Member’ Monthly Pension Amount = (Pensionable Salary*Pensionable Service)/70
Pensionable Salary: The average monthly salary of the employee in the recent 12 months of service is the pensionable salary.
Pensionable service: Pensionable service refers to the number of years for which contributions were made to the EPS account.
Suppose contributions to the EPS account have been made for 14 years and 7 months and the pensionable salary is Rs 15,000.
The monthly pension amount will be calculated as follows:
Member’ Monthly Pension Amount = (15,000 x 15) / 70 = Rs 3,214.28