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.
Example
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
