I recently submitted EPF and EPS final settlement request through UAN portal. After 10 days, both EPF and EPS amount got credited to my bank account. My total service is about 9 years in three different organisations, two years back itself I had submitted transfer request form through UAN portal and PF amount also got transferred from my previous employments.
As per Table-D of Employee pension scheme, 9.33 should be the proportion of wage for 9 years service to calculate the EPS amount at exit. My last employment basic salary was Rs.30000, hence I assumed I would get Rs.139950 (9.33x15000) as EPS amount, but I have got only Rs.62950. I would like to know whether my calculation is right or wrong, how much money I should have gotten from EPS.
From India, Bengaluru
As per Table-D of Employee pension scheme, 9.33 should be the proportion of wage for 9 years service to calculate the EPS amount at exit. My last employment basic salary was Rs.30000, hence I assumed I would get Rs.139950 (9.33x15000) as EPS amount, but I have got only Rs.62950. I would like to know whether my calculation is right or wrong, how much money I should have gotten from EPS.
From India, Bengaluru
EPS is 8.33 % and it is not calculated on last salary, but on actual salary paid during the whole service
i.e when the EPS ceiling was 6500/- then the contribution was locked at 521, and now at 15000/- it is locked at 1250
make sum of all passbook and you will find that the amount will get matched
Table D is used for calculation of pension claimed under form 10D and not applicable in form 10C ( withdrawal)
632i.e when the EPS ceiling was 6500/- then the contribution was locked at 521, and now at 15000/- it is locked at 1250
make sum of all passbook and you will find that the amount will get matched
Table D is used for calculation of pension claimed under form 10D and not applicable in form 10C ( withdrawal)
Thank you for your response.
I had registered a grievance and got a response that "It is to inform you that as per this office records your total service is 8 years 10 month 17 days. Hence the withdrawal benefit was calculated automatically by the system to the maximum wages of 15000/- and your withdrawal benefit settled for Rs 62950.
My last three year employer pension contribution was Rs.1250 (36 month*1250=45000). If I calculate Rs.521 for remaining 70 month, i am getting Rs.36470.
So by this calculation, I was supposed to get minimum Rs.81,470
I even tried the EPS withdrawal benefit calculator which i found in this site. As per that excel sheet, I was supposed to get Rs.101958 as pension withdrawal amount for 9 years (from Oct 2009 to Sep 2018)
When the UAN portal transition happened, my first 3 year and 9 month service didn't get updated in UAN portal. So I registered a grievance two year back itself, got an usual response that as per their (PF office) records all services have been updated properly. But those 3 year and 9 month service never appeared in my UAN portal.
From India, Bengaluru
I had registered a grievance and got a response that "It is to inform you that as per this office records your total service is 8 years 10 month 17 days. Hence the withdrawal benefit was calculated automatically by the system to the maximum wages of 15000/- and your withdrawal benefit settled for Rs 62950.
My last three year employer pension contribution was Rs.1250 (36 month*1250=45000). If I calculate Rs.521 for remaining 70 month, i am getting Rs.36470.
So by this calculation, I was supposed to get minimum Rs.81,470
I even tried the EPS withdrawal benefit calculator which i found in this site. As per that excel sheet, I was supposed to get Rs.101958 as pension withdrawal amount for 9 years (from Oct 2009 to Sep 2018)
When the UAN portal transition happened, my first 3 year and 9 month service didn't get updated in UAN portal. So I registered a grievance two year back itself, got an usual response that as per their (PF office) records all services have been updated properly. But those 3 year and 9 month service never appeared in my UAN portal.
From India, Bengaluru
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EPS - Withdrawal Benefit Calculators_Ann onymous.xls
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