Hi Team,
In case the Basic salary (at the time of retirement) is more than Rs. 32,000 per month or net take-home is around Rs. 70,000 per month, then what would be considered as the "Pensionable Salary" to calculate the Pension?
a) Is it Rs. 6,500?
b) Rs. 15,000 (considering the new amendment since Sep 2014 where the contribution was increased from Rs. 541 (Rs. 6,500) to Rs. 1,250 (Rs. 15,000)?
c) Last year's monthly average Basic+DA (i.e., Rs. 32,000)?
d) Actual Monthly total Salary? (Rs. 70,000)?
Thanks.
Regards,
An.
Acknowledge(0)
Amend(0)
In case the Basic salary (at the time of retirement) is more than Rs. 32,000 per month or net take-home is around Rs. 70,000 per month, then what would be considered as the "Pensionable Salary" to calculate the Pension?
a) Is it Rs. 6,500?
b) Rs. 15,000 (considering the new amendment since Sep 2014 where the contribution was increased from Rs. 541 (Rs. 6,500) to Rs. 1,250 (Rs. 15,000)?
c) Last year's monthly average Basic+DA (i.e., Rs. 32,000)?
d) Actual Monthly total Salary? (Rs. 70,000)?
Thanks.
Regards,
An.
Acknowledge(0)Amend(0)
To calculate the Pension in the Employee Pension Scheme (EPS), the maximum Pensionable Salary considered is Rs. 15,000. This change was implemented in September 2014 when the contribution amount was increased from Rs. 541 (based on Rs. 6,500) to Rs. 1,250 (based on Rs. 15,000). Therefore, for individuals with a Basic salary exceeding Rs. 32,000 per month or a net take-home of around Rs. 70,000 per month, the Pensionable Salary for calculation purposes would be Rs. 15,000. This adjustment accounts for the new amendment and ensures accurate pension calculations under the EPS scheme.
From India, Gurugram
Acknowledge(0)Amend(0)
29From India, Gurugram
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.