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Confused About EPF Pension Calculation: Last 60 Months or EPFO Method?

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by BASAVARAJ on Nov 12, 2023Hindi

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Epf pension calculated on last 60 months average salary or else the method epfo

Ans: Yes EPS pension is calculated based on average basic salary of previous 60 months and pensionable service period.

Based on a predetermined formula involving these two factors EPS pension is determined.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Camilo - Nov 12, 2023Hindi

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What is the formula for calculating pension from epfo

Ans: EPS = Average Salary x Pensionable Service/70

(15000X35)÷70=7500
The average salary is the basic salary+DA(Max 15K) of the employee over a period of 60 months prior to retirement. Pensionable service is the total number of years worked(Max 35 years).

Thie minimum and maximum pension that you can receive through EPS is subject to limit of 1K to 7.5K per month

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Question by Camilo - Nov 17, 2023Hindi

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Im retired at 58..My last drawn salary 70 000 pm.How much pension should ivgetvfrom epfo? Thanks

Ans: As the provided information is not sufficient, I’m not able to give you the pension amount but you can calculate by using this formula:

Pension Amount = (Pensionable Service * Average Salary) / 70

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Question by Prashant - Jan 28, 2025Hindi

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I require to calculate pension from EPFO. As per EPFO formula "=Average monthly salary of last 60 months x nos of years service/70 ". Max cap on Average salary is Rs 15000. I calculate the average monthly salary as "total of last 60 months salary / 60 "= 20000, which is kept at max. cap and considered as 15000 EPFO. While EPFO office first makes all salaries greater than 15k, to 15k, then calculates the average. Hence I get less than 15000. I did not find any clarification on the EPFO website. Please give me correct guideline as per EPFO

Ans: Hello;

There is pension calculator feature on the EPFO portal.

You may use to ascertain your likely monthly pension.

Best wishes;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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