I need information regarding pension calculation before 1995 pension scheme. And after 1995 pension. How is the calculation methods? kindly share the information.
From India, Bangalore
2From India, Bangalore
Dear Santhosh,
EPS was amended in Nov 1995. Till that date, you have to calculate pension based on the past service years corresponding to a fixed slab that has reference to either salary was less or above Rs.2500 and multiplied by a factor as per Table-B for past service benefit.
Regards
Chandru
From India, Madras
EPS was amended in Nov 1995. Till that date, you have to calculate pension based on the past service years corresponding to a fixed slab that has reference to either salary was less or above Rs.2500 and multiplied by a factor as per Table-B for past service benefit.
Regards
Chandru
From India, Madras
Dear friends,
EPS is introduced (not amended) by an ordinance on 16.11.1965 and later passed the bill by the Parliament on 28.2.1996. Till then Family pension was there. If the member dies while in service, family woul get pension. In the new scheme, members themselves are entitled to get pension. After members' death family will get pension.
Abbas.P.S
From India, Bangalore
EPS is introduced (not amended) by an ordinance on 16.11.1965 and later passed the bill by the Parliament on 28.2.1996. Till then Family pension was there. If the member dies while in service, family woul get pension. In the new scheme, members themselves are entitled to get pension. After members' death family will get pension.
Abbas.P.S
From India, Bangalore
Dear Abba,
Santhosh wants to know the calculation steps /procedure and not the history about the FPS and EPS. Again I see that members are not answering to the crux of the question asked here. They generally reply all theory answers they know and not the much required answer. Ultimately the thread runs into several pages without any meaningful reply.
Regards
Chandru
From India, Madras
Santhosh wants to know the calculation steps /procedure and not the history about the FPS and EPS. Again I see that members are not answering to the crux of the question asked here. They generally reply all theory answers they know and not the much required answer. Ultimately the thread runs into several pages without any meaningful reply.
Regards
Chandru
From India, Madras
Dear friends,
For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Abbas.P.S
From India, Bangalore
For pension calculation, the service will be taken into 2 parts. Service before 16.11.95 and service w.e.f 16.11.95. The first one is called as past service and latter one as pensionable service. Past service is divided into 4 slabs. Service upto 11 years, 12 to 15 years, 16 to 19 years and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120 & 150 respectively. For Rs. 2500 & above this will be Rs. 85, 105, 135 & 170. This amount is for those who attain 58 years on 16.11.95. In the case of those attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service there is a formula to calculate pension. It is Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorised in to 3. 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on statutory celing of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In case of 2nd, pensionable salary is Rs. 6500. In other two cases, pensionable salary will be the average of last twelve months. Also if pensionable service is 20 years & above 2 year's bonus will be given.
One example I shall quote.
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yr 9 m (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
Abbas.P.S
From India, Bangalore
Dear Mr. Santosh Kumar,
One gentle man has given a nice XL sheet for pension calculation, Please see posts of about a month back. Wait, let me see whether i have it saved,in which case I will attach it.
From India, Thane
One gentle man has given a nice XL sheet for pension calculation, Please see posts of about a month back. Wait, let me see whether i have it saved,in which case I will attach it.
From India, Thane
Dear Mr Abbasiti,
Sorry for not giving you the credit,simply because I did not remember the name when I posted. Checking up for the name would have resulted in not replying at all. I said let the reply go.
It is a very nice XL & I have drawn attention to that in this board when i replied to similar threads.
Do you have a similar XL for EDIL calculation? Some body else on this board has given the method,which is also very good, but not in an XL format.
From India, Thane
Sorry for not giving you the credit,simply because I did not remember the name when I posted. Checking up for the name would have resulted in not replying at all. I said let the reply go.
It is a very nice XL & I have drawn attention to that in this board when i replied to similar threads.
Do you have a similar XL for EDIL calculation? Some body else on this board has given the method,which is also very good, but not in an XL format.
From India, Thane
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PENSION CALCULATION.xls
PENSION CALCULATION.pdf
EPF PENSION CALCULATION.zip