To provide an ashless additive formulation having improved performance properties and good compatibility with calcium containing packages.

The invention relates to the ashless additive formulation, particularly suited for hydraulic oil applications, comprising a particular concentration of a monothiophosphoric ester and a dithiophosphoric ester and the formulation was found to have improved performance properties and good compatibility with calcium containing packages. Lubricating composition employing these monothiophosphoric and dithiophosphoric esters allows for low phosphorus content lubricating oil composition.