What is the formula to calculate EPS pension

economictimes.indiatimes.com:

EPFO) is eligible to receive pension if he/she is part of the Employees’ Pension Scheme (EPS). The pension under EPS starts from the age of 58 years for an individual. Further, certain EPF members are eligible to apply for higher pension from EPS.

The deadline to apply for a higher EPS pension is July 11, 2023. The EPFO will no longer accept applications for higher EPS pensions after July 11, 2023.Formula for EPS pension calculation As per the EPF law, the formula to calculate EPS pension is as follows:Pensionable salary X Pensionable service period divided by 70 Pensionable Salary: The pensionable salary refers to average of basic salary of an individual for 5 years from the date of retirement.Pensionable service period: The pensionable service refers to the working period of an employee while he/she was making contributions to the EPF and EPS account. The formula to calculate the EPS pension was revised by the EPFO in 2014.

Prior to amendment, the average basic salary of last one year of an individual was taken as pensionable salary. Members of the EPS should keep in mind that if you have joined the scheme prior to 2014, a pro-rata calculation will be used to determine your monthly pension. An example will help to clarify the calculation.

Let's say that you enrolled in the EPS scheme in January 2010 and quit working in February 2025. As a result, up until August 2014, you would have served for 4 years and 7 months. The rest of the service period spans from September 2014 till February 2025, or 10 years and 5 months.