The calculation of pensionable salary is of two types. If you became a member of EPFO after 16^{th<\/sup> November. 1995, then the pension amount is = (pensionable salary x service period)\/70.<\/strong><\/p>\n}

Here the pensionable salary is considered as average salary (Basic Pay+DA)of past sixty moths. The maximum pensionable salary of a month cannot be exceeded Rs 6500.<\/p>\n

If you complete 20 years of service, 2 years will be added to the service period while calculation of pensionable salary. Maximum service<\/p>\n

Those who joined EPFO before 16^{th<\/sup> November 1995, the calculation of EPS amount is as per the followings.<\/p>\n}

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1. Calculate the service period up to 15^{th<\/sup> November 1995. Remember the round off rule while calculating the service period.<\/li>\n}
2. Find out the salary as on 15th<\/sup> November 1995 as it is Up to Rs 2500 or more than Rs 2500.<\/li>\n<\/ol>\n\n\n\n\n\n\n\n

   Sl No<\/strong><\/span><\/td>\n	Past Year Service<\/strong><\/span><\/td>\n	Salary Up to 2500 per month<\/strong><\/span><\/td>\n	\n Salary more than 2500 per month<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n
   \n 1<\/p>\n<\/td>\n	Up to 11 years<\/td>\n	80<\/td>\n	85<\/td>\n<\/tr>\n
   \n 2<\/p>\n<\/td>\n	11-15 Years<\/td>\n	95<\/td>\n	105<\/td>\n<\/tr>\n
   3<\/td>\n	15-20 Years<\/td>\n	120<\/td>\n	\n 135<\/p>\n<\/td>\n<\/tr>\n
   4<\/td>\n	More than 20 Years<\/td>\n	150<\/td>\n	\n 170<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n The employees, who retire after 15th<\/sup> November 1995 get the additional pension for the past period. The above pension amount is increasing 8% each year. This can be factored with the help of Table B<\/a>.<\/p>\n Add both the pension i.e. pension for the tenure on or before 15.11.1995 and after 15.11.1995<\/p>\n Example:<\/strong>  <\/span><\/h5>\n Suppose, Mr. X had joined a company on 04.06.1986 and he retired on 23.08.16.<\/p>\n His basic salary as on 15.11.1995 was Rs 2500 and above.<\/p>\n Basic salary before retirement was Rs 15000 (considered as ceiling amount for EPS calculation)<\/p>\n The calculated past service period – 9 years 5 months rounded to 9 years<\/p>\n From the above table past pension is Rs 85<\/p>\n The service period after 15.11.1995 is 20 years 9 months<\/p>\n Past service pension = 85×4.843 = Rs 411.655 (According to Table B<\/strong>)<\/p>\n Bonus years is 2 years, hence total period for calculation is 23 years<\/p>\n Pensionable Benefit = 15000×23\/70 = Rs 4928<\/p>\n Total pension is 4928+412= Rs 5340<\/strong><\/p>\n EPS transfer online:<\/strong><\/span><\/h4>\n Suppose you have changed your job and EPF account also. You already know how you can transfer your EPF from one employer to another employer. You don’t have to think of the transferring of EPS amount.<\/p>\n It will be automatically linked to the new PF account when you are transferring EPF account via UAN<\/a>. The UAN restricts the duplication of EPF account number.<\/p>\n How to withdraw EPS Online: <\/strong><\/span><\/h4>\n Withdrawal from EPS is same as the withdrawal of EPF<\/a>. If your total service period is less than 10 years you are not eligible for the pension. You can apply for withdrawal. If you cross the service period of 10 years you cannot withdraw the amount. Then you have to opt for the pension and get a scheme certificate after you attain the age of 58 years. After 50 years of age also you can apply for pension but in that case you will get less pension compare to the amount you get in 58 years of age.<\/p>\n Also Read<\/strong>: Withdraw PF Amount Partially for These Nine Reasons<\/a><\/em><\/p>\n The service in other companies can also be added to the total service period and when you cross 50 years age you can claim pension with all the scheme certificates.<\/p>\n You need to activate your UAN number with the EPFO portal. Your AADHAAR number should also to be linked with EPFO for claiming online. The mobile number on AADHAAR database is a must for the online claim.<\/p>\n The following steps are taken for withdrawal of EPS<\/p>\n \n Log in to UAN portal with the UAN number.<\/li>\n Update the AADHAAR details if you have not updated yet.<\/li>\n Select the relevant claim and click on it.<\/li>\n Verify the OTP received on your mobile.<\/li>\n You can also track the status of your claim inside the login.<\/li>\n<\/ol>\n The above process is valid if you have UAN and AADHAAR number with the updated mobile number. Otherwise, you can take the offline route of claiming EPS.<\/p>\n Conclusion:<\/strong><\/span><\/h4>\n EPS<\/a> is a very good scheme for all EPFO members. But it is very difficult to understand for the common members who are not finance savvy and also there is no awareness among the members. More simplification is expected from the Government of India. Also, everything related to EPS should be integrated with EPF online. Though pension from EPS is very small but it is good for the persons who are in financial trouble and does not have sufficient fund for their retired life.<\/p>\n Share the article with others. 🙂<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" There is 8.33% of basic salary is added to the employee pension scheme every month by your employer. Do you have a track of the money which is accumulated? You know how to check your EPF balance and track the accumulated corpus. The money in the EPS does not fetch any interest. So, what is the use of this money? How can you be benefited by money in EPS? People forget about the EPS when they are busy with withdrawing EPF. In this article, we will discuss of EPS and how you can withdraw EPS online. What is EPS amount? <\/p>\n","protected":false},"author":1,"featured_media":1153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement-planning","has_thumb"],"yoast_head":"\n