According to the official statement, more than 3.6 lakh applications for Validation of Option or Joint Options are still pending with the employers for processing
For those who will retire in the future, say in 2030, the EPFO said the pension will be calculated based on the provisions of EPS, 1995 that will “exist as on the date of the commencement of pension”.
The formula to calculate pension under Employees Pension Scheme (EPS) was tweaked by the Employees Provident Fund Organisation (EPFO) in 2014. Further, the EPFO has released a circular clarifying the method of pension computation for those who opt for higher EPS pension. Read on to know the formula for EPS pension calculation.