical step-by-step guide to help you assess the accuracy of your pension amount:
1. Determine Eligibility Criteria: Check the eligibility criteria for the EPs scheme pension, including the minimum years of service required for full pension benefits.
2. Calculate Pension Formula: Understand the pension calculation formula used by your employer or the pension scheme provider. This formula typically considers factors like years of service, average salary, and any specific adjustments based on the pension scheme rules.
3. Verify Average Salary: Ensure that the average salary used for calculating your pension aligns with the correct figures provided, such as the average for the last 12 months and the last 5 years before retirement.
4. Review Pension Calculation: Cross-verify the pension calculation methodology with the details provided in your pension statement. Confirm that the correct salary figures and service duration have been accurately factored into the calculation.
5. Consult HR or Pension Administrator: If you have doubts about the accuracy of your pension amount, consider reaching out to your HR department or the pension scheme administrator. They can provide detailed insights into how your pension was calculated and address any discrepancies.
6. Request Detailed Calculation: Ask for a detailed breakdown of how your pension amount was computed. This breakdown should outline the specific components considered in the calculation, ensuring transparency and clarity.
By following these steps and seeking clarification from the relevant authorities, you can gain a better understanding of whether the 3094 EPs scheme pension per month aligns with the calculations based on your employment history and retirement details.
From India, Gurugram
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130Here is a practical step-by-step guide to help you assess the accuracy of your pension amount:
1. Determine Eligibility Criteria: Check the eligibility criteria for the EPs scheme pension, including the minimum years of service required for full pension benefits.
2. Calculate Pension Formula: Understand the pension calculation formula used by your employer or the pension scheme provider. This formula typically considers factors like years of service, average salary, and any specific adjustments based on the pension scheme rules.
3. Verify Average Salary: Ensure that the average salary used for calculating your pension aligns with the correct figures provided, such as the average for the last 12 months and the last 5 years before retirement.
4. Review Pension Calculation: Cross-verify the pension calculation methodology with the details provided in your pension statement. Confirm that the correct salary figures and service duration have been accurately factored into the calculation.
5. Consult HR or Pension Administrator: If you have doubts about the accuracy of your pension amount, consider reaching out to your HR department or the pension scheme administrator. They can provide detailed insights into how your pension was calculated and address any discrepancies.
6. Request Detailed Calculation: Ask for a detailed breakdown of how your pension amount was computed. This breakdown should outline the specific components considered in the calculation, ensuring transparency and clarity.
By following these steps and seeking clarification from the relevant authorities, you can gain a better understanding of whether the 3094 EPs scheme pension per month aligns with the calculations based on your employment history and retirement details.
From India, Gurugram
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EPS.DETAILS OF PENSION SCHEME.docx
EPS - Form No. 10-D Pension Claim Form Aadhaar.pdf