New Delhi: When you keep working, every month you start contributing a fixed amount to your EPF account. This amount starts deciding your financial future at the time of retirement.
Being helpful starts with meeting your needs and responsibilities. If you are doing a job today, then how much money starts coming in EPF on retirement, this thing will definitely start coming in your mind.
Let’s understand the calculation here
Talking about the EPF calculator with the online investment portal Grow, according to this, suppose your salary (Basic + DA) has been 50 thousand rupees. At present, if you have reached 30 years of age, then 12 percent of your basic salary starts going to the EPF account.
Your salary is being increased by 5 percent annually and interest on EPF is getting 8.5 percent, so according to this, how much money will start getting on retirement. According to the Grow EPF calculator, on this basis, if you talk about your EPF account at the age of 60 years of retirement, then a total of Rs 2,69,68,591 gets accumulated.
This data is important in calculating
Talking about the monthly basic salary in the above calculation (EPF calculator), then the amount you start contributing to PF. Your retirement age (even if VRS is taken), your current EPF balance and the interest rate that is applied on EPF then all start making the base.
Emphasis is being laid on increasing the minimum monthly pension
Talking about the pension scheme of Employees’ Provident Fund Organization (EPFO), giving Rs 1,000 as minimum monthly pension to the subscribers (EPFO subscribers) is considered very low. In such a situation, it is considered necessary that the Ministry of Labor should take forward the proposal of increasing the pension amount.
