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The monthly pension of an employee is determined by the period of service, rounding up the number of years if the employee has completed six months or more. For example, 10 years and 7 months of service would be considered 11 years. Assuming an employee with a basic pay of Rs 79,000 and different periods of service of 17, 28, or 33 years. The pension value would be derived on the basis of these years of service and the basic pay. To arrive at the pension value, let's see through the following formula. 

How does EPS contribution work?

Both you and your employer contribute to it. Here's how it works: You and your employer each put 12 per cent of your basic salary into a fund.
Your employer's 12 per cent is split into two parts: 8.33 per cent goes into the Employee Pension Scheme (EPS) and 3.67 per cent goes into the Employees' Provident Fund (EPF).

Who is eligible for Employee Pension Scheme (EPS)?

Those who have attained the age of 50 years for early pension and 58 years for regular pension. 
You must be a member of the EPFO.
You must have completed 10 years of service.

EPS calculation conditions

The formula for calculating the EPS pension is: 
Monthly pension amount = (Pensionable Salary x Pensionable Service) / 70.

Monthly Pension Calculation: Pensionable service, 17, 28, & 33 years

The monthly pension amount you will receive will depend on your pensionable salary and service. The average salary used in the formula is the average of your basic salary plus your DA for the last 12 months. 

Pension Calculation

Contributing to the (present) wage ceiling of Rs 15,000. Even if someone's basic salary and dearness allowance is Rs 79,000, their EPS pension will be calculated at Rs 15,000 salary. 

What will be your monthly pension with 17 years of service?

(Pensionable Salary X Pensionable Service)/70 = (15,000x17)/70 = Rs 3,642.
Individuals may get around Rs 3,642 as a pension for their service period of 18 years.

What will be your monthly pension with 28 years of service?

(Pensionable Salary X Pensionable Service)/70 = (15,000x28)/70 = Rs 6,000.
Individuals may get Rs 6,000 as a pension if the service is 25 years.

What will be your monthly pension with 33 years of service?

(Pensionable Salary X Pensionable Service)/70 = (15,000x33)/70 = Rs 7,071.
Individuals may get around Rs 7,071 as a pension for their service of 32 years.