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EPFO has released the formula for calculation of higher pension (EPS) for retiree individuals before and after September 1, 2014.
If an eligible applicant's pension (EPS) commenced prior to September 1, 2014, the higher pension calculation will be based on the average monthly pay received during the contributory period of service within the 12 months preceding the retirement date. In other words, it will be based on the average salary during the 12 months prior to exiting the membership of the pension fund. The cap on this is ₹6,500 per month.
On the other hand, for individuals retiring on or after September 1, 2014, the higher EPS pension calculation will consider the average salary earned during the contributory period of service within a span of 60 months preceding the retirement date. The cap here is ₹15,000 per month.
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