How the pension is calculated?
EPS formula: (Pensionable Salary * service period) / 70.
Here, Pensionable Salary is capped at Rs 15,000 and service period at 35 years.
So, after 30 years of job, even if basic salary is higher than Rs 15,000 at the time of retirement, the maximum monthly pension comes to: = (15000 * 30) / 70 = Rs 6429..
How is government pension calculated?
Since January 1, 2006, Pension is calculated with reference to emoluments (i.e.last basic pay) or average emoluments (i.e. average of the basic pay drawn during the last 10 months of the service) whichever is more beneficial. The amount of pension is 50% of the emoluments or average emoluments, whichever is beneficial.
How is employee pension calculated?
You can use a simple formula to calculate your employee pension by multiplying your pensionable salary with your pensionable service and then by dividing the amount by 70.
How is Army pension calculated?
PensionService Pension – Granted @ 50% of emoluments last drawn or average of reckonable emoluments during the last 10 months, whichever is more beneficial to pensioners subject to minimum of Rs. … Family Pension -Granted @ 30% of reckonable emoluments last drawn subject to a minimum of Rs.More items…•
What is a full pension?
To qualify for a full Age Pension as a single person your income must be below $178 per fortnight (approximately $4,628 per year), but you can still be eligible for a part Age Pension if you earn up to $2,066.60 per fortnight (approximately $53,731 per year).