Dear All,
Can you please tell me the correct formula to calculate employee's pension (EPS 1995)? Data for calculation is given below.
Date of joining the scheme: 01.05.1991
Date of leaving the service: 30.04.2011
No Break in service
PF salary for the last 1 year is Rs.13000/- (i.e. Basic + DA)
Pensionalble Salary is Rs.6500/- (for which EPS contribution is remitted)
Pensionable Service = 19 years + 11 months (i.e. 20 years)
Since 11.09.1995, the formula applicable for Pension Calculation is
Pensionable Salary X Pensionable Service
---------------------------------------
70
but for the service before 11.09.1995, how shall arrive to pension amount. Please suggest me how to arrive total pension amount for the above said service.
Thanks in advance
Esaki
From India, Coimbatore
Can you please tell me the correct formula to calculate employee's pension (EPS 1995)? Data for calculation is given below.
Date of joining the scheme: 01.05.1991
Date of leaving the service: 30.04.2011
No Break in service
PF salary for the last 1 year is Rs.13000/- (i.e. Basic + DA)
Pensionalble Salary is Rs.6500/- (for which EPS contribution is remitted)
Pensionable Service = 19 years + 11 months (i.e. 20 years)
Since 11.09.1995, the formula applicable for Pension Calculation is
Pensionable Salary X Pensionable Service
---------------------------------------
70
but for the service before 11.09.1995, how shall arrive to pension amount. Please suggest me how to arrive total pension amount for the above said service.
Thanks in advance
Esaki
From India, Coimbatore
For past service pension (pension for service prior to 16.11.1995), date of birth is also required. This is also essential to get the date of completion of 58 years. Kindly furnish. Abbas.P.S
From India, Bangalore
517From India, Bangalore
From 16.11.1995 onwards your pension is 6500x15/70 = 1393 - (1). (If the seperation of service is May 15 or later, you will get a pension of 1486, i.e an addition of 93).
Past Service benefit as per table = 85 (minimum)
Multiplying factor as per Table B = 6.101
Pension for Past Service = 85x6.101 = 519 - (2)
Total Pension (1)+(2) = 1912, on completion of 58 years' age, i.e from 23.2.2019 onwards. If you opt for reduced pension, you will lose 4% for each years prior to 58 years' age.
Abbas.P.S
From India, Bangalore
Past Service benefit as per table = 85 (minimum)
Multiplying factor as per Table B = 6.101
Pension for Past Service = 85x6.101 = 519 - (2)
Total Pension (1)+(2) = 1912, on completion of 58 years' age, i.e from 23.2.2019 onwards. If you opt for reduced pension, you will lose 4% for each years prior to 58 years' age.
Abbas.P.S
From India, Bangalore
Dear Mr. Abbas,
First of all thank you very much for the explanation.
If I am opt for reduced pension, I can get the pension with 4% reduction. O.K. I have a doubt. Now I apply and get reduced pension. Can I get full pension after attaining 58 years' of age or the reduced pension will only be continued?
Esaki
From India, Coimbatore
First of all thank you very much for the explanation.
If I am opt for reduced pension, I can get the pension with 4% reduction. O.K. I have a doubt. Now I apply and get reduced pension. Can I get full pension after attaining 58 years' of age or the reduced pension will only be continued?
Esaki
From India, Coimbatore
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Amendment in Employees Pension Scheme, 1995.pdf