EPS, Can somebody explain pensionable salary w.r.t EPS and its significance
Effective Sep-2014, pension is to be calculated based on max limit as 15000/- My local EPFO has calculated my EPS for the period prior to 2014 @ 6500 and for period beyond sep-14 on the basis of average of last 5 years by calling it as pensionable salary. Can any leaned member explain me whether it is correct. As per my understanding, EPS should be calculated for whole service period on the basis of pensionable salary. more
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I am working since 1982. My pension is started in Mar'2017. The calculation was based on 15000/- for 3 years, 6500/- for prior 2014 from nov 1995 and 580/- before nov 1995. Can I apply again for correction and get according to new calculation. Just now I an getting 2459/- more
Oct 07
1. if you have entered into EPS before 2014 you are elegible for pension on the basis of your full basic . however to get that you have to pay a significant amount of your employer contributed EPF amount and its accumulated interest . still that is a far better option as compared to pension on basis of 6500/15000 and interest of 8% on the employer contributed accumulations . this option is backed by supreme court ruling 2. if you donot want to part with the employer contribution , then best of luck to you as none of any available legal investment options can give you that kind of assured returns in the form pf pension 3. if you have enetered into EPF after 2014 , then bad luck as the above mentioned scheme is not sustainable and anyone who started their service after 2014 need to fend for themselves more
Oct 04
