EPS Pension Calculation: Rs 62,000, basic salary, 16, 24, and 32 years of service, find out your monthly pension

Those who have attained the age of 50 years for early pension and 58 years for regular pension.  You must be a member of the EPFO. You must have completed 10 years of service.

The minimum monthly pension that you will receive from EPS is Rs 1,000.

An employee is entitled to receive a pension only after completion of a minimum of 10 years of eligible service.

When it comes to saving for retirement, both you and your employer contribute to it. Here's how it works: You and your employer each put 12 per cent of your basic salary into a fund. Your employer's 12 per cent is split into two parts: 8.33 per cent goes into the Employee Pension Scheme (EPS) and 3.67 per cent goes into the Employees' Provident Fund (EPF).

The benefit of the EPS is paid to the employee and, in his or her absence, to the family of the employee.

Yes, a member of the EPS can change his or her nomination according to the rules for such nomination. It simply means that the nominee should be a family member of the employee. Only if the employee has no family they can nominate anyone else according to their wish.

When you change jobs, your EPF (Employee Provident Fund) amount can be transferred to your new account. However, your EPS (Employee Pension Scheme) amount stays in the old account and can't be transferred. Your service details are linked, so your total work years can be tracked. This means your EPF accounts can be combined, but your EPS amounts will remain separate in different passbooks.

The formula for calculating the EPS pension is:  Monthly pension amount = (Pensionable Salary x Pensionable Service) / 70.

The monthly pension amount you will receive will depend on your pensionable salary and service. The average salary used in the formula is the average of your basic salary plus your DA for the last 12 months. 

Contributing to the (present) wage ceiling of Rs 15,000. According to the rule, even if someone's basic salary and dearness allowance is Rs 62,000, their EPS pension will be calculated at Rs 15,000 salary. 

(Pensionable Salary X Pensionable Service)/70 = (15,000x16)/70 = Rs 3,428. Individuals may get around Rs 3,428 as a pension for their service period of 16 years.

(Pensionable Salary X Pensionable Service)/70 = (15,000x24)/70 = Rs 5,142. Individuals may get Rs 5,142 as a pension if the service is 24 years.

(Pensionable Salary X Pensionable Service)/70 = (15,000x32)/70 = Rs 6,857. Individuals may get around Rs 6,857 as a pension for their service of 32 years.