EPS Pension Calculation: Rs 94,000, basic salary, 18, 25, 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.

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 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. Even if someone's basic salary and dearness allowance is Rs 94,000, their EPS pension will be calculated at Rs 15,000 salary. 

(Pensionable Salary X Pensionable Service)/70 = (15,000x18)/70 = Rs 3,857. Individuals may get around Rs 3,857 as a pension for their service period of 18 years.

(Pensionable Salary X Pensionable Service)/70 = (15,000x25)/70 = Rs 5,357. Individuals may get Rs 5,357 as a pension if the service is 25 years.

(Pensionable Salary X Pensionable Service)/70 = (15,000x32)/70 = Rs 6,857. Individuals may get around Rs 6,429 as a pension for their service of 32 years.