Circular on Application for Validation of Option/Joint options – method of computation of pension (dated-01.06-2023)-EPFO
View Pdf– Circular on Application for Validation of Option/Joint options – method of computation of pension (dated-01.06-2023)-EPFO.
- Please refer to the Circular No. Pension/Supreme Court judgement/POHW/2022/143 dated 09.05.2023 regarding “Deposit/ Transfer of due contribution with interest into Pension Fund” wherein it was informed in Para 14 that the method of computation of Pension will follow through subsequent circular.
- The computation of pension shall be in accordance with the provisions of Employees’ Pension Scheme(EPS), 1995 as follows:-
- For eligible cases: where date of commencement of pension is prior to 01.09.2014: Pension shall be calculated based on average monthly pay drawn during contributory period of service in the span of 12 months preceding the date of exit from the membership of the pension fund and where date of commencement of pension is post 01.09.2014: Pension shall be calculated based on average monthly pay drawn during contributory period of service in the span of 60 months preceding the date of exit from the membership of the pension fund, refer attachment for further details.
