Dear Sir, My DOB -29/12/1957. Joined on 31/12/1983. Completed 58 yrs age on 28/12/2015 in the same company. Please calculate my EPS’95 Pension applying salary ceiling. Thanks SK Verma
From India, Kolkata
Acknowledge(0)
Amend(0)
1From India, Kolkata
Acknowledge(0)Amend(0)
Dear Mr Suresh Verma, Please upload your PPO-Pension payment Order issued to you by EPFO.Are you not getting Pension from 28/12/2015?
From India, New Delhi
Acknowledge(0)Amend(0)
From India, New Delhi
Acknowledge(0)Amend(0)
Dear Sir, As advised my PPO is attached here with please. Thanks SK Verma
From India, Kolkata
Acknowledge(0)Amend(0)
From India, Kolkata
Acknowledge(0)Amend(0)
Dear Shri Suresh Kumar Verma,
In the example provided with the ceiling salary for EPS contribution, it is noted that 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.
Your pensionable salary is calculated as the average of the last 60 months' ceiling salary as applicable. In the last 16 months before retirement, this amount was Rs. 15,000 (Rs. 1250 per month), and before that, for 44 months, it was Rs. 6500 (Rs. 541 per month). Therefore, your pensionable monthly salary is as follows: 01.09.2014 to 31.12.2015 = 16 months and 01.01.2011 to 31.08.2014 = 44 months. [(16 x 1250=20000) + (44 x 541=23804) = 43804] / 60 = Rs. 730.
The pensionable annual salary is approximately Rs. 8760 (12 times 730). EPS Pension = Rs. 8760 x (32+2) / 70 ≈ Rs. 4,255.
The above calculation assumes that there was no loss of pay and that full contributions were made for the last 60 months. The amount may vary if there were any deductions. An additional 2 years of Bonus service is added after completing 20 years of service, making you eligible for 34 years of pensionable service.
Regards,
Suresh
From India, Thane
Acknowledge(0)Amend(0)
In the example provided with the ceiling salary for EPS contribution, it is noted that 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.
Your pensionable salary is calculated as the average of the last 60 months' ceiling salary as applicable. In the last 16 months before retirement, this amount was Rs. 15,000 (Rs. 1250 per month), and before that, for 44 months, it was Rs. 6500 (Rs. 541 per month). Therefore, your pensionable monthly salary is as follows: 01.09.2014 to 31.12.2015 = 16 months and 01.01.2011 to 31.08.2014 = 44 months. [(16 x 1250=20000) + (44 x 541=23804) = 43804] / 60 = Rs. 730.
The pensionable annual salary is approximately Rs. 8760 (12 times 730). EPS Pension = Rs. 8760 x (32+2) / 70 ≈ Rs. 4,255.
The above calculation assumes that there was no loss of pay and that full contributions were made for the last 60 months. The amount may vary if there were any deductions. An additional 2 years of Bonus service is added after completing 20 years of service, making you eligible for 34 years of pensionable service.
Regards,
Suresh
From India, Thane
Acknowledge(0)Amend(0)
Dear Sir,
EPFO is currently paying me Rs. 2506/- as a monthly pension. The calculation of EPS'95 pension involves splitting the service period into two parts: the first service period before 16th Nov.1995 (Past Service) when EPS'95 was implemented and the employee was covered under EPF family pension scheme, and the second part includes the period of service rendered from 16th Nov.1995 until the date of completion of 58 years of age in service.
I kindly request your assistance in determining the calculation of pension for the past service period.
Thank you,
SK Verma
From India, Kolkata
Acknowledge(0)Amend(0)
EPFO is currently paying me Rs. 2506/- as a monthly pension. The calculation of EPS'95 pension involves splitting the service period into two parts: the first service period before 16th Nov.1995 (Past Service) when EPS'95 was implemented and the employee was covered under EPF family pension scheme, and the second part includes the period of service rendered from 16th Nov.1995 until the date of completion of 58 years of age in service.
I kindly request your assistance in determining the calculation of pension for the past service period.
Thank you,
SK Verma
From India, Kolkata
Acknowledge(0)Amend(0)
Dear Shri Verma ji,
I do not have your salary details. However, I presumed that your Basic salary prior to Sept. 2014 was >Rs.6,500/- and from 1st September 2014 >Rs.15,000/-, i.e. the ceiling salary for EPS contribution, and there was no loss of pay during the last 5 years of service (1st January 2011 till 31st December 2015).
You can visit EPFO Office, Jabalpur, and give a written application for a copy of Employees' Pension amount, as you are not satisfied with the approved amount. Compare the working with the calculation sent by me, and for any variation, you may cross-check with the PF Authority. You can also show my working and ask them politely which working is correct.
Regards,
Suresh
From India, Thane
Acknowledge(0)Amend(0)
I do not have your salary details. However, I presumed that your Basic salary prior to Sept. 2014 was >Rs.6,500/- and from 1st September 2014 >Rs.15,000/-, i.e. the ceiling salary for EPS contribution, and there was no loss of pay during the last 5 years of service (1st January 2011 till 31st December 2015).
You can visit EPFO Office, Jabalpur, and give a written application for a copy of Employees' Pension amount, as you are not satisfied with the approved amount. Compare the working with the calculation sent by me, and for any variation, you may cross-check with the PF Authority. You can also show my working and ask them politely which working is correct.
Regards,
Suresh
From India, Thane
Acknowledge(0)Amend(0)
Dear Mr. Suresh Sharma,
Please note that you have uploaded only the Covering Letter of your PPO. From this, we cannot make out anything. Please upload an Annexure containing details of your work. Furthermore, if you have questions about your pension or any doubts, please approach the EPF Office in Jabalpur.
I presume there is nothing wrong with the quantification of the pension at Rs 2,506 per month. Nevertheless, let us wait for further comments after reviewing the Annexure.
From India, New Delhi
Acknowledge(0)Amend(0)
Please note that you have uploaded only the Covering Letter of your PPO. From this, we cannot make out anything. Please upload an Annexure containing details of your work. Furthermore, if you have questions about your pension or any doubts, please approach the EPF Office in Jabalpur.
I presume there is nothing wrong with the quantification of the pension at Rs 2,506 per month. Nevertheless, let us wait for further comments after reviewing the Annexure.
From India, New Delhi
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
Age.xls