Dear All, What is the formula for calculation of pension (EPFO) of an employee under the scheme.
From India, Delhi
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10From India, Delhi
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The correct and formatted text is:
Average of the last 5 years EPS salary (EPS cannot exceed 15000) multiplied by the number of years of contribution divided by 70. The average count for EPS is 33 years of working life, and the government grants 2 years bonus over it, totaling 35 years. So, the maximum pension possible for the full length of service is 7500 based on the present structure. The minimum pension is fixed at present 1000/- and under the panel to get it increased soon.
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Average of the last 5 years EPS salary (EPS cannot exceed 15000) multiplied by the number of years of contribution divided by 70. The average count for EPS is 33 years of working life, and the government grants 2 years bonus over it, totaling 35 years. So, the maximum pension possible for the full length of service is 7500 based on the present structure. The minimum pension is fixed at present 1000/- and under the panel to get it increased soon.
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF