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The Economic Times

Shaghil Bilali

Are you eligible for Rs 12,500 pension under EPS scheme after the wage ceiling hike? Know what your new pension will be

The new wage ceiling of Rs 25,000 for mandatory coverage under the Employees’ Provident Fund Organisation (EPFO) came into effect on Thursday. The higher wage ceiling will help many employees get higher retirement benefits, including a higher monthly pension under the Employee Pension Scheme (EPS) after retirement.

The EPS pension is calculated based on the pensionable salary and the number of years of service during which contributions were made to the EPS. The higher the pensionable salary and service years, the higher your monthly pension will be. Pensionable salary is calculated as the average salary drawn in the past 60 months at the time of exit.

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