Work out your monthly EPS pension from pensionable salary and service, with the 20 year weightage, the early pension cut and the scheme minimum applied.
Why can I not withdraw my EPS money?
Because it was never a deposit. The 8.33% that goes to EPS buys a pension entitlement, not a balance, and the column in your passbook is a record of contributions rather than a fund you own. Only a member who leaves before completing ten years can withdraw, and the amount then comes from Table D, not from what was paid in.
What is the twenty year weightage worth?
Two extra years of service, added free once you cross twenty. On a ₹15,000 pensionable salary that is ₹428 a month for life. It is also why leaving at 19 years and 5 months is expensive: you lose the weightage and a year of service at the same time.
Should I take the pension at 50 or wait until 58?
Taking it at 50 costs 32% of the pension, permanently. Waiting to 60 adds 8%. The break-even is long: the extra you collect by starting eight years early takes well over a decade of the reduced amount to be overtaken. If you have other income, waiting is usually better.
What is the higher pension option?
It lets a member contribute on full salary rather than on the ₹15,000 ceiling, which raises the pensionable salary and so the pension. It costs a large arrears payment out of your EPF balance. Turn the ceiling off in this calculator to see what the pension would be, then weigh it against the EPF corpus you would give up.
What does my family get?
A spouse gets a pension for life, at half yours and never less than ₹1,000 a month. Up to two children get 25% of the spouse pension each until they turn 25. If both parents are gone, the children get a higher orphan pension. The spouse pension continues even if you die before reaching pension age, provided the contributions were made.
Is the pension taxed?
Yes. An EPS pension is taxed as salary in your hands, so it is added to your other income and taxed at your slab rate. The standard deduction applies to it. That is different from the EPF corpus, which is tax free on withdrawal after five years of continuous service.
Why does the pension on my order differ from this page?
Usually because one of four readings changed the figure: a part year of service was ignored instead of rounded up, the two-year weightage after twenty years was missed, an early pension was left uncut, or a deferred pension was left at the age-58 amount. Enter the figure printed on the order and this page will price those readings one by one instead of just showing a gap.