How to use Pension Calculator
EDLI benefits are available only to the family members/ nominee nominated by the member during his life time or to surviving family member in case of death of the member while he was in employment.
The members are advised to file their e-Nomination and update the same timely in case of change in family so that in the sad event of his death the benefits are paid to the intended family member/ nominee through an online claim. Rules related to the benefit amount are also explained for the date of death during the period 08-01-2010 onward through a link provided below.
INPUT DATA
For using the calculator, the user should keep the following data ready for input:
1. Date of death (Any date between 01-04-2011 till date of using the calculator.
2. Average progressive balance in the PF account of the member during the preceding 12 months from the date of death.
3. Declaration of continuous period of service
If the date of death between is 01-04-2011 till 28-03-2021, the benefits are also calculated based on wages and the higher amount is paid. (See calculation rules). If the date of death is on or after 29-03-2021 the continuous period of 12 months may be under more than one establishment.
4. Average wages: In case the point 3 above is applicable then the average wages during the last 12 months.
Once the points 1 and 2 are filled in and in case of point 3 being applicable the point 4 is also filled in the calculator will display the amount of benefit.
The amount of benefit is paid to the nominee(s) as per the share declared by the late member in his nomination form. Understanding the point 2: Average progressive PF balance:
This is the sum of month wise balance during the preceding 12 months from the date of death divided by 12.
Understanding point 4: Average wages
Wages means sum of basic pay and DA. Till 31-08-2014 the maximum average wages can be Rs 6500/- From 01-09-2014 the average wages can be above Rs 6500 and maximum Rs 15000/-
Pension Calculator
This version of the Pension Calculator will give results for member pension cases where the pension start date is on or after 01-04-2014, that is only under the Employees’’ Pension Scheme 1995. The benefits displayed are on wages up to the wage ceiling that is Rs 6500/- for up to 31-08-2014 and Rs 1500/- after that date.
INPUT DATA
1. Date of birth: The date of birth of member should be on or after 01-04-1953 which means the member should have completed 58 years age on or after 01-04-2011.
2. Service period: Date of joining and date of exit from service
The date of joining cannot be prior to 16-11-1995 and the date of exit cannot be a date after superannuation date. NCP 1 and NCP 2 days: The Non-Contributory Period of Service is the number of days for which the member did not get wages and so for those number of days EPS contribution was not paid by the employer The NCP 1 is up to 31-08-2014 and NCP 2 is after 31-08-2014.
In a member had worked in different establishments he can add multiple service periods.
3. Pension opted date: In case as on date of use of the calculator the member has crossed 58 years age the pension start date will be displayed by system but if the member has not crossed the age of 58 years, then he can enter a date from date of exit/ date of attaining 50 years age till the date of use of the calculator.
4. Pensionable salary: This is the average wages for last 12 months if the pension start date is on or before 31-08-2014 and 60 months if the pension start date is after that date. The wage ceiling up to 31-08-2014 is Rs 6500/- and after that Rs 15000/- So the average salary can be Rs 15000/- only from 01-09-2019 and up to 31-08-2014 it will be maximum Rs 6500/-.
On entry of these data the system will display the amount of monthly or early pension. If the pension amount is less than Rs 1000/- the member will be eligible for a minimum pension of Rs 1000/- w.e.f. 01-09-2014 or pension start datewhichever is later. In case of early pension, the reduction amount of the pension @4% per annum will be deducted from the early pension for each year from pension fixed at age of 58 years till the age (minimum 50 years) from where early pension opted.
