1. What is the EPFO EPS Pension Scheme?

The EPFO Employee Pension Scheme (EPS) is a social security scheme that provides pension benefits to employees in the organized sector in India. It ensures financial security during retirement for EPF subscribers.

2. How Does the Calculator Work?

The calculator uses the EPFO EPS pension formula:

Where:

• \( PS \) — Pensionable Salary (average of last 60 months' salary)
• \( PSV \) — Pensionable Service (total years of service)
• 70 — Fixed divisor as per EPS rules

Explanation: The formula calculates monthly pension based on your average salary and years of service under the EPS scheme.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps employees plan their retirement finances and understand the benefits they will receive from the EPFO pension scheme.

4. Using the Calculator

Tips: Enter pensionable salary in INR (average of last 60 months) and pensionable service in years. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum pension under EPS?
A: The minimum monthly pension under EPS is ₹1,000 per month as per current regulations.

Q2: What is the maximum pensionable salary?
A: The maximum pensionable salary is currently ₹15,000 per month for EPS calculations.

Q3: What is the minimum service required for pension?
A: A minimum of 10 years of service is required to be eligible for pension under EPS.

Q4: Can I withdraw my EPS contribution?
A: EPS contribution withdrawal is possible only if the service period is less than 10 years. For 10+ years, only pension benefits are available.

Q5: Is the pension amount fixed for life?
A: The pension amount is subject to periodic revisions by the EPFO and government regulations.