In this thread the calculation of EPF pension is given by Mr. Abbas in excel format. In that he has considered a maximum ceiling of Rs. 6500. Since Sept. 2014 the ceiling is raised to Rs. 15000. My query is whether the calculation will change according to this new amendment and can Mr. Abbas give new formula to calculate the pension in excel format?
From India, Pune
6From India, Pune
Dear Mr. Rajan,
The formula for pension calculation remains the same, provided that you have to enter the "Salary on Separation from Service" which is the average of last drawn 60 months. However I shall insert the modified excel sheet which will be automatically calculate the pensionable salary, provided the salary w.e.f 01.09.2014 is Rs.15,000 or above.
Abbas.P.S
From India, Bangalore
The formula for pension calculation remains the same, provided that you have to enter the "Salary on Separation from Service" which is the average of last drawn 60 months. However I shall insert the modified excel sheet which will be automatically calculate the pensionable salary, provided the salary w.e.f 01.09.2014 is Rs.15,000 or above.
Abbas.P.S
From India, Bangalore
this is balu and thank you Mr.abbas for the immediate reply. As directed by you i am furnishing the details below.
My DOB is 4/6/1965
I joined service on 7/7/1986
i am taking VR from 30/4/2017
salary before 1995 is 2500
present salary is 15000
Mr.Abbas please calculate the pension as of now on getting relieved from service or please give me the calculator.
My DOB is 4/6/1965
I joined service on 7/7/1986
i am taking VR from 30/4/2017
salary before 1995 is 2500
present salary is 15000
Mr.Abbas please calculate the pension as of now on getting relieved from service or please give me the calculator.
Dear Balu,
If you are relieving on 30.4.2017, your pension at the age of 58 will be 3487 and on 4.6.2017 will be 2729. If you opt pension w.e.f 01.05.2017, it will be 2620. If you are getting relieved on VR, optimum benefit will be to claim pension w.e.f 4.6.17.
Abbas.P.S
From India, Bangalore
If you are relieving on 30.4.2017, your pension at the age of 58 will be 3487 and on 4.6.2017 will be 2729. If you opt pension w.e.f 01.05.2017, it will be 2620. If you are getting relieved on VR, optimum benefit will be to claim pension w.e.f 4.6.17.
Abbas.P.S
From India, Bangalore
Example of EPS Pension Calculation for those who joined before 15.11.1995
• Date of Joining: 01/06/1985
• Salary as on 15/11/1995: Above Rs 2500 per month.
• Salary on Completion of 58 years as on 01/01/2018: Rs 15,000
• Past Service : 01/06/1985 to 15/11/1995 or 10 years
• Compensation, For Past Service as per Table A, is Rs 85
• But Retirement at age of 58 is on 01/06/2018,difference between 01/06/2017 and 15/11/1995 is 22 years, So its 5.649 as per Table B.
• Past Service Benefit (Table A x B): Rs 85 x 5.649= Rs 480.165
• Pensionable Service from 15/11/1995): 22 years
• Additional Weight age: 2 years
• Pensionable Salary(last 5 years): Rs 11,600.
• Pension Admissible: 11,600.x 24/70 = Rs 3977
• Total Pension: Rs 5142+Rs 515 = Rs 4457
How much EPS Pension will you get if you joined after 15.11.1995
For those who joined after 15 Nov 1995 the formula for calculation of Pension is simple. the formula of calculation of pension is,
EPS Pension = Average Salary X Number of Years Service / 70
From India, Nasik
• Date of Joining: 01/06/1985
• Salary as on 15/11/1995: Above Rs 2500 per month.
• Salary on Completion of 58 years as on 01/01/2018: Rs 15,000
• Past Service : 01/06/1985 to 15/11/1995 or 10 years
• Compensation, For Past Service as per Table A, is Rs 85
• But Retirement at age of 58 is on 01/06/2018,difference between 01/06/2017 and 15/11/1995 is 22 years, So its 5.649 as per Table B.
• Past Service Benefit (Table A x B): Rs 85 x 5.649= Rs 480.165
• Pensionable Service from 15/11/1995): 22 years
• Additional Weight age: 2 years
• Pensionable Salary(last 5 years): Rs 11,600.
• Pension Admissible: 11,600.x 24/70 = Rs 3977
• Total Pension: Rs 5142+Rs 515 = Rs 4457
How much EPS Pension will you get if you joined after 15.11.1995
For those who joined after 15 Nov 1995 the formula for calculation of Pension is simple. the formula of calculation of pension is,
EPS Pension = Average Salary X Number of Years Service / 70
From India, Nasik
Mr. Abbas has uploaded a useful link for pension calculation. I have tried to simplify that in context of recent Hon'ble SC Judgment. Since the calculation methodology has been explained in detail as above I am leaving that part. It is a simple Excel file, with no restrictions. So one can further upgrade it as per requirement.
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PENSION CALCULATION.xls
PENSION CALCULATION.pdf
EPF PENSION CALCULATION.zip