The Employees' Pension Scheme (EPS) calculates monthly pension using the formula: (Pensionable Wage × Pensionable Service) ÷ 70. Pensionable wage is based on the average of the last 60 months' EPS wage, subject to a ₹15,000 ceiling unless opting for higher pension. Service of 20+ years adds two extra years, and early pension from age 50 reduces the amount.
EPS pension formula: How your monthly pension is calculated
Source: Moneycontrol