1. What is EPS Pension Calculation?

The EPS (Employees' Pension Scheme) pension calculation determines the monthly pension amount for employees covered under EPFO (Employees' Provident Fund Organisation) based on their pensionable salary and service period.

2. How Does the Calculator Work?

The calculator uses the EPS pension formula:

Where:

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

Explanation: The formula calculates the monthly pension amount by multiplying the pensionable salary with the years of service and dividing by 70 as per EPFO guidelines.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps employees plan their retirement finances, understand their entitlements under EPS, and make informed decisions about their employment and retirement planning.

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 for accurate calculation.

5. Frequently Asked Questions (FAQ)

Q1: What is pensionable salary under EPS?
A: Pensionable salary is the average monthly salary drawn during the last 60 months of service, subject to a maximum ceiling as prescribed by EPFO.

Q2: How is pensionable service calculated?
A: Pensionable service is the total period of service rendered by the employee while being a member of EPS, calculated in years including fractions.

Q3: What is the minimum service required for pension?
A: Generally, 10 years of eligible service is required to receive monthly pension under EPS scheme.

Q4: Are there any maximum limits on pension?
A: Yes, there are maximum limits on both pensionable salary and the resulting pension amount as per current EPFO regulations.

Q5: Can I calculate pension for partial years of service?
A: Yes, the calculator accepts decimal values for service years to account for partial years of employment.