Question
How is EPS pension calculated and what is the minimum pension?
Answer
Bottom line: EPS pension uses a simple formula, with a minimum of ₹1,000 a month, payable from age 58 after 10 years of service.
1. Formula
Monthly pension = pensionable salary × pensionable service ÷ 70, with pensionable salary capped at ₹15,000.
2. Minimum
The floor is ₹1,000 a month.
3. Eligibility
At least 10 years of service; pension from age 58, or earlier at a reduced rate.
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This answer is general information based on the law as it stood when written and is not professional advice on your specific situation. Verify the current position and consult a qualified professional before acting. See our disclaimer.