Retirement/Pension Calculator
Pension Calculator
Your basic pension under the Bank Employees' Pension Regulations, 1995 — 50% of your average emoluments at full qualifying service, scaled proportionately below that.
Your details
Monthly pension
₹50,000
What this calculates
Your monthly pension under the Bank Employees’ Pension Regulations, 1995 — the same standardized formula across nationalized banks (confirmed identical across multiple banks’ gazetted regulations). Full pension requires 33 years of qualifying service; fewer years scale it down proportionately, with a 10-year minimum for any eligibility at all.
Formula
Basic Pension = 50% × Average Emoluments (last 10 months) × min(Qualifying Years, 33) ÷ 33. Additional Pension (a separate component, no Dearness Relief on this part) = 50% × Average PF-countable Allowances × the same proportion. Dearness Relief on Basic Pension uses the identical formula as active-employee DA, but paid half-yearly instead of quarterly.
Worked example
Average emoluments ₹1,00,000, 33 years qualifying service: Basic Pension = ₹50,000 (exactly 50%, full pension). At 20 years instead: Basic Pension = ₹30,303 (proportionate).
FAQs
Why is this formula the same across different banks?
Each PSU bank has its own “(Bank Name) Employees’ Pension Regulations, 1995” — but these are government-gazetted subordinate legislation issued from the same template, so the core formula (Regulation 35) reads identically across banks, even though they’re technically separate documents.
Where does the commutation factor table come from, and why is it 'Pending Verification'?
From India’s official Pensioners’ Portal (Department of Pension & Pensioners’ Welfare) — Table 1, based on a 4.75% interest rate. It’s cross-checked against real bank-pension worked examples that used the exact same factors at the same ages, which is reassuring, but a bank-specific circular confirming this exact table (rather than a newer one that exists for some other government contexts) hasn’t been directly read — hence the honest label.
What does 'age next birthday' mean here?
Not your current age — your age on your next birthday as of the commutation application date. Retiring at exactly 60? Use 61. This is exactly how the official table is indexed, so getting it right matters for accuracy.
References
Bank Employees’ Pension Regulations, 1995 (cross-confirmed across multiple PSU banks); pension basis also confirmed via the 12th Bipartite Settlement.