The BSNL, MTNL, BBNL, SAIL, and Vizag Steel are a few big PSUs which have not yet implemented the 3rd PRC order due to weak financial position. You may be aware of many such CPSEs which are still paying the salary as per the 2nd PRC guidelines.
Today, I am going to discuss the EPF Employee Pension Scheme calculation for the employees of PSUs who are still drawing the salary as per 2nd PRC recommendations.
The PSU employees who have opted for EPS higher pension, they can get the approximate monthly pension amount by entering the payment details in the following formula.
Note: This will apply to the employees who are getting Salary as per 2nd PRC
Terms & Conditions for EPF Higher Pension Scheme (EPS)
- Must be a member of EPFO
- Must have completed 10 years of service
- Attained the age of 58
- An employee can start withdrawing his EPS at a reduced rate from the age of 50 years
- The employee also has an option to defer EPS for two years. It means they start a Pension from 60 Years of age.
If you are working in the PSU, this may help calculate the approximate pension amount at the time of retirement. If you still have a doubt about on EPF Pension Scheme, you can post a question on this website. Our team will try to answer it in the shortest possible time.