Under EPS 1995, two years additional weightage is being given for all who have more than 20 years of service. Monthly pension computation consists of two parts:
Part 1: Up to August 31, 2014 Rs.6500 being considered as basic and
Part 2: Effective Sept 1, 2014 till retirement (part 2) pensionable salary being considered.
Now, the queries are:
1. for two year weightage, EPFO is considering Rs.6500 as salary (as per Part 1) and not salary as applicable to 2nd part (that is beyond Sept 1, 2014)
2. EPS 12(2) indicates as under:
"Provided that the members' monthly pension shall be determined on a pro-rata basis for the pensionable service upto the 1st day of September, 2014 at the maximum pensionable salary of six thousand and five hundred rupees per month and for the period thereafter at the maximum pensionable salary of fifteen thousand rupees per month".
However, EPFO is considering pensionable salary (60 months average basic) and not Rs.15000 for 2nd part.
Elite members of HR to clarify the above.
From India, Delhi
Part 1: Up to August 31, 2014 Rs.6500 being considered as basic and
Part 2: Effective Sept 1, 2014 till retirement (part 2) pensionable salary being considered.
Now, the queries are:
1. for two year weightage, EPFO is considering Rs.6500 as salary (as per Part 1) and not salary as applicable to 2nd part (that is beyond Sept 1, 2014)
2. EPS 12(2) indicates as under:
"Provided that the members' monthly pension shall be determined on a pro-rata basis for the pensionable service upto the 1st day of September, 2014 at the maximum pensionable salary of six thousand and five hundred rupees per month and for the period thereafter at the maximum pensionable salary of fifteen thousand rupees per month".
However, EPFO is considering pensionable salary (60 months average basic) and not Rs.15000 for 2nd part.
Elite members of HR to clarify the above.
From India, Delhi
A petition has been filed with consumer commission in this regard. Pensionable salary of Rs 6500.00 is non existent after the 2014 amendment and for calculation of pension after 2014 including that of 2 year weightage it has to be on Rs 15000.00
If the weightage is earned after 2014, there is no way to consider Rs 6500.00 as Rs 6500 has been replaced by Rs 15000 vide 2014 amendment.
From India, Bengaluru
If the weightage is earned after 2014, there is no way to consider Rs 6500.00 as Rs 6500 has been replaced by Rs 15000 vide 2014 amendment.
From India, Bengaluru
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EPS - Form No. 10-D Pension Claim Form Aadhaar.pdf
EPS-Explanation on full salary for Pension-Gist of SC judgment on KeralaHC.docx